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COMPANY REGISTRATION NUMBER: 11467974
KGMI LTD
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
KGMI LTD
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Current assets
Stocks
22,049
21,967
Debtors
4
20,635
9,246
Cash at bank and in hand
8,392
14,340
--------
--------
51,076
45,553
Creditors: amounts falling due within one year
5
16,422
9,999
--------
--------
Net current assets
34,654
35,554
--------
--------
Total assets less current liabilities
34,654
35,554
--------
--------
Net assets
34,654
35,554
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
34,554
35,454
--------
--------
Shareholders funds
34,654
35,554
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
K L Stolworthy
Director
Company registration number: 11467974
KGMI LTD
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Piperell Way, Haverhill, Suffolk, CB9 8PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of value added tax.
Taxation
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Debtors
2024
2023
£
£
Trade debtors
8,153
8,764
Other debtors
12,482
482
--------
-------
20,635
9,246
--------
-------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,311
3,038
Social security and other taxes
6,102
6,017
Other creditors
1,009
944
--------
-------
16,422
9,999
--------
-------
6. Directors' advances, credits and guarantees
At the year end, the directors had overdrawn loan accounts with outstanding balances as follows: Director A, £4,482 (2023: £482). Director B, £4,000 (2023: £nil). Director C, £4,000 (2023: £nil). These loans are unsecured, interest free and repayable on demand.