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REGISTERED NUMBER: 05735017 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

KITAURE LIMITED

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


KITAURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTOR: Mr S S Kitaure



REGISTERED OFFICE: 9 Moorcroft Road
Moseley
BIRMINGHAM
B13 8LT



REGISTERED NUMBER: 05735017 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: NatWest Bank PLC
112a High St
Kings Heath
Birmingham
B14 7LG



INCORPORATED: 8th March 2006

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

ABRIDGED BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,553 24,336

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 16,011 24,234
Cash at bank 80,724 81,136
98,735 107,370
CREDITORS
Amounts falling due within one year 32,330 30,082
NET CURRENT ASSETS 66,405 77,288
TOTAL ASSETS LESS CURRENT
LIABILITIES

82,958

101,624

PROVISIONS FOR LIABILITIES 6 1,173 4,625
NET ASSETS 81,785 96,999

CAPITAL AND RESERVES
Called up share capital 7 1,500 1,500
Retained earnings 80,285 95,499
SHAREHOLDERS' FUNDS 81,785 96,999

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

ABRIDGED BALANCE SHEET - continued
31ST MAY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6th February 2025 and were signed by:





Mr S S Kitaure - Director


KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. STATUTORY INFORMATION

Kitaure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 20% on cost

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st June 2023
and 31st May 2024 75,798
DEPRECIATION
At 1st June 2023 51,462
Charge for year 7,783
At 31st May 2024 59,245
NET BOOK VALUE
At 31st May 2024 16,553
At 31st May 2023 24,336

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st June 2023 26,769
Transfer to ownership (26,769 )
At 31st May 2024 -
DEPRECIATION
At 1st June 2023 18,297
Charge for year 1,059
Transfer to ownership (19,356 )
At 31st May 2024 -
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 8,472

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


5. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 3,428

6. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,173 4,625

Deferred
tax
£   
Balance at 1st June 2023 4,625
Movement during the year (3,452 )
Balance at 31st May 2024 1,173

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary A £1 1,000 1,000
500 Ordinary B £1 500 500
1,500 1,500

KITAURE LIMITED (REGISTERED NUMBER: 05735017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


8. RELATED PARTY DISCLOSURES

At the year end the company owed to the director was £19,379. This loan is interest free and repayable upon demand.