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Registered number: 11943924
KML Electrical Contractors Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11943924
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 85,502 45,812
85,502 45,812
CURRENT ASSETS
Debtors 5 24,798 16,430
Cash at bank and in hand 59,640 70,323
84,438 86,753
Creditors: Amounts Falling Due Within One Year 6 (47,814 ) (32,835 )
NET CURRENT ASSETS (LIABILITIES) 36,624 53,918
TOTAL ASSETS LESS CURRENT LIABILITIES 122,126 99,730
Creditors: Amounts Falling Due After More Than One Year 7 - (1,500 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,245 ) (8,704 )
NET ASSETS 105,881 89,526
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 105,879 89,524
SHAREHOLDERS' FUNDS 105,881 89,526
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 K Stevens
Director
26 September 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
KML Electrical Contractors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11943924 . The registered office is 24 Fairway Drive, Carlton, Nottingham, NG4 1SJ.
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:
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
2.4. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 3,516 50,088 - 53,604
Additions 5,077 65,805 730 71,612
Disposals - (21,838 ) - (21,838 )
As at 31 March 2024 8,593 94,055 730 103,378
Depreciation
As at 1 April 2023 3,430 4,362 - 7,792
Provided during the period 785 12,347 137 13,269
Disposals - (3,185 ) - (3,185 )
As at 31 March 2024 4,215 13,524 137 17,876
Net Book Value
As at 31 March 2024 4,378 80,531 593 85,502
As at 1 April 2023 86 45,726 - 45,812
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,560 15,802
Other debtors 2,238 628
24,798 16,430
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,500 -
Bank loans and overdrafts 1,500 2,000
Corporation tax 4,742 12,934
Other taxes and social security 414 413
VAT 5,541 269
Other creditors - 1,207
Accruals and deferred income 750 660
Director's loan account 15,367 15,352
47,814 32,835
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 1,500
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5