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Company registration number: 03910046
K2 Screen Limited
Unaudited abridged financial statements
31 March 2024
K2 Screen Limited
Contents
Directors and other information
Directors report
Abridged statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
K2 Screen Limited
Directors and other information
Directors M Jenkins
R E Pain
Secretary M Jenkins
Company number 03910046
Registered office 15 - 19 Cavendish Place
London
W1G 0DD
Accountants Bowker Orford
15-19 Cavendish Place
London
W1G 0DD
K2 Screen Limited
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
M Jenkins
R E Pain
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
M Jenkins
Director
K2 Screen Limited
Abridged statement of comprehensive income
Year ended 31 March 2024
2024 2023
Note £ £
Gross profit 375,515 375,135
Administrative expenses ( 330,865) ( 244,055)
_______ _______
Operating profit 44,650 131,080
_______ _______
Profit before taxation 5 44,650 131,080
Tax on profit ( 8,968) ( 25,601)
_______ _______
Profit for the financial year and total comprehensive income 35,682 105,479
_______ _______
All the activities of the company are from continuing operations.
K2 Screen Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 47,169 53,045
_______ _______
47,169 53,045
Current assets
Stocks 12,563 16,750
Debtors 7 150,876 137,694
Cash at bank and in hand 237,633 358,192
_______ _______
401,072 512,636
Creditors: amounts falling due
within one year 8 ( 89,301) ( 239,954)
_______ _______
Net current assets 311,771 272,682
_______ _______
Total assets less current liabilities 358,940 325,727
Provisions for liabilities ( 11,792) ( 13,261)
_______ _______
Net assets 347,148 312,466
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 346,148 311,466
_______ _______
Shareholders funds 347,148 312,466
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
M Jenkins
Director
Company registration number: 03910046
K2 Screen Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1,000 207,987 208,987
Profit for the year 105,479 105,479
_______ _______ _______
Total comprehensive income for the year - 105,479 105,479
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,000) ( 2,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 1,000 311,466 312,466
Profit for the year 35,682 35,682
_______ _______ _______
Total comprehensive income for the year - 35,682 35,682
Dividends paid and payable ( 1,000) ( 1,000)
_______ _______ _______
Total investments by and distributions to owners - ( 1,000) ( 1,000)
_______ _______ _______
At 31 March 2024 1,000 346,148 347,148
_______ _______ _______
K2 Screen Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 15 - 19 Cavendish Place, London, W1G 0DD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20.00 % straight line
Fittings fixtures and equipment - 26.67 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 27,127 33,179
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2023 196,658 29,778 226,436
Additions 9,747 11,504 21,251
_______ _______ _______
At 31 March 2024 206,405 41,282 247,687
_______ _______ _______
Depreciation
At 1 April 2023 146,332 27,059 173,391
Charge for the year 21,312 5,815 27,127
_______ _______ _______
At 31 March 2024 167,644 32,874 200,518
_______ _______ _______
Carrying amount
At 31 March 2024 38,761 8,408 47,169
_______ _______ _______
At 31 March 2023 50,326 2,719 53,045
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 127,367 114,692
Other debtors 23,509 23,002
_______ _______
150,876 137,694
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 19,151 52,489
Corporation tax 10,437 18,782
Social security and other taxes 8,979 33,826
Other creditors 50,734 134,857
_______ _______
89,301 239,954
_______ _______
9. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
M Jenkins - 10,237
_______ _______
10. Controlling party
This company is controlled by the director, M Jenkins by virtue of holding 51% of the issued share capital.