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
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
K & M DRYLINING AND INTERIORS LTD
Statement of financial position
as at 29 February 2024
Tangible assets
7,455
25,044
Cash at bank and in hand
2,532
1,770
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)
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
K & M DRYLINING AND INTERIORS LTD
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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
Disposals
-
(18,500)
-
(18,500)
At 29 February 2024
4,891
18,310
915
24,116
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
At 29 February 2024
1,548
5,687
220
7,455
At 28 February 2023
2,063
22,667
314
25,044
Amounts falling due within one year
Trade debtors
9,072
22,990
Other debtors
48,316
29,905
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)
Deferred income
48,316
29,905
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
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.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Unsecured loan to the director
43,840
13,147
43,841
13,146
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).