Company registration number 05289959 (England and Wales)
KGD DECORATING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
KGD DECORATING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KGD DECORATING SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,000
4,500
Tangible assets
4
12,142
27
15,142
4,527
Current assets
Debtors
5
962
58
Cash at bank and in hand
17,488
11,136
18,450
11,194
Creditors: amounts falling due within one year
6
(33,317)
(14,257)
Net current liabilities
(14,867)
(3,063)
Net assets
275
1,464
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
274
1,463
Total equity
275
1,464
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 November 2023
Mr K G Dobbins
Director
Company registration number 05289959 (England and Wales)
KGD DECORATING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
KGD Decorating Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, United Kingdom, B75 5BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of trade discounts.
1.3
Intangible assets
Intangible assets acquired seperately from a business are recognised at cost and are subsequently meausred at cost less accumulated amortisation and accumulated impairment losses. Goodwill is being amortised over 20 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Computers
33% on straight line
Motor vehicles
25% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KGD DECORATING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
30,000
Amortisation and impairment
At 1 April 2022
25,500
Amortisation charged for the year
1,500
At 31 March 2023
27,000
Carrying amount
At 31 March 2023
3,000
At 31 March 2022
4,500
KGD DECORATING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
6,176
Additions
12,400
Disposals
(4,451)
At 31 March 2023
14,125
Depreciation and impairment
At 1 April 2022
6,149
Depreciation charged in the year
258
Eliminated in respect of disposals
(4,424)
At 31 March 2023
1,983
Carrying amount
At 31 March 2023
12,142
At 31 March 2022
27
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
962
58
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,420
Taxation and social security
906
Other creditors
21,897
13,351
33,317
14,257
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1