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Registration number: 12138002

Kimi Designs Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2023

 

Kimi Designs Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Kimi Designs Limited

Company Information

Director

Mr K S Pall

Registered office

26 High Street
Rickmansworth
Hertfordshire
WD3 IER

 

Kimi Designs Limited

(Registration number: 12138002)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

1,400

2,100

Current assets

 

Debtors

5

-

2,938

Cash at bank and in hand

 

7,951

379

 

7,951

3,317

Creditors: Amounts falling due within one year

(5,082)

(615)

Net current assets

 

2,869

2,702

Total assets less current liabilities

 

4,269

4,802

Creditors: Amounts falling due after more than one year

(1,295)

(1,922)

Provisions for liabilities

(266)

-

Accruals and deferred income

 

(1,144)

(1,045)

Net assets

 

1,564

1,835

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

1,464

1,735

Shareholders' funds

 

1,564

1,835

For the financial year ending 31 August 2023 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 year 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

Kimi Designs Limited

(Registration number: 12138002)
Abridged Balance Sheet as at 31 August 2023

Approved and authorised by the director on 5 September 2024
 

.........................................
Mr K S Pall
Director

 

Kimi Designs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
26 High Street
Rickmansworth
Hertfordshire
WD3 IER

These financial statements were authorised for issue by the director on 5 September 2024.

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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

The prior year figures have been restated to show the bank loan of £1,922 which is due more than one year.

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.

 

Kimi Designs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

The current income 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.

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

Motor van

25% on cost

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Kimi Designs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

2,800

2,800

At 31 August 2023

2,800

2,800

Depreciation

At 1 September 2022

700

700

Charge for the year

700

700

At 31 August 2023

1,400

1,400

Carrying amount

At 31 August 2023

1,400

1,400

At 31 August 2022

2,100

2,100

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Related party transactions

 

Kimi Designs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Transactions with the director

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

Mr K S Pall

Director's Loan Account

2,938

(3,418)

(480)

2022

At 1 September 2021
£

Advances to director
£

At 31 August 2022
£

Mr K S Pall

Director's Loan Account

-

2,938

2,938

 

Kimi Designs Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,600

4,000