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COMPANY REGISTRATION NUMBER: 14545969
Kit It Out Limited
Filleted Unaudited Financial Statements
31 December 2023
Kit It Out Limited
Financial Statements
Period from 16 December 2022 to 31 December 2023
Contents
Page
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Kit It Out Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Kit It Out Limited
Period from 16 December 2022 to 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kit It Out Limited for the period ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Kit It Out Limited, as a body, in accordance with the terms of our engagement letter dated 16 December 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Kit It Out Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kit It Out Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Kit It Out Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kit It Out Limited. You consider that Kit It Out Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Kit It Out Limited. 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 statutory financial statements.
WYATT & CO Chartered Accountants
125 Main Street Garforth Leeds LS25 1AF
6 September 2024
Kit It Out Limited
Statement of Financial Position
31 December 2023
31 Dec 23
Note
£
Fixed Assets
Tangible assets
5
19,595
Current Assets
Stocks
30,000
Debtors
6
7,700
Cash at bank and in hand
6,899
---------
44,599
Creditors: amounts falling due within one year
7
66,068
---------
Net Current Liabilities
21,469
---------
Total Assets Less Current Liabilities
( 1,874)
Creditors: amounts falling due after more than one year
8
7,364
--------
Net Liabilities
( 9,238)
--------
Capital and Reserves
Called up share capital
100
Profit and loss account
( 9,338)
--------
Shareholders Deficit
( 9,238)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kit It Out Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr C Miller
Director
Company registration number: 14545969
Kit It Out Limited
Notes to the Financial Statements
Period from 16 December 2022 to 31 December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wyatt And Co 125 Main Street, Garforth, Leeds, LS25 1AF.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee Numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Tangible Assets
Motor vehicles
£
Cost
At 16 December 2022
Additions
19,595
---------
At 31 December 2023
19,595
---------
Depreciation
At 16 December 2022 and 31 December 2023
---------
Carrying amount
At 31 December 2023
19,595
---------
6. Debtors
31 Dec 23
£
Trade debtors
7,700
--------
7. Creditors: amounts falling due within one year
31 Dec 23
£
Social security and other taxes
1,919
Other creditors
64,149
---------
66,068
---------
8. Creditors: amounts falling due after more than one year
31 Dec 23
£
Other creditors
7,364
--------
9. Directors' Advances, Credits and Guarantees
During the year a Director provided a loan to the company with a year end balance of £58,351. The loan is interest free and is repayable on demand.