BrightAccountsProduction v1.0.0 v1.0.0 2023-05-11 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is commercial lorry repairs, servicing and diagnostics. 19 August 2024 1 NI697101 2024-05-31 NI697101 2023-05-10 NI697101 2023-05-11 2024-05-31 NI697101 uk-bus:PrivateLimitedCompanyLtd 2023-05-11 2024-05-31 NI697101 uk-curr:PoundSterling 2023-05-11 2024-05-31 NI697101 uk-bus:SmallCompaniesRegimeForAccounts 2023-05-11 2024-05-31 NI697101 uk-bus:AbridgedAccounts 2023-05-11 2024-05-31 NI697101 uk-core:ShareCapital 2024-05-31 NI697101 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI697101 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI697101 uk-bus:FRS102 2023-05-11 2024-05-31 NI697101 uk-core:PlantMachinery 2023-05-11 2024-05-31 NI697101 2023-05-11 2024-05-31 NI697101 uk-bus:Director1 2023-05-11 2024-05-31 NI697101 uk-bus:AuditExempt-NoAccountantsReport 2023-05-11 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI697101
 
 
KMG Commercials Ltd
 
Abridged Unaudited Financial Statements
 
for the financial period from 11 May 2023 (date of incorporation) to 31 May 2024
KMG Commercials Ltd
Company Registration Number: NI697101
ABRIDGED BALANCE SHEET
as at 31 May 2024

May 24
Notes £
 
Fixed Assets
Tangible assets 6 280
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Current Assets
Stocks 5,142
Debtors 27,221
Cash at bank and in hand 4,125
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36,488
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Creditors: amounts falling due within one year (23,589)
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Net Current Assets 12,899
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Total Assets less Current Liabilities 13,179
 
Creditors:
amounts falling due after more than one year (1,700)
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Net Assets 11,479
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Capital and Reserves
Called up share capital 100
Retained earnings 11,379
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Shareholders' Funds 11,479
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
       
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
       
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial period from 11 May 2023 (date of incorporation) to 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
       
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
       
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
       
Approved by the Director and authorised for issue on 19 August 2024
       
       
________________________________      
Kevin McGorman      
Director      
       



KMG Commercials Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial period from 11 May 2023 (date of incorporation) to 31 May 2024

   
1. General Information
 
KMG Commercials Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI697101. The registered office of the company is 9a Findrum Road, Ballygawley, Co. Tyrone, BT70 2JL, Northern Ireland which is also the principal place of business of the company. The principal activity of the company is commercial lorry repairs, servicing and diagnostics.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The financial statements are for the 12 month 21 days period from 11 May 2023 (date of incorporation) to 31 May 2024.
   
4. Statement on previous periods
 
The company did not present financial statements for previous periods.
     
5. Employees
 
The average monthly number of employees, including director, during the financial period was 1, (May 23 - 0).
 
  May 24
  Number
 
Administration 1
  ═════════
       
6. Tangible assets
  Plant and Total
  machinery  
     
  £ £
Cost
At 11 May 2023 - -
Additions 350 350
  ───────── ─────────
At 31 May 2024 350 350
  ───────── ─────────
Depreciation
At 11 May 2023 - -
Charge for the financial period 70 70
  ───────── ─────────
At 31 May 2024 70 70
  ───────── ─────────
Net book value
At 31 May 2024 280 280
  ═════════ ═════════
     
7. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 May 2024.
   
8. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial period-end.