Registered number
01905131
KCL Medway Ltd
Filleted Accounts
31 March 2024
KCL Medway Ltd
Registered number: 01905131
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 183,610 200,328
Current assets
Stocks 2,340 2,420
Debtors 4 47,811 43,094
Cash at bank and in hand 164,312 142,568
214,463 188,082
Creditors: amounts falling due within one year 5 (132,438) (136,182)
Net current assets 82,025 51,900
Total assets less current liabilities 265,635 252,228
Creditors: amounts falling due after more than one year 6 (21,000) (64,750)
Net assets 244,635 187,478
Capital and reserves
Called up share capital 200 200
Profit and loss account 244,435 187,278
Shareholders' funds 244,635 187,478
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Pauline Brace
Director
Approved by the board on 26 September 2024
KCL Medway Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 3, 5, 10 and 20 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 354,600
Additions 1,677
At 31 March 2024 356,277
Depreciation
At 1 April 2023 154,272
Charge for the year 18,395
At 31 March 2024 172,667
Net book value
At 31 March 2024 183,610
At 31 March 2023 200,328
4 Debtors 2024 2023
£ £
Trade debtors 1,448 8,600
Other debtors 46,363 34,494
47,811 43,094
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 19,053
Bank loan (Coronavirus Business Interruption Loan) 21,000 21,000
Trade creditors 46,703 33,115
Taxation and social security costs 27,864 25,449
Corporation tax 20,292 3,975
Other creditors & accruals 16,579 33,590
132,438 136,182
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan (Coronavirus Business Interruption Loan) 21,000 64,750
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loan and overdraft - 19,053
Security is by a charge over the company's assets and personal guarantees given by the directors
8 Other financial commitments 2024 2023
£ £
Total annual payments under non-cancellable operating leases 110,260 110,260
9 Other information
KCL Medway Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Coldbath Square
London EC1R 5HL
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