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Registration number: 11581595

K G Design Services Limited

Unaudited Financial Statements

for the Period from 1 October 2022 to 31 March 2024

 

K G Design Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

K G Design Services Limited

(Registration number: 11581595)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

-

3,988

Current assets

 

Debtors

5

12,066

31,665

Cash at bank and in hand

 

4,811

32,451

 

16,877

64,116

Creditors: Amounts falling due within one year

6

(10,263)

(30,846)

Net current assets

 

6,614

33,270

Total assets less current liabilities

 

6,614

37,258

Creditors: Amounts falling due after more than one year

6

(6,365)

(14,800)

Provisions for liabilities

-

(758)

Net assets

 

249

21,700

Capital and reserves

 

Called up share capital

100

100

Retained earnings

149

21,600

Shareholders' funds

 

249

21,700

 

K G Design Services Limited

(Registration number: 11581595)
Balance Sheet as at 31 March 2024

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 September 2024
 

.........................................
Mr Keith Gibson
Director

 

K G Design Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4 Austwick Grove
Stoke On Trent
Staffordshire
ST4 6NP
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

K G Design Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Plant and Machinery

25% Reducing Balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

K G Design Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

4,713

3,396

8,109

Disposals

(4,713)

(3,396)

(8,109)

At 31 March 2024

-

-

-

Depreciation

At 1 October 2022

1,178

2,943

4,121

Eliminated on disposal

(1,178)

(2,943)

(4,121)

At 31 March 2024

-

-

-

Carrying amount

At 31 March 2024

-

-

-

At 30 September 2022

3,535

453

3,988

5

Debtors

Current

2024
£

2022
£

Trade debtors

1,410

31,032

Other debtors

10,656

633

 

12,066

31,665

 

K G Design Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Loans and borrowings

4,318

1,852

Trade creditors

2,882

-

Other creditors

3,063

28,994

10,263

30,846

2024
£

2022
£

Current loans and borrowings

Bank borrowings

4,318

1,852

Creditors: amounts falling due after more than one year

2024
£

2022
£

Due after one year

Loans and borrowings

6,365

14,800

7

Related party transactions

Transactions with the director

2024

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Keith Gibson

(10,475)

54,573

(34,618)

9,480

         
       

 

This loan was interest free and repayable on demand.