Company registration number 07430356 (England and Wales)
KL88 Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 August 2024
PAGES FOR FILING WITH REGISTRAR
KL88 Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
KL88 Limited
Statement of financial position
as at 31 August 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
231,006
82,966
Current assets
Stocks
71,250
67,500
Debtors
364,503
546,616
Cash at bank and in hand
180,395
96,253
616,148
710,369
Creditors: amounts falling due within one year
(302,816)
(389,666)
Net current assets
313,332
320,703
Total assets less current liabilities
544,338
403,669
Creditors: amounts falling due after more than one year
(54,250)
-
0
Provisions for liabilities
4
(26,171)
(12,399)
Net assets
463,917
391,270
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
463,817
391,170
Total equity
463,917
391,270
KL88 Limited
Statement of financial position (continued)
as at 31 August 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 6 February 2025
K Ly
Director
Company registration number 07430356 (England and Wales)
KL88 Limited
Notes to the financial statements
for the year ended 31 August 2024
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. Turnover is recognised when goods and services are first provided to the customer.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
Stocks

Stock is valued at the lower of cost and net realisable value.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 represent accumulated differences between the company's taxable profit and its financial profit arise primarily from the differences between the accelerated capital allowances and depreciation.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

KL88 Limited
Notes to the financial statements (continued)
for the year ended 31 August 2024
1
Accounting policies
(continued)
- 4 -
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
8
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
136,729
65,362
71,250
273,341
Additions
7,231
18,297
152,412
177,940
At 31 August 2024
143,960
83,659
223,662
451,281
Depreciation and impairment
At 1 September 2023
113,099
34,286
42,990
190,375
Depreciation charged in the year
4,268
6,865
18,767
29,900
At 31 August 2024
117,367
41,151
61,757
220,275
Carrying amount
At 31 August 2024
26,593
42,508
161,905
231,006
At 31 August 2023
23,630
31,076
28,260
82,966
4
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
26,171
12,399
KL88 Limited
Notes to the financial statements (continued)
for the year ended 31 August 2024
- 5 -
5
Company information

KL88 Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.

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