Registered number
08627783
KLB Electrics Ltd
Filleted Accounts
31 March 2024
KLB Electrics Ltd
Registered number: 08627783
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,972 5,879
Current assets
Debtors 4 17,281 9,014
Cash at bank and in hand 12,604 26,827
29,885 35,841
Creditors: amounts falling due within one year 5 (23,366) (19,240)
Net current assets 6,519 16,601
Total assets less current liabilities 16,491 22,480
Creditors: amounts falling due after more than one year 6 (9,600) (16,000)
Provisions for liabilities (1,638) (796)
Net assets 5,253 5,684
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,153 5,584
Shareholder's funds 5,253 5,684
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
K L Buck
Director
Approved by the board on 31 October 2024
KLB Electrics Ltd
Notes to the Accounts
for the year ended 31 March 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:
Freehold buildings 10% straight line
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 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 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 3,380 7,361 18,400 29,141
Additions - - 7,699 7,699
Disposals - - (6,400) (6,400)
At 31 March 2024 3,380 7,361 19,699 30,440
Depreciation
At 1 April 2023 1,690 6,082 15,490 23,262
Charge for the year 338 255 2,533 3,126
On disposals - - (5,920) (5,920)
At 31 March 2024 2,028 6,337 12,103 20,468
Net book value
At 31 March 2024 1,352 1,024 7,596 9,972
At 31 March 2023 1,690 1,279 2,910 5,879
4 Debtors 2024 2023
£ £
Trade debtors 5,627 7,782
Other debtors 11,654 1,232
17,281 9,014
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,400 6,400
Trade creditors 10,420 9,280
Taxation and social security costs 4,480 1,834
Other creditors 2,066 1,726
23,366 19,240
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,600 16,000
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Kyle Lewis Buck
-Repaid within 9 months - 8,300 - 8,300
- 8,300 - 8,300
8 Other information
KLB Electrics Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Charnwood Cottage
Leicester Lane
Desford
Leicestershire
LE9 9JJ
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