Klarity Glass Limited |
Notes to the Accounts |
for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 ( as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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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: |
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Office Equipment |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price , less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs. |
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Taxation |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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3 |
Tangible fixed assets |
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Office equipment |
£ |
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Cost |
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At 1 May 2023 |
6,088 |
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Additions |
1,666 |
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At 30 April 2024 |
7,754 |
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Depreciation |
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At 1 May 2023 |
4,506 |
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Charge for the year |
1,891 |
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At 30 April 2024 |
6,397 |
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Net book value |
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At 30 April 2024 |
1,357 |
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At 30 April 2023 |
1,582 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
4,503 |
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3,830 |
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VAT receivable |
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- |
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2,669 |
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Prepayments and accrued income |
1,161 |
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1,185 |
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Corporation tax |
167 |
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- |
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Other debtors |
- |
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- |
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5,831 |
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7,684 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
6,185 |
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6,775 |
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Corporation tax |
(225) |
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2,687 |
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Other taxes and social security costs |
4,594 |
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- |
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Accruals and deferred income |
1,150 |
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1,100 |
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11,704 |
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10,562 |
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6 |
Other information |
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Klarity Glass Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 3 |
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Lifford Lane |
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Birmingham |
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B30 3DY |