2023-02-012024-01-312024-01-31false10593002KMT BUILDING SOLUTIONS 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KMT BUILDING SOLUTIONS LIMITED

Registered Number
10593002
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

KMT BUILDING SOLUTIONS LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mr K Taylor
Mrs M J Taylor

Registered Address

Milburn House Hexham Business Park
Burn Lane
Hexham
NE46 3RU

Registered Number

10593002 (England and Wales)
KMT BUILDING SOLUTIONS LIMITED
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets339,72057,849
39,72057,849
Current assets
Stocks4700,000286,119
Debtors53,27541,262
Cash at bank and on hand1,15330,571
704,428357,952
Creditors amounts falling due within one year6(692,038)(322,091)
Net current assets (liabilities)12,39035,861
Total assets less current liabilities52,11093,710
Creditors amounts falling due after one year7(23,635)(28,383)
Provisions for liabilities8(9,900)(10,991)
Net assets18,57554,336
Capital and reserves
Called up share capital22
Profit and loss account18,57354,334
Shareholders' funds18,57554,336
The financial statements were approved and authorised for issue by the Board of Directors on 20 September 2024, and are signed on its behalf by:
Mr K Taylor
Director
Registered Company No. 10593002
KMT BUILDING SOLUTIONS LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the balance sheet date the company's balance sheet was overdrawn showing a net deficit. The major creditor of the company is the directors. The directors have confirmed that they will not demand repayment of this loan if it would prejudice the payment of external creditors. For this reason the company continues to adopt the going concern basis for these financial statements
Turnover policy
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/or 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.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Trade and other 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.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 February 2361,80035,84997,649
Additions3,50011,82515,325
Disposals(1,641)(19,642)(21,283)
At 31 January 2463,65928,03291,691
Depreciation and impairment
At 01 February 2330,8388,96239,800
Charge for year7,4044,76712,171
At 31 January 2438,24213,72951,971
Net book value
At 31 January 2425,41714,30339,720
At 31 January 2330,96226,88757,849
4.Stocks

2024

2023

££
Work in progress700,000286,119
Total700,000286,119
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-11,693
Other debtors3,27528,486
Prepayments and accrued income-1,083
Total3,27541,262
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables36,33068,415
Bank borrowings and overdrafts12,2829,915
Taxation and social security6,42715,842
Finance lease and HP contracts6,5911,395
Other creditors628,401216,122
Accrued liabilities and deferred income2,00710,402
Total692,038322,091
Finance lease and Hire Purchase contracts creditors are secured by the asset to which they relate.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,23824,127
Other creditors9,3974,256
Total23,63528,383
Finance lease and Hire Purchase contracts amounting to £9,397 (2023 - £4,256) are included within other creditors and are secured by the asset to which they relate.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9,90010,991
Total9,90010,991
9.Guarantees provided on behalf of directors
At the balance sheet date the company has provided security/guarantees in respect of the directors' personal debts.
10.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had £5,950 moved from Administrative expenses to Cost of sales, £27,534 moved from Administrative expenses to Distribution costs and £1,147 moved from Administrative expenses to Interest payable and similar charges. These reclassifications have not affected the reported profit position which remains the same. The comparative Creditors: amounts due after one year have also been altered to correctly reflect certain underlying balances. These alterations have not affected the overall position of the company, with the Net Asset position being unaffected.