K S Baling Limited 07828193 false 2022-11-01 2023-04-30 2023-04-30 The principal activity of the company is to act as agents involved in the sale and hire of baling machinery Digita Accounts Production Advanced 6.30.9574.0 true 07828193 2022-11-01 2023-04-30 07828193 2023-04-30 07828193 core:CurrentFinancialInstruments 2023-04-30 07828193 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 07828193 core:FurnitureFittings 2023-04-30 07828193 core:MotorVehicles 2023-04-30 07828193 core:OfficeEquipment 2023-04-30 07828193 core:PlantMachinery 2023-04-30 07828193 1 2023-04-30 07828193 bus:SmallEntities 2022-11-01 2023-04-30 07828193 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-04-30 07828193 bus:FullAccounts 2022-11-01 2023-04-30 07828193 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-04-30 07828193 bus:RegisteredOffice 2022-11-01 2023-04-30 07828193 bus:Director1 2022-11-01 2023-04-30 07828193 bus:Director2 2022-11-01 2023-04-30 07828193 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-04-30 07828193 core:FurnitureFittings 2022-11-01 2023-04-30 07828193 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-04-30 07828193 core:MotorVehicles 2022-11-01 2023-04-30 07828193 core:OfficeEquipment 2022-11-01 2023-04-30 07828193 core:PlantMachinery 2022-11-01 2023-04-30 07828193 core:Vehicles 2022-11-01 2023-04-30 07828193 countries:EnglandWales 2022-11-01 2023-04-30 07828193 1 2022-11-01 2023-04-30 07828193 2022-10-31 07828193 core:FurnitureFittings 2022-10-31 07828193 core:MotorVehicles 2022-10-31 07828193 core:OfficeEquipment 2022-10-31 07828193 core:PlantMachinery 2022-10-31 07828193 1 2022-10-31 07828193 2021-11-01 2022-10-31 07828193 2022-10-31 07828193 core:CurrentFinancialInstruments 2022-10-31 07828193 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 07828193 core:FurnitureFittings 2022-10-31 07828193 core:MotorVehicles 2022-10-31 07828193 core:OfficeEquipment 2022-10-31 07828193 core:PlantMachinery 2022-10-31 07828193 1 2022-10-31 07828193 1 2021-11-01 2022-10-31 07828193 1 2021-10-31 iso4217:GBP xbrli:pure

Registration number: 07828193

K S Baling Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2022 to 30 April 2023

 

K S Baling Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

K S Baling Limited

(Registration number: 07828193)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

106,141

104,463

Current assets

 

Stocks

5

70,000

66,270

Debtors

6

207,656

39,650

Cash at bank and in hand

 

838,152

238,118

 

1,115,808

344,038

Creditors: Amounts falling due within one year

7

(486,405)

(67,518)

Net current assets

 

629,403

276,520

Total assets less current liabilities

 

735,544

380,983

Provisions for liabilities

(25,803)

-

Net assets

 

709,741

380,983

Capital and reserves

 

Called up share capital

100

100

Retained earnings

709,641

380,883

Shareholders' funds

 

709,741

380,983

 

K S Baling Limited

(Registration number: 07828193)
Balance Sheet as at 30 April 2023

For the financial period ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

K P Williamson
Director

S J Williamson
Director

 
     
 

K S Baling Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
UK

These financial statements were authorised for issue by the Board on 2 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

K S Baling Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

33% reducing balance

Fixtures, fittings and office equipment

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

K S Baling Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 2 (2022 - 2).

 

K S Baling Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

14,846

170,010

2,762

20,706

208,324

Additions

-

18,337

-

-

18,337

At 30 April 2023

14,846

188,347

2,762

20,706

226,661

Depreciation

At 1 November 2022

12,592

75,295

1,496

14,478

103,861

Charge for the period

282

15,191

158

1,028

16,659

At 30 April 2023

12,874

90,486

1,654

15,506

120,520

Carrying amount

At 30 April 2023

1,972

97,861

1,108

5,200

106,141

At 31 October 2022

2,254

94,715

1,266

6,228

104,463

 

K S Baling Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2023

5

Stocks

2023
£

2022
£

Other inventories

70,000

66,270

6

Debtors

2023
£

2022
£

Trade debtors

203,893

27,200

Other debtors

344

7,593

Prepayments

3,419

4,857

207,656

39,650

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

13,095

29,094

Social security and other taxes

 

115,463

2

Other creditors

 

36,244

6,053

Accruals

 

184,655

3,290

Corporation tax liability

136,948

29,079

 

486,405

67,518

8

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors' loan account

(5,456)

25,294

(19,838)

-

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Directors' loan account

6,053

58,803

(70,312)

(5,456)

         
       

 

During the year the company provided a loan to the directors. The loan had interest charged at HMRC approved rate and is repayable on demand.

 

K S Baling Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2023

9

Transition to FRS 102

The financial statements now include a provision for deferred taxation due to the transition to FRS 102 1A.