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Registration number: 04441321

KL Supplies Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

KL Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

KL Supplies Limited

(Registration number: 04441321)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

13,838

20,757

Tangible assets

5

117,048

123,818

 

130,886

144,575

Current assets

 

Stocks

64,517

41,159

Debtors

6

91,421

107,768

Cash at bank and in hand

 

81,290

109,653

 

237,228

258,580

Creditors: Amounts falling due within one year

7

(162,381)

(220,750)

Net current assets

 

74,847

37,830

Total assets less current liabilities

 

205,733

182,405

Creditors: Amounts falling due after more than one year

7

(87,173)

(115,418)

Provisions for liabilities

(322)

(887)

Net assets

 

118,238

66,100

Capital and reserves

 

Called up share capital

100

100

Retained earnings

118,138

66,000

Shareholders' funds

 

118,238

66,100

 

KL Supplies Limited

(Registration number: 04441321)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
E Lawless
Company secretary and director

.........................................
D P Lawless
Director

 

KL Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Quarry Court
Pitstone Green Business Park
Quarry Road Pitstone
Bucks
LU7 9GW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

KL Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Furniture, fittings and equipment

20% straight line basis

Motor vehicles

25% straight line basis

Other tangible assets

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

 

KL Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

KL Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

104,184

104,184

At 31 March 2023

104,184

104,184

Amortisation

At 1 April 2022

83,427

83,427

Amortisation charge

6,919

6,919

At 31 March 2023

90,346

90,346

Carrying amount

At 31 March 2023

13,838

13,838

At 31 March 2022

20,757

20,757

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 April 2022

189,628

18,164

29,590

4,461

Additions

-

969

-

-

At 31 March 2023

189,628

19,133

29,590

4,461

Depreciation

At 1 April 2022

70,480

16,871

26,216

4,458

Charge for the year

3,792

573

3,374

-

At 31 March 2023

74,272

17,444

29,590

4,458

Carrying amount

At 31 March 2023

115,356

1,689

-

3

At 31 March 2022

119,148

1,293

3,374

3

 

KL Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Total
£

Cost or valuation

At 1 April 2022

241,843

Additions

969

At 31 March 2023

242,812

Depreciation

At 1 April 2022

118,025

Charge for the year

7,739

At 31 March 2023

125,764

Carrying amount

At 31 March 2023

117,048

At 31 March 2022

123,818

Included within the net book value of land and buildings above is £115,356 (2022 - £119,149) in respect of freehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

91,215

107,239

Other debtors

206

529

 

91,421

107,768

 

KL Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

28,960

28,960

Trade creditors

 

90,691

98,946

Taxation and social security

 

2,990

6,635

Other creditors

 

39,740

86,209

 

162,381

220,750

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

87,173

115,418

Other borrowings

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

87,173

115,418

2023
£

2022
£

Current loans and borrowings

Bank borrowings

28,960

28,960