Kitdesigner Ltd 14459734 false 2022-11-03 2024-03-31 2024-03-31 The principal activity of the company is manufacture of sports goods Digita Accounts Production Advanced 6.30.9574.0 true true 14459734 2022-11-03 2024-03-31 14459734 2024-03-31 14459734 bus:OrdinaryShareClass1 2024-03-31 14459734 core:CurrentFinancialInstruments 2024-03-31 14459734 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14459734 core:Non-currentFinancialInstruments 2024-03-31 14459734 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 14459734 core:FurnitureFittingsToolsEquipment 2024-03-31 14459734 core:MotorVehicles 2024-03-31 14459734 bus:SmallEntities 2022-11-03 2024-03-31 14459734 bus:AuditExemptWithAccountantsReport 2022-11-03 2024-03-31 14459734 bus:FullAccounts 2022-11-03 2024-03-31 14459734 bus:SmallCompaniesRegimeForAccounts 2022-11-03 2024-03-31 14459734 bus:RegisteredOffice 2022-11-03 2024-03-31 14459734 bus:Director1 2022-11-03 2024-03-31 14459734 bus:OrdinaryShareClass1 2022-11-03 2024-03-31 14459734 bus:PrivateLimitedCompanyLtd 2022-11-03 2024-03-31 14459734 core:FurnitureFittings 2022-11-03 2024-03-31 14459734 core:FurnitureFittingsToolsEquipment 2022-11-03 2024-03-31 14459734 core:MotorVehicles 2022-11-03 2024-03-31 14459734 core:OfficeEquipment 2022-11-03 2024-03-31 14459734 core:PlantMachinery 2022-11-03 2024-03-31 14459734 countries:EnglandWales 2022-11-03 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14459734

Kitdesigner Ltd

Annual Report and

Unaudited Financial Statements


for the Period from 3 November 2022 to 31 March 2024

 

Kitdesigner Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Kitdesigner Ltd

Company Information

Director

Mr M D D Marigny

Registered office

41-45 Richmond Terrace
Carmarthen
SA31 1HG

 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Kitdesigner Ltd

(Registration number: 14459734)

Balance Sheet
as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

7,998

Current assets

 

Stocks

47,682

Debtors

5

29,795

Cash at bank and in hand

 

20,924

 

98,401

Creditors: Amounts falling due within one year

6

(62,895)

Net current assets

 

35,506

Total assets less current liabilities

 

43,504

Creditors: Amounts falling due after more than one year

6

(50,100)

Net liabilities

 

(6,596)

Capital and reserves

 

Called up share capital

7

100

Retained earnings

(6,696)

Shareholders' deficit

 

(6,596)

For the financial period ending 31 March 2024 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 period 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 and the option not to file the Profit and Loss Account has been taken.

 

Kitdesigner Ltd

(Registration number: 14459734)

Balance Sheet
as at 31 March 2024

Approved and authorised by the director on 2 August 2024
 

.........................................
Mr M D D Marigny
Director

 

Kitdesigner Ltd

Notes to the Unaudited Financial Statements
for the Period from 3 November 2022 to 31 March 2024

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:
41-45 Richmond Terrace
Carmarthen
SA31 1HG
Wales

These financial statements were authorised for issue by the director on 2 August 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 liabilites of the company exceed the assets at 31 March 2024. However, the accounts have been prepared on a Going Concern basis as the director has given his undertaking that he will continue to offer his financial support to the company.

Revenue recognition

Tturnover 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. Tturnover 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.

 

Kitdesigner Ltd

Notes to the Unaudited Financial Statements
for the Period from 3 November 2022 to 31 March 2024

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 rate on the date when the fair value is re-measured.

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

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

25% on cost

Office equipment

25% on cost

Furniture and fittings

25% on cost

Motor vehicles

25% on cost

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.

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.

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 inventories 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.

 

Kitdesigner Ltd

Notes to the Unaudited Financial Statements
for the Period from 3 November 2022 to 31 March 2024

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.

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.

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 period, was 5.

 

Kitdesigner Ltd

Notes to the Unaudited Financial Statements
for the Period from 3 November 2022 to 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

7,296

3,695

10,991

At 31 March 2024

7,296

3,695

10,991

Depreciation

Charge for the

2,067

926

2,993

At 31 March 2024

2,067

926

2,993

Carrying amount

At 31 March 2024

5,229

2,769

7,998

5

Debtors

Current

2024
£

Trade debtors

28,689

Prepayments

1,106

 

29,795

 

Kitdesigner Ltd

Notes to the Unaudited Financial Statements
for the Period from 3 November 2022 to 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

31,457

Taxation and social security

5,868

Accruals and deferred income

24,817

Other creditors

753

62,895

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

8

50,100

7

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £1 each

100

100

     

8

Loans and borrowings

2024
£

Non-current loans and borrowings

Bank borrowings

50,100