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Registration number: 05254901

K8T Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

K8T Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

K8T Limited

Company Information

Director

Mr Paul Kingston

Registered office

Decimal House
Thomas Lane
Bristol
Avon
BS1 6TJ

Accountants

AWG Accountants Ltd
Chartered Accountant
Kemp House
City Road
London
EC1V 2NX

 

K8T Limited

(Registration number: 05254901)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,435

15,574

Current assets

 

Debtors

5

122,654

109,001

Creditors: Amounts falling due within one year

6

(78,415)

(65,465)

Net current assets

 

44,239

43,536

Total assets less current liabilities

 

54,674

59,110

Creditors: Amounts falling due after more than one year

6

(63,277)

(26,469)

Provisions for liabilities

(864)

(749)

Net (liabilities)/assets

 

(9,467)

31,892

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(10,467)

30,892

Shareholders' (deficit)/funds

 

(9,467)

31,892

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 July 2024
 

.........................................
Mr Paul Kingston
Director

 

K8T Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Decimal House
Thomas Lane
Bristol
Avon
BS1 6TJ
England

These financial statements were authorised for issue by the director on 15 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

K8T Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Office and computer equipment

33% on cost

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

K8T Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 7).

 

K8T Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

28,108

28,108

At 31 October 2023

28,108

28,108

Depreciation

At 1 November 2022

12,534

12,534

Charge for the year

5,139

5,139

At 31 October 2023

17,673

17,673

Carrying amount

At 31 October 2023

10,435

10,435

At 31 October 2022

15,574

15,574

5

Debtors

Current

2023
£

2022
£

Trade debtors

74,356

54,680

Other debtors

48,298

54,321

 

122,654

109,001

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

34,020

36,265

Trade creditors

 

11,165

10,888

Taxation and social security

 

21,438

12,347

Accruals and deferred income

 

2,000

2,000

Other creditors

 

9,792

3,965

 

78,415

65,465

Creditors: amounts falling due after more than one year

 

K8T Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

63,277

26,469

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,277

26,469

Other borrowings

45,000

-

63,277

26,469

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,996

9,996

Bank overdrafts

24,024

26,269

34,020

36,265

9

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £Nil (2022 - £2.00) per each Ordinary

-

2,000

 

 

10

Related party transactions

 

K8T Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

60,000

60,000

Contributions paid to money purchase schemes

6,000

6,000

66,000

66,000