Registered number
11359157
KG Solutions Ltd
Filleted Accounts
31 May 2023
KG Solutions Ltd
Registered number: 11359157
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 51,598 27,694
Current assets
Debtors 4 31,498 36,148
Cash at bank and in hand 162,884 135,471
194,382 171,619
Creditors: amounts falling due within one year 5 (67,605) (96,553)
Net current assets 126,777 75,066
Total assets less current liabilities 178,375 102,760
Creditors: amounts falling due after more than one year 6 (40,195) (29,737)
Net assets 138,180 73,023
Capital and reserves
Called up share capital 2 2
Profit and loss account 138,178 73,021
Shareholders' funds 138,180 73,023
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.
Mr G Prestidge
Director
Approved by the board on 30 August 2023
KG Solutions Ltd
Notes to the Accounts
for the year ended 31 May 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:
Motor vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 72,842 21,667 94,509
Additions 13,507 40,000 53,507
At 31 May 2023 86,349 61,667 148,016
Depreciation
At 1 June 2022 53,815 13,000 66,815
Charge for the year 17,270 12,333 29,603
At 31 May 2023 71,085 25,333 96,418
Net book value
At 31 May 2023 15,264 36,334 51,598
At 31 May 2022 19,027 8,667 27,694
4 Debtors 2023 2022
£ £
Trade debtors 31,193 36,107
Other debtors 305 41
31,498 36,148
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,690 9,912
Trade creditors 3,040 11,646
Taxation and social security costs 50,288 73,539
Other creditors 1,587 1,456
67,605 96,553
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 40,195 29,737
7 Controlling party
The company is controlled by the company directors, Mr G Prestidge & Mrs K Prestidge , by virtue of their shareholding.
8 Other information
KG Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Granary Wharf Business Park
Wetmore Road
Burton on Trent
Staffordshire
DE14 1DU
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