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Registered number: 03878101
5K DESIGN & BUILD LIMITED
Financial Statements
For The Year Ended 31 March 2024
C K R
Chartered Certified Accountants
C K R House
70 East Hill
Dartford
Kent
DA1 1RZ
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03878101
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 2,199 779
Investments 4 1,374,993 973,247
1,377,192 974,026
CURRENT ASSETS
Stocks 5 19,055 33,055
Debtors 6 793,085 564,002
Investments 7 604,038 604,038
Cash at bank and in hand 626,139 1,209,948
2,042,317 2,411,043
Creditors: Amounts Falling Due Within One Year 8 (373,210 ) (355,817 )
NET CURRENT ASSETS (LIABILITIES) 1,669,107 2,055,226
TOTAL ASSETS LESS CURRENT LIABILITIES 3,046,299 3,029,252
Creditors: Amounts Falling Due After More Than One Year 9 (23,240 ) (33,191 )
NET ASSETS 3,023,059 2,996,061
CAPITAL AND RESERVES
Called up share capital 10 150 150
Profit and Loss Account 3,022,909 2,995,911
SHAREHOLDERS' FUNDS 3,023,059 2,996,061
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jagjit Rai
Director
22 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Motor Vehicles 25% Reducing balance basis
Fixtures & Fittings 25% Reducing balance basis
Computer Equipment 25% Reducing balance basis
1.4. Investment Properties
Investment properties should not be subject to periodic charges for depreciation on the basis set out in SSAP 12, except for properties held on lease which should be depreciated on the basis set out in SSAP 12 at least over the period when the unexpired term is 20 years or less.
Investment properties should be included in the balance sheet at their open market value.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
Page 3
Page 4
3. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 42,948 8,770 51,718
Additions - 2,153 2,153
As at 31 March 2024 42,948 10,923 53,871
Depreciation
As at 1 April 2023 42,290 8,649 50,939
Provided during the period 165 568 733
As at 31 March 2024 42,455 9,217 51,672
Net Book Value
As at 31 March 2024 493 1,706 2,199
As at 1 April 2023 658 121 779
4. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 April 2023 100,000 873,247 973,247
Additions - 401,746 401,746
As at 31 March 2024 100,000 1,274,993 1,374,993
Provision
As at 1 April 2023 - - -
As at 31 March 2024 - - -
Net Book Value
As at 31 March 2024 100,000 1,274,993 1,374,993
As at 1 April 2023 100,000 873,247 973,247
5. Stocks
2024 2023
£ £
Work in progress 19,055 33,055
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 184,333 3,928
Other debtors - 250
VAT 18,720 -
Amounts owed by associates 590,032 559,824
793,085 564,002
Page 4
Page 5
7. Current Asset Investments
2024 2023
£ £
Other investments, held for sale 604,038 604,038
604,038 604,038
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,134 724
Corporation tax 72,184 74,318
PAYE & CIS Control 5,228 4,340
VAT - 10,063
Other creditors - Shareholders 179,700 165,700
Other creditors - Credit card 1,337 -
Other creditors - Pension Control ( Nest ) 381 1,143
Other creditors - Apex Law - 150
Accruals and deferred income 1,750 1,750
Director's loan account 101,496 97,629
373,210 355,817
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,240 33,191
23,240 33,191
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
Page 5