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COMPANY REGISTRATION NUMBER: 10632489
K & M Developments Limited
Filleted Unaudited Financial Statements
31 March 2023
K & M Developments Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
K & M Developments Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
16,494
20,157
Current assets
Stocks
864,665
1,128,745
Debtors
6
23,292
6,850
Cash at bank and in hand
58,451
2,676
---------
------------
946,408
1,138,271
Creditors: amounts falling due within one year
7
596,433
677,941
---------
------------
Net current assets
349,975
460,330
---------
---------
Total assets less current liabilities
366,469
480,487
Creditors: amounts falling due after more than one year
8
351,000
562,999
---------
---------
Net assets/(liabilities)
15,469
( 82,512)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
15,369
( 82,612)
--------
--------
Shareholders funds/(deficit)
15,469
( 82,512)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K & M Developments Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr D S Mowl
Director
Company registration number: 10632489
K & M Developments Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Barn, Greenacres Pound Lane, Smeeth, Ashford, Kent, TN25 6RJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis. The directors have confirmed that they will continue to provide financial support for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with stated interest rate and receivable or payable within one year are record at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: Nil).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 April 2022
31,046
569
31,615
Additions
460
460
--------
----
--------
At 31 March 2023
31,506
569
32,075
--------
----
--------
Depreciation
At 1 April 2022
11,176
282
11,458
Charge for the year
4,066
57
4,123
--------
----
--------
At 31 March 2023
15,242
339
15,581
--------
----
--------
Carrying amount
At 31 March 2023
16,264
230
16,494
--------
----
--------
At 31 March 2022
19,870
287
20,157
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
10,000
2,276
Other debtors
13,292
4,574
--------
-------
23,292
6,850
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,961
72,864
Other creditors
575,472
605,077
---------
---------
596,433
677,941
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
351,000
562,999
---------
---------
There is a fixed charge secured over the work-in-progress in respect of amounts included in other creditors of £351,000.
9. Related party transactions
At the year end the company owed a director £242,264 (2022: £310,532), and owed another director £286,883 (2021: £265,849).