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01/08/2023
31/01/2024
2024-01-31
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No description of principal activities is disclosed
2023-08-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
14228782
2023-08-01
2024-01-31
14228782
2024-01-31
14228782
2023-07-31
14228782
2022-08-01
2023-07-31
14228782
2023-07-31
14228782
2022-07-31
14228782
core:FurnitureFittingsToolsEquipment
2023-08-01
2024-01-31
14228782
bus:Director1
2023-08-01
2024-01-31
14228782
core:FurnitureFittingsToolsEquipment
2023-07-31
14228782
core:WithinOneYear
2024-01-31
14228782
core:WithinOneYear
2023-07-31
14228782
core:UKTax
2023-08-01
2024-01-31
14228782
core:UKTax
2022-08-01
2023-07-31
14228782
core:ShareCapital
2024-01-31
14228782
core:ShareCapital
2023-07-31
14228782
core:RetainedEarningsAccumulatedLosses
2024-01-31
14228782
core:RetainedEarningsAccumulatedLosses
2023-07-31
14228782
core:DeferredTaxation
2023-08-01
2024-01-31
14228782
core:AcceleratedTaxDepreciationDeferredTax
2023-07-31
14228782
core:FurnitureFittingsToolsEquipment
2023-07-31
14228782
core:DeferredTaxation
2023-07-31
14228782
bus:SmallEntities
2023-08-01
2024-01-31
14228782
bus:AuditExempt-NoAccountantsReport
2023-08-01
2024-01-31
14228782
bus:SmallCompaniesRegimeForAccounts
2023-08-01
2024-01-31
14228782
bus:PrivateLimitedCompanyLtd
2023-08-01
2024-01-31
14228782
bus:FullAccounts
2023-08-01
2024-01-31
14228782
core:OtherRelatedParties
2023-08-01
2024-01-31
Company registration number:
14228782
KMC2 Ltd
Unaudited filleted financial statements
31 January 2024
KMC2 Ltd
Contents
Statement of financial position
Notes to the financial statements
KMC2 Ltd
Statement of financial position
31 January 2024
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31/01/24 |
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31/07/23 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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|
|
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Tangible assets |
|
6 |
- |
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1,090 |
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_______ |
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_______ |
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- |
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1,090 |
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Current assets |
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Debtors |
|
7 |
34 |
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10,668 |
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Cash at bank and in hand |
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36,279 |
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51,211 |
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_______ |
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_______ |
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36,313 |
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61,879 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
11,542) |
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|
(
26,172) |
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_______ |
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_______ |
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Net current assets |
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24,771 |
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35,707 |
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_______ |
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_______ |
Total assets less current liabilities |
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24,771 |
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36,797 |
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Provisions for liabilities |
|
9 |
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- |
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(
207) |
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_______ |
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_______ |
Net assets |
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24,771 |
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36,590 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Profit and loss account |
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24,770 |
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36,589 |
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_______ |
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_______ |
Shareholders funds |
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24,771 |
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36,590 |
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_______ |
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_______ |
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For the period ending 31 January 2024 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 period in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
01 April 2024
, and are signed on behalf of the board by:
Miss Karen Cooke
Director
Company registration number:
14228782
KMC2 Ltd
Notes to the financial statements
Period ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is KMC2 Ltd, 26 Scotland Lane, Haslemere, England, GU27 3AL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
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Fittings fixtures and equipment |
- |
25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2023:
1
).
5.
Tax on profit
Major components of tax expense
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Period |
Period |
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ended |
ended |
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31/01/24 |
31/07/23 |
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|
£ |
£ |
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Current tax: |
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UK current tax expense |
|
5,681 |
16,615 |
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|
_______ |
_______ |
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Deferred tax: |
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Origination and reversal of timing differences |
|
(
207) |
207 |
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|
_______ |
_______ |
|
Tax on profit |
|
5,474 |
16,822 |
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|
_______ |
_______ |
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6.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 August 2023 |
1,366 |
1,366 |
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Additions |
2,118 |
2,118 |
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Disposals |
(
3,484) |
(
3,484) |
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_______ |
_______ |
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At 31 January 2024 |
- |
- |
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_______ |
_______ |
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Depreciation |
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At 1 August 2023 |
276 |
276 |
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|
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Charge for the year |
284 |
284 |
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|
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Disposals |
(
560) |
(
560) |
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|
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_______ |
_______ |
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At 31 January 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 January 2024 |
- |
- |
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|
|
|
|
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|
_______ |
_______ |
|
|
|
|
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At 31 July 2023 |
1,090 |
1,090 |
|
|
|
|
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|
_______ |
_______ |
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7.
Debtors
|
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|
31/01/24 |
31/07/23 |
|
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|
£ |
£ |
|
Prepayments and accrued income |
|
34 |
10,668 |
|
|
|
_______ |
_______ |
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8.
Creditors: amounts falling due within one year
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31/01/24 |
31/07/23 |
|
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|
£ |
£ |
|
Corporation tax |
|
5,549 |
16,615 |
|
Social security and other taxes |
|
4,932 |
4,650 |
|
Director loan accounts |
|
25 |
4,447 |
|
Accruals and deferred income |
|
1,036 |
460 |
|
|
|
_______ |
_______ |
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11,542 |
26,172 |
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_______ |
_______ |
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9.
Provisions
|
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Deferred tax (note 10) |
Total |
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|
£ |
£ |
|
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|
|
At 1 August 2023 |
207 |
207 |
|
|
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|
Charges against provisions |
(
207) |
(
207) |
|
|
|
|
|
_______ |
_______ |
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At 31 January 2024 |
- |
- |
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_______ |
_______ |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
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|
31/01/24 |
31/07/23 |
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|
|
£ |
£ |
|
Included in provisions (note 9) |
|
- |
207 |
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|
|
_______ |
_______ |
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|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
31/01/24 |
31/07/23 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
- |
207 |
|
|
|
_______ |
_______ |
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|
11.
Related party transactions
Miss K Cooke is considered to be a related party to KMC2 Ltd by virtue of her directorship and shareholding in the company. During the period Miss Cooke withdrew net monies from the company amounting to £4,422 (2023: introduced net monies into the company amounting to £4,447). As at 31 Janaury 2024 the company owed Miss Cooke the sum of £25 (2023: £4,447). The loan is interest free, unsecured and repayable on demand.