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Company registration number: NI058941
K-DOS Limited
Unaudited filleted financial statements
30 November 2023
K-DOS Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
K-DOS Limited
Directors and other information
Directors Mr Kieran Dineen
Mrs Eileen Dineen
Mr Stephen Dineen
Mr Michael Dineen
Secretary Kieran Dineen
Company number NI058941
Registered office 8 John Mitchel Place
Newry
Co.Down
BT34 2AP
Business address 8 John Mitchel Place
Newry
Co.Down
BT34 3AP
Accountants Jones Peters
Hughes House
6/7 Church Street
Banbridge
Co. Down
BT32 4AA
Bankers Danske Bank
Newry
Co. Down
BT34 1BD
K-DOS Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of K-DOS Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K-DOS Limited for the year ended 30 November 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of K-DOS Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of K-DOS Limited and state those matters that we have agreed to state to the board of directors of K-DOS Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K-DOS Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that K-DOS Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K-DOS Limited. You consider that K-DOS Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of K-DOS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountant
Hughes House
6/7 Church Street
Banbridge
Co. Down
BT32 4AA
5 August 2024
K-DOS Limited
Balance sheet
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 203,354 209,072
_______ _______
203,354 209,072
Current assets
Stocks 13,247 14,044
Debtors 7 80,279 98,407
Cash at bank and in hand 152,887 123,128
_______ _______
246,413 235,579
Creditors: amounts falling due
within one year 8 ( 79,893) ( 99,240)
_______ _______
Net current assets 166,520 136,339
_______ _______
Total assets less current liabilities 369,874 345,411
_______ _______
Net assets 369,874 345,411
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 369,774 345,311
_______ _______
Shareholders funds 369,874 345,411
_______ _______
For the year ending 30 November 2023 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.
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 Profit and loss account and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 August 2024 , and are signed on behalf of the board by:
Mr Kieran Dineen Mrs Eileen Dineen
Director Director
Company registration number: NI058941
K-DOS Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is K-DOS Limited, 8 John Mitchel Place, Newry, Co.Down, BT34 2AP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
General information and 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.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill 10 %
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property NIL %
Plant and machinery 20 % Straight Line
Fittings fixtures and equipment 12.50 % Straight Line
Motor vehicles 25 % Straight Line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2022: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 and 30 November 2023 70,000 70,000
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 70,000 70,000
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 30 November 2022 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2022 198,104 23,954 29,151 38,439 289,648
Additions - - 5,800 - 5,800
_______ _______ _______ _______ _______
At 30 November 2023 198,104 23,954 34,951 38,439 295,448
_______ _______ _______ _______ _______
Depreciation
At 1 December 2022 1,960 23,184 26,601 28,831 80,576
Charge for the year 1 371 1,536 9,610 11,518
_______ _______ _______ _______ _______
At 30 November 2023 1,961 23,555 28,137 38,441 92,094
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 196,143 399 6,814 ( 2) 203,354
_______ _______ _______ _______ _______
At 30 November 2022 196,144 770 2,550 9,608 209,072
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 78,735 95,920
Other debtors 1,544 2,487
_______ _______
80,279 98,407
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 43,798 53,210
Corporation tax 19,803 14,689
Social security and other taxes 10,642 9,430
Other creditors 5,650 21,911
_______ _______
79,893 99,240
_______ _______
9. Controlling party
By virtue of the shareholding the directors are deemed to be the controlling parties with regard to the company.