2023-07-012024-06-302024-06-30false14164360KNIT 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KNIT LIMITED

Registered Number
14164360
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

KNIT LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

BROWN, Lewis Allan
MAGOWAN, Jake Gordon

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

14164360 (England and Wales)
KNIT LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,266-
1,266-
Current assets
Debtors526,4008,400
Cash at bank and on hand36,34435,218
62,74443,618
Creditors amounts falling due within one year6(23,022)(11,983)
Net current assets (liabilities)39,72231,635
Total assets less current liabilities40,98831,635
Provisions for liabilities7(317)-
Accruals and deferred income(5,105)(1,500)
Net assets35,56630,135
Capital and reserves
Called up share capital100100
Profit and loss account35,46630,035
Shareholders' funds35,56630,135
The financial statements were approved and authorised for issue by the Board of Directors on 29 October 2024, and are signed on its behalf by:
BROWN, Lewis Allan
Director
MAGOWAN, Jake Gordon
Director

Registered Company No. 14164360
KNIT LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured 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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year11
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions1,8991,899
At 30 June 241,8991,899
Depreciation and impairment
Charge for year633633
At 30 June 24633633
Net book value
At 30 June 241,2661,266
At 30 June 23--
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables26,4008,400
Total26,4008,400
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security20,34911,833
Other creditors2,673150
Total23,02211,983
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)317-
Total317-