2023-04-012024-03-312024-03-31false08440169KELVIN OKAFOR ART ( UK ) 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KELVIN OKAFOR ART ( UK ) LIMITED

Registered Number
08440169
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

KELVIN OKAFOR ART ( UK ) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

K Okafor

Company Secretary

AURIA ACCOUNTANCY LIMITED

Registered Address

Flat 1 2 Chigwell Road
South Woodford
E18 1LS

Registered Number

08440169 (England and Wales)
KELVIN OKAFOR ART ( UK ) LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Current assets
Cash at bank and on hand62,006
62,006
Creditors amounts falling due within one year3(34,340)(22,983)
Net current assets (liabilities)(34,334)(20,977)
Total assets less current liabilities(34,334)(20,977)
Creditors amounts falling due after one year4(1,560)-
Net assets(35,894)(20,977)
Capital and reserves
Called up share capital11
Profit and loss account(35,895)(20,978)
Shareholders' funds(35,894)(20,977)
The financial statements were approved and authorised for issue by the Director on 18 November 2024, and are signed on its behalf by:
K Okafor
Director
Registered Company No. 08440169
KELVIN OKAFOR ART ( UK ) LIMITED
Notes to the Financial Statements
for the year ended 31 March 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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
A t the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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.
Revenue from sale of goods
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.
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.
2.Average number of employees

20242023
Average number of employees during the year11
3.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,9832,565
Bank borrowings and overdrafts4,331-
Taxation and social security21,24218,798
Other creditors2,7841,620
Total34,34022,983
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.
4.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,560-
Total1,560-