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COMPANY REGISTRATION NUMBER: 04923589
K and I Construction Limited
Filleted Unaudited Financial Statements
31 October 2023
K and I Construction Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
39
Current assets
Stock and work in progress
500
Debtors
7
7,987
5,278
Cash at bank and in hand
154
15,906
-------
--------
8,141
21,684
Creditors: amounts falling due within one year
8
5,982
6,572
-------
--------
Net current assets
2,159
15,112
-------
--------
Total assets less current liabilities
2,159
15,151
-------
--------
Net assets
2,159
15,151
-------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
2,059
15,051
-------
--------
Shareholders funds
2,159
15,151
-------
--------
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.
For the year ending 31 October 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K and I Construction Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
Mr I D Philpot
Director
Company registration number: 04923589
K and I Construction Limited
Notes to the Financial Statements
Year ended 31 October 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 146 New London Road, Chelmsford, Essex, CM2 OAW.
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, 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.
Going concern
The company ceased trading at the year end and for this reason, the company has adopted a basis other than going concern accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Fixed assets
Tangible assets are initially recorded at cost, and 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:
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022
50,000
Additions
Disposals
( 50,000)
--------
At 31 October 2023
--------
Amortisation
At 1 November 2022
50,000
Charge for the year
Disposals
( 50,000)
--------
At 31 October 2023
--------
Carrying amount
At 31 October 2023
--------
At 31 October 2022
--------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 November 2022
9,045
9,045
Disposals
( 9,045)
( 9,045)
-------
-------
At 31 October 2023
-------
-------
Depreciation
At 1 November 2022
9,006
9,006
Charge for the year
39
39
Disposals
( 9,045)
( 9,045)
-------
-------
At 31 October 2023
-------
-------
Carrying amount
At 31 October 2023
-------
-------
At 31 October 2022
39
39
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
4,585
4,534
Prepayments and accrued income
371
Corporation tax repayable
2,293
193
Other taxes and social security
1,109
180
-------
-------
7,987
5,278
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,652
3,440
Accruals and deferred income
1,680
1,657
Social security and other taxes
338
1,163
Director loan accounts
312
312
-------
-------
5,982
6,572
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Director's advances, credits and guarantees
At the year end the company owed the director £312 (2022: £312) by way of a directors loan account.