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REGISTERED NUMBER: 12442081 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Kustom Design Ltd

Kustom Design Ltd (Registered number: 12442081)






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Kustom Design Ltd

Company Information
for the year ended 31 January 2024







DIRECTORS: G A Cleghorn
C A Cleghorn





REGISTERED OFFICE: Alston Road
North Pattinson Industrial Estate
Washington
Tyne & Wear
NE38 8QH





REGISTERED NUMBER: 12442081 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Kustom Design Ltd (Registered number: 12442081)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 114,793 67,727

CURRENT ASSETS
Stocks 5 49,888 20,000
Debtors 6 33,997 31,683
Cash at bank and in hand 78,735 59,786
162,620 111,469
CREDITORS
Amounts falling due within one year 7 236,731 183,762
NET CURRENT LIABILITIES (74,111 ) (72,293 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,682

(4,566

)

CREDITORS
Amounts falling due after more than one
year

8

54,467

-
NET LIABILITIES (13,785 ) (4,566 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (13,787 ) (4,568 )
SHAREHOLDERS' FUNDS (13,785 ) (4,566 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kustom Design Ltd (Registered number: 12442081)

Statement of Financial Position - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:




G A Cleghorn - Director



C A Cleghorn - Director


Kustom Design Ltd (Registered number: 12442081)

Notes to the Financial Statements
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Kustom Design Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% Straight line
Motor vehicles - 25% Straight line
Computer equipment - 33% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Kustom Design Ltd (Registered number: 12442081)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 128,731
Additions 102,462
At 31 January 2024 231,193
DEPRECIATION
At 1 February 2023 61,004
Charge for year 55,396
At 31 January 2024 116,400
NET BOOK VALUE
At 31 January 2024 114,793
At 31 January 2023 67,727

Kustom Design Ltd (Registered number: 12442081)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
Additions 96,750
At 31 January 2024 96,750
DEPRECIATION
Charge for year 24,187
At 31 January 2024 24,187
NET BOOK VALUE
At 31 January 2024 72,563

5. STOCKS
2024 2023
£    £   
Stocks 49,888 20,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,394 23,183
Other debtors 13,603 8,500
33,997 31,683

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 17,200 -
Trade creditors 71,418 34,921
Taxation and social security 28,940 26,032
Other creditors 119,173 122,809
236,731 183,762

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 54,467 -