Registered number
11722751
KEY LARGO SHUTTERS LTD
Filleted Accounts
31 December 2023
KEY LARGO SHUTTERS LTD
Registered number: 11722751
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 48,056 50,793
Current assets
Stocks 8,479 7,505
Debtors 5 62,667 85,764
Cash at bank and in hand 26,438 68,209
97,584 161,478
Creditors: amounts falling due within one year 6 (62,452) (70,246)
Net current assets 35,132 91,232
Total assets less current liabilities 83,188 142,025
Creditors: amounts falling due after more than one year 7 (54,002) (43,069)
Net assets 29,186 98,956
Capital and reserves
Called up share capital 100 100
Profit and loss account 29,086 98,856
Shareholder's funds 29,186 98,956
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A T FARRELLY
Director
Approved by the board on 23 September 2024
KEY LARGO SHUTTERS LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 4
3 Corporation Tax
Corporation charge -
Research & Development Credit - prior years overprovision -
-
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 20,725 64,117 84,842
Additions - 50,240 50,240
Disposals - (64,117) (64,117)
At 31 December 2023 20,725 50,240 70,965
Depreciation
At 1 January 2023 10,239 23,810 34,049
Charge for the year 2,622 10,048 12,670
On disposals - (23,810) (23,810)
At 31 December 2023 12,861 10,048 22,909
Net book value
At 31 December 2023 7,864 40,192 48,056
At 31 December 2022 10,486 40,307 50,793
5 Debtors 2023 2022
£ £
Trade debtors 54,785 83,637
Other debtors 7,882 2,127
62,667 85,764
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,155 -
Trade creditors 47,259 53,586
Taxation and social security costs 8,588 16,624
Other creditors 4,450 36
62,452 70,246
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,162 43,069
Obligations under finance lease and hire purchase contracts 21,840 -
54,002 43,069
8 Controlling party
The controlling interest is held by the director solely.
9 Other information
KEY LARGO SHUTTERS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Hamilton House
4a The Avenue
London
E4 9LD
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