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KB Design & Promotion Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

Registration number: 02308320

 

KB Design & Promotion Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 8

 

KB Design & Promotion Limited

(Registration number: 02308320)
Statement of financial position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,777

4,169

Other financial assets

5

1

1

 

4,778

4,170

Current assets

 

Stocks

6

65,205

58,226

Debtors

7

83,992

156,404

Cash at bank and in hand

 

10,419

4,441

 

159,616

219,071

Creditors: Amounts falling due within one year

8

(86,107)

(126,368)

Net current assets

 

73,509

92,703

Total assets less current liabilities

 

78,287

96,873

Creditors: Amounts falling due after more than one year

8

(20,000)

(30,000)

Provisions for liabilities

-

(792)

Net assets

 

58,287

66,081

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

58,187

65,981

Shareholders' funds

 

58,287

66,081

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 1 November 2024
 

.........................................
Miss K Bayliss
Director

 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 1 November 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Government grants

Government grants are recognised at the same time as any underlying expenditure. During the year, the entity was in receipt of grants from the Job Retention Scheme. Income from the JRS was recognised at the same time as the underlying salary expenditure.

 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Tenants improvements

10% Straight line

Plant and machinery

20% Reducing balance

Fixtures, fittings and equipment

20% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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 income statement 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.

 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Tenant improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Website
£

Cost or valuation

At 1 December 2022

25,702

36,978

53,402

4,895

Additions

-

1,800

-

-

At 30 November 2023

25,702

38,778

53,402

4,895

Depreciation

At 1 December 2022

25,702

35,530

50,681

4,895

Charge for the year

-

648

544

-

At 30 November 2023

25,702

36,178

51,225

4,895

Carrying amount

At 30 November 2023

-

2,600

2,177

-

At 30 November 2022

-

1,448

2,721

-

Total
£

Cost or valuation

At 1 December 2022

120,977

Additions

1,800

At 30 November 2023

122,777

Depreciation

At 1 December 2022

116,808

Charge for the year

1,192

At 30 November 2023

118,000

Carrying amount

At 30 November 2023

4,777

At 30 November 2022

4,169

 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Other financial assets (current and non-current)

Investment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

1

1

At 30 November 2023

1

1

Carrying amount

At 30 November 2023

1

1

6

Stocks

2023
£

2022
£

Work in progress

13,331

11,503

Other inventories

51,874

46,723

65,205

58,226

7

Debtors

Current

2023
£

2022
£

Trade debtors

80,127

109,250

Other debtors

3,865

47,154

 

83,992

156,404

 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,999

10,000

Trade creditors

 

41,003

39,309

Taxation and social security

 

30,446

70,698

Accruals and deferred income

 

4,500

5,000

Other creditors

 

159

1,361

 

86,107

126,368

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

20,000

30,000

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

KB Design & Promotion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

20,000

30,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,999

10,000

11

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Miss K Bayliss

Directors Loan

47,154

2,328

(47,154)

2,328

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Miss K Bayliss

Directors Loan

58,042

47,154

(58,042)

47,154