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Registered number: 04173240
Kitt Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Clear Accounting Limited
Parc Gwyddoniaeth Menai
Gaerwen
Ynys Mon
LL60 6AG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04173240
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 108,211 77,109
108,211 77,109
CURRENT ASSETS
Stocks 5 56,957 90,405
Debtors 6 33,094 43,293
Cash at bank and in hand 315,401 384,186
405,452 517,884
Creditors: Amounts Falling Due Within One Year 7 (65,596 ) (121,504 )
NET CURRENT ASSETS (LIABILITIES) 339,856 396,380
TOTAL ASSETS LESS CURRENT LIABILITIES 448,067 473,489
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,335 ) (10,335 )
NET ASSETS 437,732 463,154
CAPITAL AND RESERVES
Called up share capital 8 10,001 10,001
Profit and Loss Account 427,731 453,153
SHAREHOLDERS' FUNDS 437,732 463,154
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Gaukroger
Director
8th October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kitt Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04173240 . The registered office is Great Quantock Farm, Over Stowey, Bridgwater, Somerset, TA5 1HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 - 116,234 116,346 27,808
Additions - - 67,102 -
As at 31 March 2024 - 116,234 183,448 27,808
Depreciation
As at 1 April 2023 - 88,661 81,513 18,884
Provided during the period - 6,893 25,484 2,178
As at 31 March 2024 - 95,554 106,997 21,062
Net Book Value
As at 31 March 2024 - 20,680 76,451 6,746
As at 1 April 2023 - 27,573 34,833 8,924
Computer Equipment Total
£ £
Cost
As at 1 April 2023 26,325 286,713
Additions - 67,102
As at 31 March 2024 26,325 353,815
Depreciation
As at 1 April 2023 20,546 209,604
Provided during the period 1,445 36,000
As at 31 March 2024 21,991 245,604
Net Book Value
As at 31 March 2024 4,334 108,211
As at 1 April 2023 5,779 77,109
Page 4
Page 5
5. Stocks
2024 2023
£ £
Stock 56,957 90,405
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,202 37,005
Other debtors 10,892 6,288
33,094 43,293
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,283 39,310
Other creditors 48,031 49,999
Taxation and social security 5,282 32,195
65,596 121,504
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,001 10,001
Page 5