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KCS Industries Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
09/08/2024
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL
Page 1
Page 2
Balance Sheet
Registered number: 04739663
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,271 61,345
59,271 61,345
CURRENT ASSETS
Debtors 5 4,254 4,954
Cash at bank and in hand 4,316 3,240
8,570 8,194
Creditors: Amounts Falling Due Within One Year 6 (18,482 ) (21,803 )
NET CURRENT ASSETS (LIABILITIES) (9,912 ) (13,609 )
TOTAL ASSETS LESS CURRENT LIABILITIES 49,359 47,736
PROVISIONS FOR LIABILITIES
Deferred Taxation (153 ) (180 )
NET ASSETS 49,206 47,556
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 49,106 47,456
SHAREHOLDERS' FUNDS 49,206 47,556
Page 2
Page 3
For the year ending 30 April 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
B Stockwell
Director
K J Tyler
Director
09/08/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
KCS Industries Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04739663 . The registered office is Unit 21, H & H Industries, Archers Field, Burnt Mills Industrial Estate, Basildon, Essex, SS13 1DH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 96,613 4,169 678 101,460
As at 30 April 2024 96,613 4,169 678 101,460
Depreciation
As at 1 May 2023 36,217 3,220 678 40,115
Provided during the period 1,932 142 - 2,074
As at 30 April 2024 38,149 3,362 678 42,189
Net Book Value
As at 30 April 2024 58,464 807 - 59,271
As at 1 May 2023 60,396 949 - 61,345
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,350 2,050
Other debtors 2,904 2,904
4,254 4,954
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Page 6
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 942
Corporation tax 1,805 4,316
Other creditors 350 350
Accruals and deferred income 967 942
Directors' loan accounts 15,360 15,253
18,482 21,803
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 4,000 6,000
4,000 6,000
9. Related Party Transactions
During the year the company maintained a loan with Panelworx Limited of £2,904 (2023 £2,904). One of the directors of this company is also a director of Panelworx Limited. The loan remains outstanding at the year end and is shown in Other debtors.
10. Ultimate Controlling Party
The company is controlled by the directors.
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