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Company Registration No. 12455178 (England and Wales)
K & M DRYLINING AND INTERIORS LTD Unaudited accounts for the year ended 29 February 2024
K & M DRYLINING AND INTERIORS LTD Unaudited accounts Contents
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K & M DRYLINING AND INTERIORS LTD Company Information for the year ended 29 February 2024
Directors
Daniel Kent Iain Maynard
Company Number
12455178 (England and Wales)
Registered Office
112-113 High Street LINCOLN LINCOLNSHIRE LN5 7PY UNITED KINGDOM
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA Templar Accounting & Business Support Services Limited (Incorp: Blake and Co ) 112 - 113 High Street, Lincoln, Lincolnshire LN5 7PY
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K & M DRYLINING AND INTERIORS LTD Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,455 
25,044 
Current assets
Debtors
60,338 
55,042 
Cash at bank and in hand
2,532 
1,770 
62,870 
56,812 
Creditors: amounts falling due within one year
(49,934)
(34,996)
Net current assets
12,936 
21,816 
Total assets less current liabilities
20,391 
46,860 
Provisions for liabilities
Deferred tax
(3,676)
(4,769)
Net assets
16,715 
42,091 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
16,615 
41,991 
Shareholders' funds
16,715 
42,091 
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by
Iain Maynard Director Company Registration No. 12455178
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K & M DRYLINING AND INTERIORS LTD Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
K & M DRYLINING AND INTERIORS LTD is a private company, limited by shares, registered in England and Wales, registration number 12455178. The registered office is 112-113 High Street, LINCOLN, LINCOLNSHIRE, LN5 7PY, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Motor vehicles
20% Reducing balance
Computer equipment
30% Reducing balance
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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K & M DRYLINING AND INTERIORS LTD Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2023
4,891 
34,993 
915 
40,799 
Additions
- 
1,817 
- 
1,817 
Disposals
- 
(18,500)
- 
(18,500)
At 29 February 2024
4,891 
18,310 
915 
24,116 
Depreciation
At 1 March 2023
2,828 
12,326 
601 
15,755 
Charge for the year
515 
6,957 
94 
7,566 
On disposals
- 
(6,660)
- 
(6,660)
At 29 February 2024
3,343 
12,623 
695 
16,661 
Net book value
At 29 February 2024
1,548 
5,687 
220 
7,455 
At 28 February 2023
2,063 
22,667 
314 
25,044 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
2,950 
2,147 
Trade debtors
9,072 
22,990 
Other debtors
48,316 
29,905 
60,338 
55,042 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
1,543 
40,430 
Taxes and social security
21,748 
18,849 
Loans from directors
(28,066)
(60,581)
Accruals
6,393 
6,393 
Deferred income
48,316 
29,905 
49,934 
34,996 
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K & M DRYLINING AND INTERIORS LTD Notes to the Accounts for the year ended 29 February 2024
7
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
3,676 
4,769 
2024 
2023 
£ 
£ 
Provision at start of year
4,769 
2,869 
Charged to the profit and loss account
- 
1,900 
Credited to other comprehensive income
(1,093)
- 
Provision at end of year
3,676 
4,769 
A deferred tax liability reserve has been created due to accelerated capital allowances. This reserve will reverse in future periods creating tax liability at the prevailing rate on the day.
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Daniel Kent
Unsecured loan to the director
43,840 
13,147 
43,841 
13,146 
Iain Maynard
Unsecured loan to the director
16,741 
16,741 
18,562 
14,920 
60,581 
29,888 
62,403 
28,066 
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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