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COMPANY REGISTRATION NUMBER: 08541377
Klic Fabrics Limited
Filleted Unaudited Financial Statements
31 May 2023
Klic Fabrics Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Klic Fabrics Limited
Officers and Professional Advisers
Director
K Levy
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Klic Fabrics Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Klic Fabrics Limited
Year ended 31 May 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
6 March 2024
Klic Fabrics Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Current assets
Debtors
5
30,552
26,971
Cash at bank and in hand
1,060
1,318
--------
--------
31,612
28,289
Creditors: amounts falling due within one year
6
17,464
14,794
--------
--------
Net current assets
14,148
13,495
--------
--------
Total assets less current liabilities
14,148
13,495
Creditors: amounts falling due after more than one year
7
8,348
13,494
--------
--------
Net assets
5,800
1
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
5,799
-------
----
Shareholders funds
5,800
1
-------
----
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 comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
K Levy
Director
Company registration number: 08541377
Klic Fabrics Limited
Notes to the Financial Statements
Year ended 31 May 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 727-729 High Road, London, N12 0BP.
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. The financial statements are prepared in sterling , which is the functional currency of the entity.
Going concern
In my opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which I believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular I believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Debtors
2023
2022
£
£
Trade debtors
22,809
24,879
Other debtors
7,743
2,092
--------
--------
30,552
26,971
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,259
3,373
Corporation tax
3,676
2,213
Social security and other taxes
5,504
5,839
Other creditors
4,025
3,369
--------
--------
17,464
14,794
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
8,348
13,494
-------
--------
The director has given a personal guarantee in respect of the bank loan in favour of National Westminster Bank plc.