Registered number
10271830
KKIN Limited
Filleted Accounts
31 July 2023
KKIN Limited
Registered number: 10271830
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 69,971 68,337
Current assets
Stocks 1,667 1,739
Debtors 4 4,653 3,902
Cash at bank and in hand 27,964 29,999
34,284 35,640
Creditors: amounts falling due within one year 5 (55,949) (63,654)
Net current liabilities (21,665) (28,014)
Total assets less current liabilities 48,306 40,323
Creditors: amounts falling due after more than one year 6 (8,403) (10,691)
Provisions for liabilities (7,411) (9,037)
Net assets 32,492 20,595
Capital and reserves
Called up share capital 10 10
Profit and loss account 32,482 20,585
Shareholders' funds 32,492 20,595
The director is 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 director acknowledges his 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.
Kwok Kin Cheung
Director
Approved by the board on 12 December 2023
KKIN Limited
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on angible fixed assets at rates calculated as follows:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 6% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 8 10
3 Tangible fixed assets
Plant and machinery Fixtures & fittings Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 31,787 5,550 58,006 95,343
Additions 31,250 - - 31,250
Disposals (26,979) - - (26,979)
At 31 July 2023 36,058 5,550 58,006 99,614
Depreciation
At 1 August 2022 15,229 1,336 10,441 27,006
Charge for the year 5,927 252 8,561 14,740
On disposals (12,103) - - (12,103)
At 31 July 2023 9,053 1,588 19,002 29,643
Net book value
At 31 July 2023 27,005 3,962 39,004 69,971
At 31 July 2022 16,558 4,214 47,565 68,337
4 Debtors 2023 2022
£ £
Trade debtors 3,064 1,837
Other debtors 1,589 2,065
4,653 3,902
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 39,363 45,342
Trade creditors 7,159 7,399
Taxation and social security costs 9,428 10,914
Other creditors (1) (1)
55,949 63,654
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 8,403 10,691
7 Other information
KKIN Limited is a private company limited by shares and incorporated in England. Its registered office is:
129 Allenby Road
Leeds
LS11 5RR
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