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Registration number: 00992431

Kimgary Fabrics Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Kimgary Fabrics Limited

Contents

Statement Of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Kimgary Fabrics Limited

(Registration number: 00992431)
Statement Of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

2,668

3,139

Current assets

 

Stocks

4

6,125

53,107

Debtors

5

21,401

15,252

Cash at bank and in hand

 

24,743

47,029

 

52,269

115,388

Creditors: Amounts falling due within one year

6

(38,337)

(45,037)

Net current assets

 

13,932

70,351

Total assets less current liabilities

 

16,600

73,490

Creditors: Amounts falling due after more than one year

6

(12,000)

(20,000)

Net assets

 

4,600

53,490

Capital and reserves

 

Called up share capital

1,000

1,000

Other reserves

7,100

7,100

Retained earnings

(3,500)

45,390

Shareholders' funds

 

4,600

53,490

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Kimgary Fabrics Limited

(Registration number: 00992431)
Statement Of Financial Position as at 30 November 2023

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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

Mr G R Thompson
Director

   
     
 

Kimgary Fabrics 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:
Thompson House
115/123 Pollard Street
Manchester
Lancashire
M4 7JB

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 for the year ended 30 November 2020 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 included in the profit and loss account on the accruals basis.

Tax

The tax expense for the period comprises current 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.

 

Kimgary Fabrics Limited

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

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

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Kimgary Fabrics Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

14,851

11,059

25,910

At 30 November 2023

14,851

11,059

25,910

Depreciation

At 1 December 2022

11,758

11,013

22,771

Charge for the year

464

7

471

At 30 November 2023

12,222

11,020

23,242

Carrying amount

At 30 November 2023

2,629

39

2,668

At 30 November 2022

3,093

46

3,139

4

Stocks

2023
£

2022
£

Raw materials and consumables

6,125

53,107

5

Debtors

Current

2023
£

2022
£

Trade debtors

20,945

14,850

Other debtors

456

402

 

21,401

15,252

 

Kimgary Fabrics Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

8,000

8,000

Trade creditors

 

16,861

25,479

Taxation and social security

 

8,047

5,037

Other creditors

 

5,429

6,521

 

38,337

45,037

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

12,000

20,000

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

12,000

20,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,000

8,000

8

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 7).