Company Registration No. 12174685 (England and Wales)
Knight Designs Ltd
Unaudited accounts
for the year ended 31 August 2023
Knight Designs Ltd
Unaudited accounts
Contents
Knight Designs Ltd
Company Information
for the year ended 31 August 2023
Company Number
12174685 (England and Wales)
Registered Office
29 BLACKWOOD CLOSE
WEST BYFLEET
KT14 6PP
ENGLAND
Accountants
Golding & Co Accounting Services Limited
29 Blackwood Close
West Byfleet
Surrey
KT14 6PP
Knight Designs Ltd
Statement of financial position
as at 31 August 2023
Tangible assets
22,031
24,047
Cash at bank and in hand
76,800
12,968
Creditors: amounts falling due within one year
(79,506)
(54,195)
Net current assets
40,984
9,175
Total assets less current liabilities
63,015
33,222
Creditors: amounts falling due after more than one year
(13,765)
(16,088)
Provisions for liabilities
Deferred tax
(1,473)
(1,335)
Called up share capital
200
200
Profit and loss account
47,577
15,599
Shareholders' funds
47,777
15,799
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 November 2023 and were signed on its behalf by
Toby Knight
Director
Company Registration No. 12174685
Knight Designs Ltd
Notes to the Accounts
for the year ended 31 August 2023
Knight Designs Ltd is a private company, limited by shares, registered in England and Wales, registration number 12174685. The registered office is 29 BLACKWOOD CLOSE, WEST BYFLEET, KT14 6PP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Straight Line
Computer equipment
33% Straight Line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Knight Designs Ltd
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2022
19,664
1,360
24,065
45,089
At 31 August 2023
19,664
1,360
29,464
50,488
At 1 September 2022
3,854
544
16,644
21,042
Charge for the year
1,966
272
5,177
7,415
At 31 August 2023
5,820
816
21,821
28,457
At 31 August 2023
13,844
544
7,643
22,031
At 31 August 2022
15,810
816
7,421
24,047
Amounts falling due within one year
Trade debtors
43,690
50,402
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,361
2,164
Trade creditors
11,711
11,290
Taxes and social security
29,941
17,798
Loans from directors
15,892
2,050
7
Creditors: amounts falling due after more than one year
2023
2022
Bounceback loan received 10 June 2020 in the amount of £21,250. First year charges and interest is borne by the UK government, thereafter interest bearing at 2.5%p.a. and repayable over a 5 year term. The loan is unsecured.
The amount repayable within the next 12 months is reported under Creditors: amounts falling due within one year.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
100 Ordinary A shares of £1 each
100
100
Knight Designs Ltd
Notes to the Accounts
for the year ended 31 August 2023
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).