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Company Registration No. NI685384 (Northern Ireland)
K2 Facades Ltd Unaudited accounts for the year ended 31 January 2024
K2 Facades Ltd Unaudited accounts Contents
Page
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K2 Facades Ltd Company Information for the year ended 31 January 2024
Directors
William Hobdey Victoria Hobdey
Company Number
NI685384 (Northern Ireland)
Registered Office
34 KNOCKMOYLE DRIVE ANTRIM BT41 1HE NORTHERN IRELAND
Accountants
DJB Accounting Ltd 34 Knockmoyle Drive Greystone Road Antrim BT41 1HE
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K2 Facades Ltd Accountants' report
Accountants' report to the board of directors of K2 Facades Ltd on the preparation of the unaudited statutory accounts for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K2 Facades Ltd for the year ended 31 January 2024 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of K2 Facades Ltd, as a body, in accordance with the terms of our engagement letter dated 30 January 2022. Our work has been undertaken solely to prepare for your approval the accounts of K2 Facades Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K2 Facades Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that K2 Facades Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K2 Facades Ltd. You consider that K2 Facades Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of K2 Facades Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
DJB Accounting Ltd 34 Knockmoyle Drive Greystone Road Antrim BT41 1HE 10 April 2024
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K2 Facades Ltd Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
48,914 
17,062 
Current assets
Debtors
27,617 
47,241 
Cash at bank and in hand
5,916 
(1,944)
33,533 
45,297 
Creditors: amounts falling due within one year
(82,445)
(61,674)
Net current liabilities
(48,912)
(16,377)
Net assets
2 
685 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
- 
683 
Shareholders' funds
2 
685 
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by
William Hobdey Director Company Registration No. NI685384
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K2 Facades Ltd Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
K2 Facades Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI685384. The registered office is 34 KNOCKMOYLE DRIVE, ANTRIM, BT41 1HE, NORTHERN IRELAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Depreciated over 3 years, straight line
Motor vehicles
20% straight line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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K2 Facades Ltd Notes to the Accounts for the year ended 31 January 2024
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors shall continue to adopt the going concern basis of accounting in preparing the financial statements.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2023
935 
16,692 
17,627 
Additions
- 
36,991 
36,991 
At 31 January 2024
935 
53,683 
54,618 
Depreciation
At 1 February 2023
286 
279 
565 
Charge for the year
312 
4,827 
5,139 
At 31 January 2024
598 
5,106 
5,704 
Net book value
At 31 January 2024
337 
48,577 
48,914 
At 31 January 2023
649 
16,413 
17,062 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
522 
- 
Trade debtors
1,324 
6,868 
Other debtors
25,771 
40,373 
27,617 
47,241 
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K2 Facades Ltd Notes to the Accounts for the year ended 31 January 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
- 
2,692 
Obligations under finance leases and hire purchase contracts
41,380 
20,100 
Trade creditors
2,187 
168 
Taxes and social security
13,906 
200 
Loans from directors
24,972 
38,514 
82,445 
61,674 
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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