7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07229552 2023-07-01 2024-06-30 07229552 2024-06-30 07229552 2023-06-30 07229552 2022-07-01 2023-06-30 07229552 2023-06-30 07229552 2022-06-30 07229552 bus:Director1 2023-07-01 2024-06-30 07229552 core:WithinOneYear 2024-06-30 07229552 core:WithinOneYear 2023-06-30 07229552 core:FurnitureFittings 2023-06-30 07229552 core:FurnitureFittings 2024-06-30 07229552 core:MotorVehicles 2024-06-30 07229552 core:FurnitureFittings 2023-07-01 2024-06-30 07229552 core:MotorVehicles 2023-07-01 2024-06-30 07229552 core:ShareCapital 2024-06-30 07229552 core:ShareCapital 2023-06-30 07229552 core:RetainedEarningsAccumulatedLosses 2024-06-30 07229552 core:RetainedEarningsAccumulatedLosses 2023-06-30 07229552 core:BetweenOneFiveYears 2024-06-30 07229552 core:BetweenOneFiveYears 2023-06-30 07229552 core:FurnitureFittings 2023-06-30 07229552 bus:SmallEntities 2023-07-01 2024-06-30 07229552 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07229552 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07229552 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07229552 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 07229552
KM IT SOLUTIONS LIMITED
Filleted Unaudited Financial Statements
30 June 2024
KM IT SOLUTIONS LIMITED
Balance Sheet
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
47,974
22,018
Current assets
Debtors
6
121,075
120,441
Cash at bank and in hand
649,211
603,594
---------
---------
770,286
724,035
Creditors: amounts falling due within one year
7
( 133,316)
( 104,002)
---------
---------
Net current assets
636,970
620,033
---------
---------
Total assets less current liabilities
684,944
642,051
Provisions
Taxation including deferred tax
( 4,675)
( 5,505)
---------
---------
Net assets
680,269
636,546
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
680,069
636,346
---------
---------
Shareholder funds
680,269
636,546
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KM IT SOLUTIONS LIMITED
Balance Sheet (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 11 March 2025 , and are signed on behalf of the board by:
Mr K Mistry
Director
Company registration number: 07229552
KM IT SOLUTIONS LIMITED
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Gray's Inn Road, London, WC1X 8AQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by management is the estimated useful life of the tangible fixed assets.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Sales of services are recognised when the risks and rewards of ownership are transferred to the customer, the sale price agreed and the receipt of payment can be assured.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
4,542
37,575
42,117
Additions
35,699
6,284
41,983
-------
--------
--------
--------
At 30 June 2024
4,542
35,699
43,859
84,100
-------
--------
--------
--------
Depreciation
At 1 July 2023
2,572
17,527
20,099
Charge for the year
519
8,925
6,583
16,027
-------
--------
--------
--------
At 30 June 2024
3,091
8,925
24,110
36,126
-------
--------
--------
--------
Carrying amount
At 30 June 2024
1,451
26,774
19,749
47,974
-------
--------
--------
--------
At 30 June 2023
1,970
20,048
22,018
-------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
107,408
106,487
Prepayments and accrued income
7,241
7,527
Other debtors
6,426
6,427
---------
---------
121,075
120,441
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,659
18,167
Accruals and deferred income
1,657
1,000
Corporation tax
56,762
33,529
Social security and other taxes
41,184
29,021
Director loan accounts
125
6,224
Other creditors
24,929
16,061
---------
---------
133,316
104,002
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
31,468
18,376
Later than 1 year and not later than 5 years
37,687
2,730
--------
--------
69,155
21,106
--------
--------
9. Related party transactions
Included within creditors due within one year is a loan of £125 (2023: £6,224) from the directors. This loan is interest-free and has no fixed repayment term.