7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 40,750 4,250 36,500 20,108 7,442 2,125 25,425 11,075 20,642 xbrli:pure xbrli:shares iso4217:GBP 12695061 2023-07-01 2024-06-30 12695061 2024-06-30 12695061 2023-06-30 12695061 2022-07-01 2023-06-30 12695061 2023-06-30 12695061 2022-06-30 12695061 core:MotorVehicles 2023-07-01 2024-06-30 12695061 bus:Director1 2023-07-01 2024-06-30 12695061 core:MotorVehicles 2023-06-30 12695061 core:MotorVehicles 2024-06-30 12695061 core:WithinOneYear 2024-06-30 12695061 core:WithinOneYear 2023-06-30 12695061 core:ShareCapital 2024-06-30 12695061 core:ShareCapital 2023-06-30 12695061 core:RetainedEarningsAccumulatedLosses 2024-06-30 12695061 core:RetainedEarningsAccumulatedLosses 2023-06-30 12695061 core:MotorVehicles 2023-06-30 12695061 bus:SmallEntities 2023-07-01 2024-06-30 12695061 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 12695061 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 12695061 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12695061 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 12695061
K2 Roadworks Recovery Ltd
Filleted Unaudited Financial Statements
30 June 2024
K2 Roadworks Recovery Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
11,075
20,642
Current assets
Debtors
6
84,100
20,100
Cash at bank and in hand
48,039
65,651
---------
--------
132,139
85,751
Creditors: amounts falling due within one year
7
132,723
100,364
---------
---------
Net current liabilities
584
14,613
--------
--------
Total assets less current liabilities
10,491
6,029
--------
-------
Net assets
10,491
6,029
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
10,391
5,929
--------
-------
Shareholders funds
10,491
6,029
--------
-------
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 30 June 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K2 Roadworks Recovery Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
P J Harvey
Director
Company registration number: 12695061
K2 Roadworks Recovery Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 July 2023
40,750
40,750
Disposals
( 4,250)
( 4,250)
--------
--------
At 30 June 2024
36,500
36,500
--------
--------
Depreciation
At 1 July 2023
20,108
20,108
Charge for the year
7,442
7,442
Disposals
( 2,125)
( 2,125)
--------
--------
At 30 June 2024
25,425
25,425
--------
--------
Carrying amount
At 30 June 2024
11,075
11,075
--------
--------
At 30 June 2023
20,642
20,642
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
84,000
Other debtors
100
20,100
--------
--------
84,100
20,100
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
91,864
55,932
Social security and other taxes
35,137
42,454
Other creditors
5,722
1,978
---------
---------
132,723
100,364
---------
---------