Registered number
02900670
Kwik Film Ltd
Filleted Accounts
29 April 2024
Kwik Film Ltd
Registered number: 02900670
Balance Sheet
as at 29 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 18,750 18,750
Tangible assets 4 1,343,598 1,347,380
Investments 5 17,500 17,500
1,379,848 1,383,630
Current assets
Stocks 50,752 50,640
Debtors 6 16,999 15,693
Cash at bank and in hand 1,286 246
69,037 66,579
Creditors: amounts falling due within one year 7 (162,045) (167,538)
Net current liabilities (93,008) (100,959)
Total assets less current liabilities 1,286,840 1,282,671
Creditors: amounts falling due after more than one year 8 (196,238) (224,631)
Net assets 1,090,602 1,058,040
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 9 939,419 939,419
Profit and loss account 150,183 117,621
Shareholders' funds 1,090,602 1,058,040
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 N Patel
Director
Approved by the board on 31 October 2024
Kwik Film Ltd
Notes to the Accounts
for the year ended 29 April 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 10% wdv
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 30 April 2023 18,750
At 29 April 2024 18,750
Amortisation
At 29 April 2024 -
Net book value
At 29 April 2024 18,750
At 29 April 2023 18,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 30 April 2023 1,150,000 939,436 72,342 2,161,778
At 29 April 2024 1,150,000 939,436 72,342 2,161,778
Depreciation
At 30 April 2023 - 742,056 72,342 814,398
Charge for the year - 3,782 - 3,782
At 29 April 2024 - 745,838 72,342 818,180
Net book value
At 29 April 2024 1,150,000 193,598 - 1,343,598
At 29 April 2023 1,150,000 197,380 - 1,347,380
5 Investments
Other
investments
£
Cost
At 30 April 2023 17,500
At 29 April 2024 17,500
6 Debtors 2024 2023
£ £
Other debtors 16,999 15,693
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,633 17,164
Trade creditors 131,254 137,694
Taxation and social security costs 19,158 11,060
Other creditors - 1,620
162,045 167,538
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 196,238 224,631
9 Revaluation reserve 2024 2023
£ £
At 30 April 2023 939,419 939,419
At 29 April 2024 939,419 939,419
10 Other information
Kwik Film Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Argyle House
3rd Floor Northside
Northwood Hills
London
HA6 1NW
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