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REGISTERED NUMBER: NI068663 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

K CONTRACTS LIMITED

K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


K CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: C Kerrigan





SECRETARY: Mrs Y Lennon





REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG





REGISTERED NUMBER: NI068663 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,961 23,803

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 358,175 481,468
Cash at bank 173,321 85,538
532,496 568,006
CREDITORS
Amounts falling due within one year 6 286,819 384,473
NET CURRENT ASSETS 245,677 183,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

258,638

207,336

CREDITORS
Amounts falling due after more than one
year

7

(17,638

)

(32,900

)

PROVISIONS FOR LIABILITIES (3,240 ) (4,523 )
NET ASSETS 237,760 169,913

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 237,660 169,813
SHAREHOLDERS' FUNDS 237,760 169,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the director and authorised for issue on 11 October 2024 and were signed by:





C Kerrigan - Director


K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

K Contracts Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The address of the company's place of business is 82 Greerpark Heights, Belfast.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The director also considers the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures, fittings & equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation
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 or substantively enacted by the balance sheet date.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings
machinery & equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 57,490 8,393 65,883
DEPRECIATION
At 1 November 2022 34,382 7,698 42,080
Charge for year 10,277 565 10,842
At 31 October 2023 44,659 8,263 52,922
NET BOOK VALUE
At 31 October 2023 12,831 130 12,961
At 31 October 2022 23,108 695 23,803

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 267,666 332,992
Other debtors 90,509 148,476
358,175 481,468

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 10,661 10,661
Hire purchase contracts 4,845 5,811
Trade creditors 193,693 323,127
Taxation and social security 61,340 33,589
Other creditors 16,280 11,285
286,819 384,473

K CONTRACTS LIMITED (REGISTERED NUMBER: NI068663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 17,638 28,055
Hire purchase contracts - 4,845
17,638 32,900

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 4,845 10,656

Hire purchase agreements are secured on the asset to which they relate.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At year end the company owed the director £621 (2022: £291) as included in other creditors. Advances in the year were £81,204 and drawings were £80,873.

10. RELATED PARTY DISCLOSURES

Transactions with the director has been disclosed in the note above. There were no other transactions with related parties which were required to be disclosed in accordance with FRS 102 Section 1A.

11. ULTIMATE CONTROLLING PARTY

The company continues to be controlled by the director, by virute of his shareholding.