Registration number:
Kinross Limited
for the Year Ended 31 December 2023
Kinross Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Kinross Limited
Company Information
Director: |
Mr T Hyman |
Company secretary: |
Ms R S Hyman |
Registered office: |
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Registered number: |
11001654 |
Accountants: |
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Kinross Limited
(Registration number: 11001654)
Balance Sheet as at 31 December 2023
Note |
31.12.23 |
31.12.22 |
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£ |
£ |
£ |
£ |
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FIXED ASSETS |
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Tangible assets |
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CURRENT ASSETS |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
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Creditors within 1yr |
503,680 |
466,670 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
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Net assets |
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CAPITAL AND RESERVES |
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Called up share capital |
100 |
100 |
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Profit and loss account |
327,917 |
292,332 |
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Shareholders' funds |
328,017 |
292,432 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Kinross Limited
(Registration number: 11001654)
Balance Sheet as at 31 December 2023 (continued)
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.
Director's responsibilities:
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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 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
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Kinross Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
1. |
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
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.
Government grants
Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 orsubstantively enacted by the balance sheet date.
Kinross Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
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 |
Plant and machinery |
25% straight line basis |
Fixtures and fittings |
20% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 year, was
Kinross Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
4. |
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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The freehold property is maintained to a high standard and no depreciation is charged as, in the opinion of the director, any such sum is immaterial.
The cost of the freehold property for capital gains tax purposes is £1,596,145
5. |
Debtors |
Current |
31.12.23 |
31.12.22 |
Trade debtors |
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Other debtors |
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Kinross Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
6. |
Creditors |
Creditors: amounts falling due within one year
Note |
31.12.23 |
31.12.22 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
31.12.23 |
31.12.22 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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1,424,429 |
1,510,700 |
31.12.23 |
31.12.22 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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7. |
SECURED DEBTS |
The following secured debts are included within creditors:
31.12.23 |
31.12.22 |
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Bank loans |
1,086,609 |
1,164,786 |
The bank loans are secured by a fixed and floating charge over the company's assets.