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Registration number: 05339332

KMS Pipe Fitting & Fabrication Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

KMS Pipe Fitting & Fabrication Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

KMS Pipe Fitting & Fabrication Limited

(Registration number: 05339332)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

98,293

51,261

Current assets

 

Stocks

4,250

4,250

Debtors

5

220,528

197,877

Cash at bank and in hand

 

46,865

63,517

 

271,643

265,644

Creditors: Amounts falling due within one year

6

(211,618)

(217,589)

Net current assets

 

60,025

48,055

Total assets less current liabilities

 

158,318

99,316

Creditors: Amounts falling due after more than one year

6

(55,133)

(27,288)

Provisions for liabilities

(24,573)

(9,199)

Net assets

 

78,612

62,829

Capital and reserves

 

Called up share capital

100

100

Retained earnings

78,512

62,729

Shareholders' funds

 

78,612

62,829

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

KMS Pipe Fitting & Fabrication Limited

(Registration number: 05339332)
Balance Sheet as at 31 January 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr K Stockton
Director

 

KMS Pipe Fitting & Fabrication Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

KMS Pipe Fitting & Fabrication Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

straight line over 50 years

Computer equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

KMS Pipe Fitting & Fabrication Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

 

KMS Pipe Fitting & Fabrication Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Improvements to property
£

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Cost or valuation

At 1 February 2023

18,592

1,694

24,220

68,394

Additions

-

-

-

55,425

At 31 January 2024

18,592

1,694

24,220

123,819

Depreciation

At 1 February 2023

4,128

1,487

12,885

43,139

Charge for the year

371

52

2,834

5,136

At 31 January 2024

4,499

1,539

15,719

48,275

Carrying amount

At 31 January 2024

14,093

155

8,501

75,544

At 31 January 2023

14,464

207

11,335

25,255

Total
£

Cost or valuation

At 1 February 2023

112,900

Additions

55,425

At 31 January 2024

168,325

Depreciation

At 1 February 2023

61,639

Charge for the year

8,393

At 31 January 2024

70,032

Carrying amount

At 31 January 2024

98,293

At 31 January 2023

51,261

 

KMS Pipe Fitting & Fabrication Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

216,226

192,753

Prepayments

4,302

5,124

 

220,528

197,877

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

38,154

20,497

Trade creditors

 

62,619

67,639

Taxation and social security

 

101,950

118,945

Other creditors

 

8,895

10,508

 

211,618

217,589

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

28,154

10,497

38,154

20,497

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank borrowings

13,333

23,333

HP and finance lease liabilities

41,800

3,955

55,133

27,288