Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M D Dupee 15/03/2022 23 October 2024 no description of principal activity 13976819 2024-03-31 13976819 bus:Director1 2024-03-31 13976819 2023-03-31 13976819 core:CurrentFinancialInstruments 2024-03-31 13976819 core:CurrentFinancialInstruments 2023-03-31 13976819 core:ShareCapital 2024-03-31 13976819 core:ShareCapital 2023-03-31 13976819 core:RetainedEarningsAccumulatedLosses 2024-03-31 13976819 core:RetainedEarningsAccumulatedLosses 2023-03-31 13976819 core:PlantMachinery 2023-03-31 13976819 core:FurnitureFittings 2023-03-31 13976819 core:PlantMachinery 2024-03-31 13976819 core:FurnitureFittings 2024-03-31 13976819 core:CurrentFinancialInstruments 1 2024-03-31 13976819 core:CurrentFinancialInstruments 1 2023-03-31 13976819 2022-03-31 13976819 2023-04-01 2024-03-31 13976819 bus:FilletedAccounts 2023-04-01 2024-03-31 13976819 bus:SmallEntities 2023-04-01 2024-03-31 13976819 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13976819 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13976819 bus:Director1 2023-04-01 2024-03-31 13976819 core:PlantMachinery 2023-04-01 2024-03-31 13976819 core:FurnitureFittings 2023-04-01 2024-03-31 13976819 2022-04-01 2023-03-31 13976819 core:PlantMachinery 1 2023-04-01 2024-03-31 13976819 core:FurnitureFittings 1 2023-04-01 2024-03-31 13976819 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 13976819 (England and Wales)

KMD TRADING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KMD TRADING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KMD TRADING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
KMD TRADING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,699 8,570
6,699 8,570
Current assets
Stocks 27,112 29,341
Debtors 4 124 8,013
Cash at bank and in hand 24,858 8,782
52,094 46,136
Creditors: amounts falling due within one year 5 ( 54,939) ( 53,003)
Net current liabilities (2,845) (6,867)
Total assets less current liabilities 3,854 1,703
Net assets 3,854 1,703
Capital and reserves
Called-up share capital 100 100
Profit and loss account 3,754 1,603
Total shareholders' funds 3,854 1,703

For the financial 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.

Director's responsibilities:

The financial statements of KMD Trading Limited (registered number: 13976819) were approved and authorised for issue by the Director. They were signed on its behalf by:

M D Dupee
Director

23 October 2024

KMD TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KMD TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KMD Trading Limited (the Company) is a private company limited by shares and incorporated in England and Wales, registration number 13976819. The registered office is 80 Grove Lane, Holt, NR25 6ED, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 7,381 4,045 11,426
Additions 0 325 325
At 31 March 2024 7,381 4,370 11,751
Accumulated depreciation
At 01 April 2023 1,845 1,011 2,856
Charge for the financial year 1,384 812 2,196
Rounding 0 0 0
At 31 March 2024 3,229 1,823 5,052
Net book value
At 31 March 2024 4,152 2,547 6,699
At 31 March 2023 5,536 3,034 8,570

4. Debtors

2024 2023
£ £
Trade debtors 124 0
Prepayments 0 464
Deferred tax asset 0 608
VAT recoverable 0 6,941
124 8,013

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 50,216 49,904
Accruals 2,440 2,295
Deferred tax liability 77 0
Other taxation and social security 1,447 0
Other creditors 759 804
54,939 53,003

6. Deferred tax

2024 2023
£ £
At the beginning of financial year 608 0
(Charged)/credited to the Income Statement ( 685) 608
At the end of financial year ( 77) 608

7. Financial commitments

Other financial commitments

2024 2023
£ £
Not later than 1 year 9,420 9,420
Later than 1 year and not later than 5 years 0 9,420
9,420 18,840

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods.

8. Related party transactions

At the year end, and included within other creditors, is an amount of £50,216 (2023: £49,904) due to the director, which is repayable on demand.