Registered number
08902407
KANEV WEB DEVELOPMENT LIMITED
Report and Accounts
29 February 2024
KANEV WEB DEVELOPMENT LIMITED
Registered number: 08902407
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 95 106
Current assets
Cash at bank and in hand 816 394
Creditors: amounts falling due within one year 4 (20,945) (23,878)
Net current liabilities (20,129) (23,484)
Total assets less current liabilities (20,034) (23,378)
Creditors: amounts falling due after more than one year 5 (1,959) (3,532)
Net liabilities (21,993) (26,910)
Capital and reserves
Called up share capital 1 1
Profit and loss account (21,994) (26,911)
Shareholder's funds (21,993) (26,910)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Marian Kanev
Director
Approved by the board on 12 November 2024
KANEV WEB DEVELOPMENT LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover from for the provision of services is recognised as earned when, and to the extent, the company obtains the right to consideration in exchange for its performance.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 199
At 29 February 2024 199
Depreciation
At 1 March 2023 93
Charge for the year 11
At 29 February 2024 104
Net book value
At 29 February 2024 95
At 28 February 2023 106
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,560 1,560
Trade creditors 1,010 1,150
Other creditors 18,375 21,168
20,945 23,878
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,959 3,532
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 3,519 5,092
Coronavirus Bounce back loan of £3,519 (2023 : £5,092) is covered by a government-backed guarantee.
7 Other information
Kanev Web Development Limited is a private company limited by shares and incorporated in England. Its registered office is at U5, 20 High Street London E15 2PP.
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