Registered number
04916862
K. P. Retail Limited
Filleted Accounts
31 March 2024
K. P. Retail Limited
Registered number: 04916862
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 324,346 226,829
Current assets
Debtors 4 - 13,000
Cash at bank and in hand 8,024 53,451
8,024 66,451
Creditors: amounts falling due within one year 5 (71,304) (13,185)
Net current (liabilities)/assets (63,280) 53,266
Total assets less current liabilities 261,066 280,095
Creditors: amounts falling due after more than one year 6 (9,033) (14,924)
Net assets 252,033 265,171
Capital and reserves
Called up share capital 15,082 15,082
Profit and loss account 236,951 250,089
Shareholders' funds 252,033 265,171
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 members have 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.
Mr Kaushik Shah
Director
Approved by the board on 7 October 2024
K. P. Retail Limited
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 rent received and from the rendering of the 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.
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:
Freehold buildings -
Plant and machinery 5% on straight line basis
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 1 1
3 Tangible fixed assets
Improvements Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 178,801 181,069 359,870
Additions 106,571 - 106,571
At 31 March 2024 285,372 181,069 466,441
Depreciation
At 1 April 2023 - 133,041 133,041
Charge for the year - 9,054 9,054
At 31 March 2024 - 142,095 142,095
Net book value
At 31 March 2024 285,372 38,974 324,346
At 31 March 2023 178,801 48,028 226,829
4 Debtors 2024 2023
£ £
Trade debtors - 13,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,357 6,357
Trade creditors 2,100 2,100
Taxation and social security costs - 2,672
Other creditors 54,845 2,056
Director's account 8,002 -
71,304 13,185
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,033 14,924
7 Off-balance sheet arrangements
The company has provided a cross guarantee to HSBC Bank PLC by way of a fixed and floating charges over the company`s assets.
8 Related party transactions
Included in other creditors is the amount of £ 52,484 due to KP International consultants Ltd, a related party by virtue of common directorship and in which the director holds a material interest.
There are no terms as to interest or repayment in respect of this amount.
9 Other information
K. P. Retail Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1
259 - 261 Northolt Road
South Harrow
England
HA2 8HS
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