K G Distributors Ltd
Filleted Accounts
31 January 2024
Registered number
09904013
K G Distributors Ltd
Registered number: 09904013
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 124,077 112,085
Current assets
Stocks 207,234 197,670
Debtors 4 1,460 55
Cash at bank and in hand 48,252 116,249
256,946 313,974
Creditors: amounts falling due within one year 5 (137,667) (149,242)
Net current assets 119,279 164,732
Total assets less current liabilities 243,356 276,817
Creditors: amounts falling due after more than one year 6 (171,138) (198,835)
Provisions for liabilities (20,495) (22,205)
Net assets 51,723 55,777
Capital and reserves
Called up share capital 10 10
Profit and loss account 51,713 55,767
Shareholders' funds 51,723 55,777
The directors are 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 directors acknowledge their 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 G Hindmarsh
Director
Approved by the board on 29 October 2024
K G Distributors Ltd
Notes to the Accounts
for the year ended 31 January 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 sale of goods and from 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.
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:
Plant and machinery 15% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 February 2023 46,704 124,622 171,326
Additions 28,729 13,626 42,355
Disposals - (9,750) (9,750)
At 31 January 2024 75,433 128,498 203,931
Depreciation
At 1 February 2023 18,133 41,108 59,241
Charge for the year 8,595 18,843 27,438
On disposals - (6,825) (6,825)
At 31 January 2024 26,728 53,126 79,854
Net book value
At 31 January 2024 48,705 75,372 124,077
At 31 January 2023 28,571 83,514 112,085
4 Debtors 2024 2023
£ £
Other debtors 1,460 55
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 119,932 118,041
Obligations under finance lease and hire purchase contracts 9,982 9,429
Taxation and social security costs 7,427 12,765
Other creditors 326 9,007
137,667 149,242
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 90,428 130,470
Obligations under finance lease and hire purchase contracts 58,383 68,365
Other creditors 22,327 -
171,138 198,835
7 Controlling party
The company is under the control of its directors.
8 Other information
K G Distributors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2-4 Protection House
Albion Road
North Shields
Tyne & Wear
NE30 2RH
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