Registered number
10567791
KVLE Limited
Filleted Accounts
31 March 2024
KVLE Limited
Registered number: 10567791
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,172 5,693
Current assets
Debtors 4 28,207 26,663
Cash at bank and in hand 2,553 -
30,760 26,663
Creditors: amounts falling due within one year 5 (35,511) (31,566)
Net current liabilities (4,751) (4,903)
Net assets 421 790
Capital and reserves
Called up share capital 1 1
Profit and loss account 420 789
Shareholders' funds 421 790
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.
J A Kozlowski
Director
Approved by the board on 6 February 2025
KVLE Limited
Notes to the Accounts
for the year ended 31 March 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 over 4 years straight line basis
Fixtures, fittings, tools and equipment over 4 years straight line basis
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.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Finally equity dividends are recognised when approved by the shareholders at an annual general meeting.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computer Equipment Office Equipment Total
£ £ £
Cost
At 1 April 2023 8,703 3,979 12,682
Additions 1,189 13 1,202
At 31 March 2024 9,892 3,992 13,884
Depreciation
At 1 April 2023 3,943 3,045 6,988
Charge for the year 1,487 237 1,724
At 31 March 2024 5,430 3,282 8,712
Net book value
At 31 March 2024 4,462 710 5,172
At 31 March 2023 4,759 934 5,693
4 Debtors 2024 2023
£ £
Trade debtors 5,436 7,656
Other debtors 22,771 19,007
28,207 26,663
5 Creditors: amounts falling due within one year 2024 2023
£ £
Creditors - Bounce Back Loan 13,275 14,831
Bank loans and overdrafts - 4,326
Taxation and social security costs 20,636 10,809
Other creditors 1,600 1,600
35,511 31,566
6 Other information
KVLE Limited is a private company limited by shares and incorporated in England. Its registered office is:
82A
James Carter Road
Mildenhall
Suffolk
IP28 7DE
7 Called-up share capital
31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £0.10 each 1 1
8 Related party transactions
At the year end, the director owed an amount of £22106 (2022: £19007) to the company which is included in other debtors.
Interest has been charged at a rate of 2.5%. There is no fixed date for repayment.
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