Registered number
11359157
KG Solutions Ltd
Filleted Accounts
31 May 2024
KG Solutions Ltd
Registered number: 11359157
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 39,335 51,598
Current assets
Debtors 4 2,144 31,498
Cash at bank and in hand 109,677 162,884
111,821 194,382
Creditors: amounts falling due within one year 5 (79,682) (67,605)
Net current assets 32,139 126,777
Total assets less current liabilities 71,474 178,375
Creditors: amounts falling due after more than one year 6 (27,505) (40,195)
Net assets 43,969 138,180
Capital and reserves
Called up share capital 2 2
Profit and loss account 43,967 138,178
Shareholders' funds 43,969 138,180
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr G Prestidge
Director
Approved by the board on 7 October 2024
KG Solutions Ltd
Notes to the Accounts
for the year ended 31 May 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 86,349 61,667 148,016
Additions 6,216 - 6,216
At 31 May 2024 92,565 61,667 154,232
Depreciation
At 1 June 2023 71,085 25,333 96,418
Charge for the year 6,146 12,333 18,479
At 31 May 2024 77,231 37,666 114,897
Net book value
At 31 May 2024 15,334 24,001 39,335
At 31 May 2023 15,264 36,334 51,598
4 Debtors 2024 2023
£ £
Trade debtors - 31,193
Other debtors 2,144 305
2,144 31,498
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,690 12,690
Trade creditors 5,805 3,040
Taxation and social security costs 57,440 50,288
Other creditors 3,747 1,587
79,682 67,605
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 27,505 40,195
7 Related party transactions
At the balance sheet date, £360 was owed to the company by Prestidge Properties Midlands Ltd, a company in which Mr & Mrs Prestidge are directors and shareholders.
8 Controlling party
The company is controlled by the company directors, Mr G Prestidge & Mrs K Prestidge.
9 Other information
KG Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Granary Wharf Business Park
Wetmore Road
Burton on Trent
Staffordshire
DE14 1DU
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