Registered number
08230307
KP TIPPERS LTD
Filleted Accounts
30 September 2024
KP TIPPERS LTD
Registered number: 08230307
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 301,965 407,993
Investments 6 - -
301,965 407,993
Current assets
Stocks 107,768 102,008
Debtors 7 122,321 78,177
Investments held as current assets 8 - -
Cash at bank and in hand 2,218 1,318
232,307 181,503
Creditors: amounts falling due within one year 9 (316,150) (348,195)
Net current liabilities (83,843) (166,692)
Total assets less current liabilities 218,122 241,301
Creditors: amounts falling due after more than one year 10 (19,391) (62,866)
Provisions for liabilities - -
Net assets 198,731 178,435
Capital and reserves
Called up share capital 1 1
Share premium - -
Revaluation reserve 12 - -
Profit and loss account 198,730 178,434
Shareholders' funds 198,731 178,435
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.
0
Director
Approved by the board on 1 November 2024
KP TIPPERS LTD
Notes to the Accounts
for the year ended 30 September 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
- -
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 10
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 - - 1,062,275 1,062,275
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 30 September 2024 - - 1,062,275 1,062,275
Depreciation
At 1 October 2023 - - 654,282 654,282
Charge for the year - - 106,028 106,028
Surplus on revaluation - - - -
On disposals - - - -
At 30 September 2024 - - 760,310 760,310
Net book value
At 30 September 2024 - - 301,965 301,965
At 30 September 2023 - - 407,993 407,993
Freehold land and buildings: 2024 2023
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
7 Debtors 2024 2023
£ £
Trade debtors 122,321 78,177
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Deferred tax asset - -
Other debtors - -
122,321 78,177
Amounts due after more than one year included above - -
9 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares - -
Bank loans and overdrafts 22,089 64,907
Obligations under finance lease and hire purchase contracts 21,434 48,111
Trade creditors 70,537 69,762
Director account 11,789 94
Taxation and social security costs 53,942 30,830
Other creditors 136,359 134,491
316,150 348,195
10 Creditors: amounts falling due after one year 2024 2023
£ £
Non-equity preference shares - -
Bank loans - -
Obligations under finance lease and hire purchase contracts 19,391 62,866
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
19,391 62,866
23 Other information
KP TIPPERS LTD is a private company limited by shares and incorporated in England. Its registered office is:
163 THE VALE
ACTON
W3 7RD
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