1 September 2023 v2025.15.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP103318682023-09-012024-08-31103318682024-08-31103318682023-08-3110331868core:WithinOneYear2024-08-3110331868core:WithinOneYear2023-08-3110331868core:AfterOneYear2024-08-3110331868core:AfterOneYear2023-08-3110331868core:ShareCapital2024-08-3110331868core:ShareCapital2023-08-3110331868core:RetainedEarningsAccumulatedLosses2024-08-3110331868core:RetainedEarningsAccumulatedLosses2023-08-3110331868bus:Director12023-09-012024-08-3110331868bus:RegisteredOffice2023-09-012024-08-3110331868core:PlantMachinery2023-09-012024-08-3110331868core:OfficeEquipment2023-09-012024-08-3110331868core:MotorVehicles2023-09-012024-08-31103318682022-09-012023-08-3110331868core:PlantMachinery2024-08-3110331868core:PlantMachinery2023-09-0110331868core:PlantMachinery2023-08-3110331868core:CostValuation2023-09-0110331868core:CostValuation2024-08-311033186812023-09-012024-08-3110331868countries:EnglandWales2023-09-012024-08-3110331868bus:AuditExempt-NoAccountantsReport2023-09-012024-08-3110331868bus:PrivateLimitedCompanyLtd2023-09-012024-08-3110331868bus:SmallEntities2023-09-012024-08-3110331868bus:FullAccounts2023-09-012024-08-31
Company registration number:
10331868
KV Innovations Ltd
Unaudited Filleted Financial Statements for the year ended
31 August 2024
KV Innovations Ltd
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Tangible assets 5
42,912
 
53,571
 
Investments 6
100
 
100
 
43,012
 
53,671
 
Current assets    
Stocks
24,887
 
29,621
 
Debtors 7
28,967
 
34,516
 
Cash at bank and in hand
13,547
 
19,848
 
67,401
 
83,985
 
Creditors: amounts falling due within one year 8
(84,041
)
(85,272
)
Net current liabilities
(16,640
)
(1,287
)
Total assets less current liabilities 26,372   52,384  
Creditors: amounts falling due after more than one year 9
(25,674
)
(46,862
)
Net assets
698
 
5,522
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
598
 
5,422
 
Shareholders funds
698
 
5,522
 
For the year ending
31 August 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have 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.
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, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 March 2025
, and are signed on behalf of the board by:
Mr A Pond
Director
Company registration number:
10331868
KV Innovations Ltd
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Kings Avenue
,
Winchmore Hill
,
London
,
N21 3NA
, United Kingdom.
The principal activities of the company are that of kitchen and bathroom fitters and general construction.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the presentation and functional currency of the company.
The following accounting policies have been applied consistently throughout the year.

Judgements and key sources of estimation uncertainty

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.
- Useful lives of depreciable assets
Management reviews the useful lives of depreciable assets at each reporting date to ensure that the useful lives represent a reasonable estimate of likely period of benefit to the Company. Actual useful lives, however, may vary due to unforseen events.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% reducing balance
Office equipment
15% reducing balance
Motor vehicles
20% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2023:
6
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 September 2023
and
31 August 2024
110,406
 
Depreciation  
At
1 September 2023
56,835
 
Charge
10,659
 
At
31 August 2024
67,494
 
Carrying amount  
At
31 August 2024
42,912
 
At 31 August 2023
53,571
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 September 2023
100
 
At
31 August 2024
100
 
Impairment  
At
1 September 2023
and
31 August 2024
-  
Carrying amount  
At
31 August 2024
100
 
At 31 August 2023
100
 

7 Debtors

20242023
££
Trade debtors -  
13,548
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,900
 
19,900
 
Other debtors
1,067
 
1,068
 
28,967
 
34,516
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
10,127
 
10,127
 
Trade creditors
2,979
 
4,677
 
Taxation and social security
9,871
 
13,719
 
Other creditors
61,064
 
56,749
 
84,041
 
85,272
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
12,669
 
22,795
 
Other creditors
13,005
 
24,067
 
25,674
 
46,862
 
The company took out a loan in May 2020 of £50,000 with Barclays Bank. This is a 6 year capital repayment loan with interest charged at 2.5% per annum. The balance of the loan as at the year end was £22,796 (2023 - £32,922) and the facility is supported by the Bounce Back Loan Scheme.

11 Controlling party

There is no single ultimate controlling party of the company.