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Registered Number: 12406612


 

 

 

K & K RETAILS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Director Pavan Kumar Kata
Registered Number 12406612
Registered Office 364 West Road
Newcastle upon Tyne
Tyne and Wear
NE4 9JY
Accountants Orix Accountants
364 West Road
Newcastle Upon Tyne
Tyne & Wear
NE4 9JY
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 January 2024.
Principal activities
Principal activity of the company during the financial Year End 31 January 2024 was of a  non-specialised stores with food, beverages or tobacco predominating.
Director
The director who served the company throughout the year was as follows:
Pavan Kumar Kata
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Pavan Kumar Kata
Director

Date approved: 28 October 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 January 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Orix Accountants
31 January 2024



....................................................
Acumen Accounting
Orix Accountants

364 West Road
Newcastle Upon Tyne
Tyne & Wear
NE4 9JY
28 October 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 4 170,000    50,000 
Tangible fixed assets 5 9,930    10,349 
179,930    60,349 
Current assets      
Stocks 6 41,232    25,650 
Cash at bank and in hand 1,857    16,702 
43,089    42,352 
Creditors: amount falling due within one year 7 (35,785)   (28,134)
Net current assets 7,304    14,218 
 
Total assets less current liabilities 187,234    74,567 
Creditors: amount falling due after more than one year 8 (88,944)  
Net assets 98,290    74,567 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 98,190    74,467 
Shareholders' funds 98,290    74,567 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 28 October 2024 and were signed by:


-------------------------------
Pavan Kumar Kata
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 February 2022 100  78,020  78,120 
Profit for the year 16,447  16,447 
Total comprehensive income for the year 16,447  16,447 
Dividends (20,000) (20,000)
Total investments by and distributions to owners (20,000) (20,000)
At 31 January 2023 100  74,467  74,567 
At 01 February 2023 100  98,682  98,782 
Profit for the year 39,508  39,508 
Total comprehensive income for the year 39,508  39,508 
Dividends (40,000) (40,000)
Total investments by and distributions to owners (40,000) (40,000)
At 31 January 2024 100  98,190  98,290 
5
General Information
K & K Retails LTD is a private company, limited by shares, registered in , registration number 12406612, registration address 364 West Road, Newcastle upon Tyne , Tyne and Wear, NE4 9JY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Staff Costs

2024
£
  2023
£
Wages and salaries 47,748    81,565 
47,748    81,565 
 
Average number of employees during the year Number   Number
Administration 1   
Sales 4    6 
 

3.

Average number of employees

Average number of employees during the year was 5 (2023 : 6).
4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 February 2023 50,000    50,000 
Additions 120,000    120,000 
Disposals  
At 31 January 2024 170,000    170,000 
Amortisation
At 01 February 2023  
Charge for year  
On disposals  
At 31 January 2024  
Net book values
At 31 January 2024 170,000    170,000 
At 31 January 2023 50,000    50,000 


5.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 February 2023 15,474    15,474 
Additions 1,333    1,333 
Disposals  
At 31 January 2024 16,807    16,807 
Depreciation
At 01 February 2023 5,125    5,125 
Charge for year 1,752    1,752 
On disposals  
At 31 January 2024 6,877    6,877 
Net book values
Closing balance as at 31 January 2024 9,930    9,930 
Opening balance as at 01 February 2023 10,349    10,349 


6.

Stocks

2024
£
  2023
£
Stocks 41,232    25,650 
41,232    25,650 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   10,205 
Corporation Tax 19,836   
PAYE & Social Security 511   
Other Creditors 1    10,000 
Directors' Current Accounts 13,581    5,119 
VAT 1,856    2,810 
35,785    28,134 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 88,944   
88,944   

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

6