Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31false2022-08-01falseNo description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12105610 2022-08-01 2023-07-31 12105610 2021-08-01 2022-07-31 12105610 2023-07-31 12105610 2022-07-31 12105610 c:Director1 2022-08-01 2023-07-31 12105610 d:OfficeEquipment 2022-08-01 2023-07-31 12105610 d:OfficeEquipment 2023-07-31 12105610 d:OfficeEquipment 2022-07-31 12105610 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12105610 d:ComputerEquipment 2022-08-01 2023-07-31 12105610 d:ComputerEquipment 2023-07-31 12105610 d:ComputerEquipment 2022-07-31 12105610 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12105610 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12105610 d:CurrentFinancialInstruments 2023-07-31 12105610 d:CurrentFinancialInstruments 2022-07-31 12105610 d:Non-currentFinancialInstruments 2023-07-31 12105610 d:Non-currentFinancialInstruments 2022-07-31 12105610 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 12105610 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 12105610 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 12105610 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 12105610 d:ShareCapital 2023-07-31 12105610 d:ShareCapital 2022-07-31 12105610 d:RetainedEarningsAccumulatedLosses 2023-07-31 12105610 d:RetainedEarningsAccumulatedLosses 2022-07-31 12105610 c:FRS102 2022-08-01 2023-07-31 12105610 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 12105610 c:FullAccounts 2022-08-01 2023-07-31 12105610 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12105610 2 2022-08-01 2023-07-31 12105610 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 12105610









KNITT LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
KNITT LTD
REGISTERED NUMBER: 12105610

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,221
560

  
20,221
560

Current assets
  

Stocks
 5 
47,570
98,911

Debtors: amounts falling due within one year
 6 
33,744
30,286

Cash at bank and in hand
 7 
26,223
23,615

  
107,537
152,812

Creditors: amounts falling due within one year
 8 
(60,010)
(70,159)

Net current assets
  
 
 
47,527
 
 
82,653

Total assets less current liabilities
  
67,748
83,213

Creditors: amounts falling due after more than one year
 9 
(16,105)
(19,798)

  

Net assets
  
51,643
63,415


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
51,642
63,414

  
51,643
63,415


Page 1

 
KNITT LTD
REGISTERED NUMBER: 12105610
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Dunn
Director

Date: 26 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
KNITT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

KNiTT Ltd is a private company limited by shares and incorporated in England and Wales (registered number 12105610). The registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The principle activity of the company is the manufacturing and sale of knitted products. 
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
KNITT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
on straight line
Computer equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
KNITT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
KNITT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
124
498
622


Additions
23,470
583
24,053



At 31 July 2023

23,594
1,081
24,675



Depreciation


At 1 August 2022
61
-
61


Charge for the year on owned assets
4,153
240
4,393



At 31 July 2023

4,214
240
4,454



Net book value



At 31 July 2023
19,380
841
20,221



At 31 July 2022
62
498
560


5.


Stocks

2023
2022
£
£

Raw materials and consumables
47,570
98,911

47,570
98,911


Page 6

 
KNITT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,494
3,179

Other debtors
31,250
27,107

33,744
30,286



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
26,223
23,615

26,223
23,615



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
3,759
3,691

Other loans
4,035
13,882

Trade creditors
-
32,000

Corporation tax
21,545
16,087

Other taxation and social security
5,511
-

Other creditors
21,122
817

Accruals and deferred income
4,038
3,682

60,010
70,159



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,105
19,798

16,105
19,798


 
Page 7