Company registration number 01288654 (England and Wales)
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED (REGISTERED NUMBER: 01288654)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,306
8,609
Current assets
Stocks
6,224
9,745
Debtors
4
212,890
197,802
Cash at bank and in hand
57,839
20,182
276,953
227,729
Creditors: amounts falling due within one year
5
(217,859)
(197,293)
Net current assets
59,094
30,436
Total assets less current liabilities
69,400
39,045
Creditors: amounts falling due after more than one year
6
(9,000)
(15,000)
Net assets
60,400
24,045
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
59,400
23,045
Total equity
60,400
24,045
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED (REGISTERED NUMBER: 01288654)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr P Sugden
Director
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
KM (Refrigeration Electrical) Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Bourne Enterprise Centre, Borough Green, Sevenoaks, Kent, TN15 8DG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before turnover is recognised.
Turnover for the sale of goods is recognised when all of the following conditions are met:
- The company has transferred the significant risks and rewards of ownership to the buyer;
- the amount of turnover can be recognised reliably and;
- It is probable that the company will receive the consideration due under the transaction.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- The amount of turnover can be measured reliably
- It is probable that the company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
10% on reducing balance
Computer equipment
25% on reducing balance
1.5
Stocks
Stock is measured at the financial year end as the total value of the materials and labour for unfinished projects.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
9
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
11,979
31,217
33,145
76,341
Additions
3,559
3,559
At 31 December 2023
11,979
31,217
36,704
79,900
Depreciation and impairment
At 1 January 2023
11,845
26,909
28,978
67,732
Depreciation charged in the year
20
431
1,411
1,862
At 31 December 2023
11,865
27,340
30,389
69,594
Carrying amount
At 31 December 2023
114
3,877
6,315
10,306
At 31 December 2022
134
4,308
4,167
8,609
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
192,120
165,870
Amounts owed by group undertakings
11,679
11,441
Other debtors
9,091
20,491
212,890
197,802
KM (REFRIGERATION ELECTRICAL) SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,000
6,000
Trade creditors
150,217
150,587
Taxation and social security
53,986
33,430
Other creditors
7,656
7,276
217,859
197,293
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,000
15,000
7
Financial commitments, guarantees and contingent liabilities
Included within Loans and borrowings is an amount of £15,000 (2022: £21,000) Borrowed as part of the CBIL scheme in 2020.
The initial amount borrowed was £30,000 and as part of the loan scheme the UK government Guaranteed the advance and paid the interest and fees due for the first 12 months.
The loan now attracts an interest rate of 2.5%