Company registration number 05995492 (England and Wales)
KRNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KRNS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
KRNS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,747
2,329
Current assets
Debtors
4
120,547
89,519
Cash at bank and in hand
2,158
2,104
122,705
91,623
Creditors: amounts falling due within one year
5
(25,230)
(23,114)
Net current assets
97,475
68,509
Total assets less current liabilities
99,222
70,838
Provisions for liabilities
-
0
(443)
Net assets
99,222
70,395
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
99,221
70,394
Total equity
99,222
70,395

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Mrs KJ Agnew-Griffith
Director
Company registration number 05995492 (England and Wales)
KRNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

KRNS Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Annexe, 3 High Street, Northwold, Thetford, Norfolk, England, IP26 5LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
- 25% reducing balance
Computers
- 25% reducing balance
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

KRNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 1

2024
2023
Number
Number
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
5,459
Depreciation and impairment
At 1 April 2023
3,130
Depreciation charged in the year
582
At 31 March 2024
3,712
Carrying amount
At 31 March 2024
1,747
At 31 March 2023
2,329
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,734
9,784
Other debtors
112,813
79,735
120,547
89,519
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,232
1,576
Corporation tax
20,185
17,808
Other taxation and social security
3,094
3,153
Other creditors
719
577
25,230
23,114
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