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Registration number: 07053357

KMD Developments Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2022 to 30 April 2024

 

KMD Developments Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 10

 

KMD Developments Limited

Company Information

Director

William Ronald Kitto

Registered office

5 Rosevale Gardens
St. Teath
Bodmin
Cornwall
PL30 3FG

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

KMD Developments Limited

Director's Report for the Period from 1 November 2022 to 30 April 2024

The report and the financial statements for the period from 1 November 2022 to 30 April 2024.

Director of the company

The director who held office during the period was as follows:

William Ronald Kitto

Principal activity

The principal activity of the company is Construction of other civil engineering projects not elsewhere classified

Small companies provision statement

This report has 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.

Approved and authorised by the director on 25 September 2024
 

.........................................
William Ronald Kitto
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
KMD Developments Limited
for the Period Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KMD Developments Limited for the period ended 30 April 2024 as set out on pages 4 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of KMD Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of KMD Developments Limited and state those matters that we have agreed to state to the Board of Directors of KMD Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KMD Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that KMD Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KMD Developments Limited. You consider that KMD Developments 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 accounts of KMD Developments 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 accounts.

......................................

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

25 September 2024

 

KMD Developments Limited

(Registration number: 07053357)
Balance Sheet as at 30 April 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

47,229

20,005

Current assets

 

Stocks

5

51,940

49,000

Debtors

6

222,782

9,215

Cash at bank and in hand

 

803,722

365,920

 

1,078,444

424,135

Creditors: Amounts falling due within one year

7

(664,600)

(96,501)

Net current assets

 

413,844

327,634

Total assets less current liabilities

 

461,073

347,639

Provisions for liabilities

(11,808)

(3,801)

Net assets

 

449,265

343,838

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

(304,061)

(304,061)

Retained earnings

753,276

647,849

Shareholders' funds

 

449,265

343,838

 

KMD Developments Limited

(Registration number: 07053357)
Balance Sheet as at 30 April 2024

For the financial period ending 30 April 2024 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 period in question in accordance with section 476; and

The director acknowledges their 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.

Approved and authorised by the director on 25 September 2024
 

.........................................
William Ronald Kitto
Director

 

KMD Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

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:
5 Rosevale Gardens
St. Teath
Bodmin
Cornwall
PL30 3FG
England

These financial statements were authorised for issue by the director on 25 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 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.

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.

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.

 

KMD Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

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

Plant and machinery

15% Straight line basis

Office Equipment

25% Straight line Basis

Motor Vehicles

25% Straight line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

KMD Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 period, was 3 (2022 - 2).

 

KMD Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

69,264

2,825

36,006

108,095

Additions

44,064

-

-

44,064

Disposals

(20,000)

-

-

(20,000)

At 30 April 2024

93,328

2,825

36,006

132,159

Depreciation

At 1 November 2022

56,758

2,326

29,006

88,090

Charge for the period

11,340

250

5,250

16,840

Eliminated on disposal

(20,000)

-

-

(20,000)

At 30 April 2024

48,098

2,576

34,256

84,930

Carrying amount

At 30 April 2024

45,230

249

1,750

47,229

At 31 October 2022

12,506

499

7,000

20,005

5

Stocks

2024
£

2022
£

Work in progress

51,940

49,000

6

Debtors

2024
£

2022
£

Trade debtors

188,794

-

Other debtors

33,988

9,215

222,782

9,215

 

KMD Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Trade creditors

45,597

11,468

Taxation and social security

28,724

3,905

Accruals and deferred income

511,167

2,000

Other creditors

79,112

79,128

664,600

96,501