BrightAccountsProduction v1.0.0 v1.0.0 2022-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity is the operation of a convenience store. 28 March 2024 10 8 NI063446 2023-03-31 NI063446 2022-03-31 NI063446 2021-03-31 NI063446 2022-04-01 2023-03-31 NI063446 2021-04-01 2022-03-31 NI063446 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI063446 uk-curr:PoundSterling 2022-04-01 2023-03-31 NI063446 uk-bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI063446 uk-bus:FullAccounts 2022-04-01 2023-03-31 NI063446 uk-bus:Director1 2022-04-01 2023-03-31 NI063446 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 NI063446 uk-bus:RegisteredOffice 2022-04-01 2023-03-31 NI063446 uk-bus:Agent1 2022-04-01 2023-03-31 NI063446 uk-core:ShareCapital 2023-03-31 NI063446 uk-core:ShareCapital 2022-03-31 NI063446 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI063446 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 NI063446 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI063446 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 NI063446 uk-bus:FRS102 2022-04-01 2023-03-31 NI063446 uk-core:Goodwill 2022-04-01 2023-03-31 NI063446 uk-core:LandBuildings 2022-04-01 2023-03-31 NI063446 uk-core:PlantMachinery 2022-04-01 2023-03-31 NI063446 uk-core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI063446 uk-core:MotorVehicles 2022-04-01 2023-03-31 NI063446 uk-core:Goodwill 2022-03-31 NI063446 uk-core:Goodwill 2023-03-31 NI063446 uk-core:CurrentFinancialInstruments 2023-03-31 NI063446 uk-core:CurrentFinancialInstruments 2022-03-31 NI063446 uk-core:WithinOneYear 2023-03-31 NI063446 uk-core:WithinOneYear 2022-03-31 NI063446 uk-core:WithinOneYear 2023-03-31 NI063446 uk-core:WithinOneYear 2022-03-31 NI063446 uk-core:WithinOneYear 2023-03-31 NI063446 uk-core:WithinOneYear 2022-03-31 NI063446 uk-core:AfterOneYear 2023-03-31 NI063446 uk-core:AfterOneYear 2022-03-31 NI063446 uk-core:BetweenTwoFiveYears 2023-03-31 NI063446 uk-core:BetweenTwoFiveYears 2022-03-31 NI063446 uk-core:BetweenOneFiveYears 2023-03-31 NI063446 uk-core:BetweenOneFiveYears 2022-03-31 NI063446 uk-core:EmployeeBenefits 2022-03-31 NI063446 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 NI063446 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 NI063446 uk-core:OtherDeferredTax 2023-03-31 NI063446 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 NI063446 uk-core:EmployeeBenefits 2023-03-31 NI063446 2022-04-01 2023-03-31 NI063446 uk-bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI063446
 
 
KDEP Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2023
KDEP Ltd
DIRECTOR AND OTHER INFORMATION

 
Director Kevin Doherty
 
 
Company Secretary Catherine Dympna Doherty
 
 
Company Registration Number NI063446
 
 
Registered Office 23 Laurel Hill Cottages
Park
Derry
BT47 4BL
 
 
Business Address 144 Bishop Street
Derry
BT48 6UQ
 
 
Accountants Brian McDaid & Associates
Chartered Accountants
35 Clarendon Street
Derry
BT48 7ER
 
 
Bankers Bank Of Ireland
  Main Street
  Limavady
  Derry
 
   
Solicitors Downey Property Solicitors
  114 Strand Road
  Derry
  BT48 7NR



KDEP Ltd
Company Registration Number: NI063446
BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 18,000 21,000
Tangible assets 5 261,687 234,208
───────── ─────────
279,687 255,208
───────── ─────────
 
Current Assets
Stocks 6 44,750 72,527
Debtors 7 5,918 5,079
Cash and cash equivalents 36,831 46,501
───────── ─────────
87,499 124,107
───────── ─────────
Creditors: amounts falling due within one year 8 (137,160) (160,021)
───────── ─────────
Net Current Liabilities (49,661) (35,914)
───────── ─────────
Total Assets less Current Liabilities 230,026 219,294
 
Creditors:
amounts falling due after more than one year 9 (50,951) -
 
Provisions for liabilities 11 - (1,985)
───────── ─────────
Net Assets 179,075 217,309
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 178,975 217,209
───────── ─────────
Shareholders' Funds 179,075 217,309
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 28 March 2024
           
           
           
Kevin Doherty          
Director          
           



KDEP Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
KDEP Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI063446. The registered office of the company is 23 Laurel Hill Cottages, Park, Derry, BT47 4BL. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 12.5% Reducing balance
  Fixtures, fittings and equipment - 12.5% Reducing balance
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 10, (2022 - 8).
 
  2023 2022
  Number Number
 
Employees 10 8
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 April 2022 30,000 30,000
  ───────── ─────────
 
At 31 March 2023 30,000 30,000
  ───────── ─────────
Amortisation
At 1 April 2022 9,000 9,000
Charge for financial year 3,000 3,000
  ───────── ─────────
At 31 March 2023 12,000 12,000
  ───────── ─────────
Net book value
At 31 March 2023 18,000 18,000
  ═════════ ═════════
At 31 March 2022 21,000 21,000
  ═════════ ═════════
             
5. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost
At 1 April 2022 231,602 6,460 - 585 238,647
Additions 2,322 24,684 4,435 - 31,441
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 233,924 31,144 4,435 585 270,088
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 - 3,854 - 585 4,439
Charge for the financial year - 3,411 551 - 3,962
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 - 7,265 551 585 8,401
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 233,924 23,879 3,884 - 261,687
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2022 231,602 2,606 - - 234,208
  ═════════ ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 44,750 72,527
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Trade debtors 830 48
Other debtors 3,666 4,092
Taxation  (Note 10) - 939
Prepayments and accrued income 1,422 -
  ───────── ─────────
  5,918 5,079
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 1,218 1,299
Bank loan 35,842 -
Net obligations under finance leases
and hire purchase contracts 12,046 -
Trade creditors 32,851 38,317
Taxation  (Note 10) 3,218 1,601
Director's current account 50,985 116,804
Accruals 1,000 2,000
  ───────── ─────────
  137,160 160,021
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Long-term Loan 13,589 -
Finance leases and hire purchase contracts 37,362 -
  ───────── ─────────
  50,951 -
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 37,060 1,299
Repayable between two and five years 13,589 -
  ───────── ─────────
  50,649 1,299
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 12,046 -
Repayable between one and five years 37,362 -
  ───────── ─────────
  49,408 -
  ═════════ ═════════
       
10. Taxation 2023 2022
  £ £
 
Debtors:
VAT - 939
  ═════════ ═════════
Creditors:
VAT 348 -
PAYE / NI 2,870 1,601
  ───────── ─────────
  3,218 1,601
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Losses Total Total
       
       
    2023 2022
  £ £ £
 
At financial year start 1,985 1,985 -
Charged to reserves (1,985) (1,985) 1,985
  ───────── ───────── ─────────
At financial year end - - 1,985
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2023.
       
13. Change of name
 
The company changed its name from Vale Entertaiments Limited to KDEP Ltd on 12 April 2022.