Registered number
09068885
K & S Commercials Limited
Unaudited Filleted Accounts
For the Year Ended
30 June 2023
K & S Commercials Limited
Registered number: 09068885
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 149,778 114,443
Current assets
Stocks 1,720 1,720
Debtors 4 26,907 27,312
Cash at bank and in hand 116,794 101,607
145,421 130,639
Creditors: amounts falling due within one year 5 (112,236) (88,077)
Net current assets 33,185 42,562
Total assets less current liabilities 182,963 157,005
Creditors: amounts falling due after more than one year 6 (37,491) (14,931)
Provisions for liabilities (28,458) (21,744)
Net assets 117,014 120,330
Capital and reserves
Called up share capital 100 100
Profit and loss account 116,914 120,230
Shareholders' funds 117,014 120,330
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K W Atkinson
Director
Approved by the board on 6 November 2023
K & S Commercials Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 149,397 67,143 216,540
Additions 35,853 76,420 112,273
Disposals (1,794) (67,144) (68,938)
At 30 June 2023 183,456 76,419 259,875
Depreciation
At 1 July 2022 80,680 21,417 102,097
Charge for the year 16,909 14,303 31,212
On disposals (1,794) (21,418) (23,212)
At 30 June 2023 95,795 14,302 110,097
Net book value
At 30 June 2023 87,661 62,117 149,778
At 30 June 2022 68,717 45,726 114,443
4 Debtors 2023 2022
£ £
Trade debtors 26,907 27,312
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 11,304 6,178
Trade creditors 202 997
Corporation tax 5,354 11,833
Other taxes and social security costs 4,824 9,518
Other creditors 90,552 59,551
112,236 88,077
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 37,491 14,931
7 Other information
K & S Commercials Limited is a private company limited by shares and incorporated in England. Its registered office is:
26 Landsdown Road
Kendal
Cumbria
LA9 7SB
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