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REGISTERED NUMBER: 05735017 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

KITAURE LIMITED

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


KITAURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTOR: Mr S S Kitaure



REGISTERED OFFICE: 9 Moorcroft Road
Moseley
BIRMINGHAM
B13 8LT



REGISTERED NUMBER: 05735017 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: NatWest Bank PLC
112a High St
Kings Heath
Birmingham
B14 7LG



INCORPORATED: 8th March 2006

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

ABRIDGED BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,336 46,070

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 24,234 75,924
Cash at bank 81,136 116,377
107,370 194,301
CREDITORS
Amounts falling due within one year 30,082 67,875
NET CURRENT ASSETS 77,288 126,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,624

172,496

CREDITORS
Amounts falling due after more than one
year

-

(13,265

)

PROVISIONS FOR LIABILITIES 6 (4,625 ) (11,518 )
NET ASSETS 96,999 147,713

CAPITAL AND RESERVES
Called up share capital 7 1,500 1,500
Retained earnings 95,499 146,213
SHAREHOLDERS' FUNDS 96,999 147,713

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

ABRIDGED BALANCE SHEET - continued
31ST MAY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8th November 2023 and were signed by:





Mr S S Kitaure - Director


KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

Kitaure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 20% on cost

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st June 2022 103,202
Additions 3,339
Disposals (30,743 )
At 31st May 2023 75,798
DEPRECIATION
At 1st June 2022 57,132
Charge for year 9,042
Eliminated on disposal (14,712 )
At 31st May 2023 51,462
NET BOOK VALUE
At 31st May 2023 24,336
At 31st May 2022 46,070

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st June 2022 76,260
Disposals (28,500 )
Transfer to ownership (20,991 )
At 31st May 2023 26,769
DEPRECIATION
At 1st June 2022 40,079
Charge for year 2,823
Eliminated on disposal (12,469 )
Transfer to ownership (12,136 )
At 31st May 2023 18,297
NET BOOK VALUE
At 31st May 2023 8,472
At 31st May 2022 36,181

5. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 3,428 11,331
Between one and five years - 13,265
3,428 24,596

6. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,625 11,518

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


6. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st June 2022 11,518
Movement during the year (6,893 )
Balance at 31st May 2023 4,625

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary A £1 1,000 1,000
500 Ordinary B £1 500 500
1,500 1,500

8. RELATED PARTY DISCLOSURES

At the year end the company owed the directors £10,433. This loan is interest free and repayable upon demand.