Knowles Industries (UK) Limited
Registered number: 12169012
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 4 - 1,427
Cash at bank and in hand 128 27
128 1,454
Creditors: amounts falling due within one year 5 (8,336) (1,982)
Net current liabilities (8,208) (528)
Net liabilities (8,208) (528)
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,308) (628)
Shareholders' funds (8,208) (528)
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 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.
Bryan D Knowles
Director
Approved by the board on 28 April 2025
Knowles Industries (UK) 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 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company and associated undertakings are funding the company in the form of interest free loans. The director and associated undertakings are planning to continue this financial support for the company for the foreseeable future.
Debtors
Short term debtors are measured at transaction 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. 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 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.
2 Exceptional items 2024 2023
£ £
Irrecoverable intercompany loan balance 4,400 -
4,400 -
3 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 -
4 Debtors 2024 2023
£ £
Trade debtors - 1
Amounts owed by associated undertakings - 1,286
Other debtors - 140
- 1,427
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 1,096 690
Amounts owed to associated undertakings 6,065 -
Other creditors 1,175 1,292
8,336 1,982
6 Other information
Knowles Industries (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Elkolet Centre
Mill Lane
Alton
Hampshire
GU34 2QG
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