2022-12-012023-11-302023-11-30false06033332K S DESIGNS 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K S DESIGNS LIMITED

Registered Number
06033332
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

K S DESIGNS LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

SCOTT, Keith

Registered Address

Unit G21 The Avenues
11th Avenue North Team Valley
Gateshead
NE11 0NJ

Registered Number

06033332 (England and Wales)
K S DESIGNS LIMITED
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Current assets
Stocks42,0002,000
Debtors40,73544,778
Cash at bank and on hand40,98239,584
83,71786,362
Creditors amounts falling due within one year5(56,089)(60,139)
Net current assets (liabilities)27,62826,223
Total assets less current liabilities27,62826,223
Net assets27,62826,223
Capital and reserves
Called up share capital11
Profit and loss account27,62726,222
Shareholders' funds27,62826,223
The financial statements were approved and authorised for issue by the Director on 21 August 2024, and are signed on its behalf by:
SCOTT, Keith
Director
Registered Company No. 06033332
K S DESIGNS LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings4
Vehicles4
Office Equipment4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year23
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Total

£££
Cost or valuation
At 01 December 221,2754,6285,903
At 30 November 231,2754,6285,903
Depreciation and impairment
At 01 December 221,2754,6285,903
At 30 November 231,2754,6285,903
Net book value
At 30 November 23---
At 30 November 22---
4.Stocks

2023

2022

££
Raw materials and consumables2,0002,000
Total2,0002,000
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables10,81425,280
Amounts owed to related parties17,19210,394
Taxation and social security8,1405,894
Other creditors18,99317,620
Accrued liabilities and deferred income950951
Total56,08960,139
6.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.