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Registered number: 12043080
KINMECH LIMITED
Unaudited Financial Statements
For The Year Ended 30 June 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12043080
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,825 7,715
5,825 7,715
CURRENT ASSETS
Debtors 5 17,770 12,356
Cash at bank and in hand 53,254 43,891
71,024 56,247
Creditors: Amounts Falling Due Within One Year 6 (56,117 ) (41,930 )
NET CURRENT ASSETS (LIABILITIES) 14,907 14,317
TOTAL ASSETS LESS CURRENT LIABILITIES 20,732 22,032
Creditors: Amounts Falling Due After More Than One Year 7 (2,812 ) (5,770 )
NET ASSETS 17,920 16,262
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 17,919 16,261
SHAREHOLDERS' FUNDS 17,920 16,262
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Kinsella
Director
20th August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
KINMECH LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12043080 . The registered office is 7 Thornbush Close, Lowton, Warrington, WA3 2JU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 33% Straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 17,000 472 904 18,376
Additions - - 377 377
As at 30 June 2024 17,000 472 1,281 18,753
Depreciation
As at 1 July 2023 9,829 172 660 10,661
Provided during the period 1,793 105 369 2,267
As at 30 June 2024 11,622 277 1,029 12,928
Net Book Value
As at 30 June 2024 5,378 195 252 5,825
As at 1 July 2023 7,171 300 244 7,715
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,114 12,256
Prepayments and accrued income 556 -
Other taxes and social security 100 100
17,770 12,356
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,165 3,221
Corporation tax 11,145 11,379
VAT 7,763 -
Director's loan account 34,044 27,330
56,117 41,930
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,812 5,770
2,812 5,770
The debt relates to a Bounce Back Loan facility provided by Lloyds Bank PLC. The interest is secured by the government for the first 12 months followed by a rate of 2.5% fixed for up to 10 years. The loan capital is secured by HM Government.
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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