Registered number
14567460
K & K PATEL LIMITED
Filleted Accounts
31 January 2025
K & K PATEL LIMITED
Registered number: 14567460
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 392,147 437,834
Tangible assets 4 5,138 1,080
397,285 438,914
Current assets
Stocks 70,890 40,768
Debtors 5 180,874 162,181
Cash at bank and in hand 33,326 52,332
285,090 255,281
Creditors: amounts falling due within one year 6 (670,521) (693,526)
Net current liabilities (385,431) (438,245)
Net assets 11,854 669
Capital and reserves
Called up share capital 10 10
Profit and loss account 11,844 659
Shareholders' funds 11,854 669
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 and delivered 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.
Mr K Gondliya
Director
Approved by the board on 11 March 2025
K & K PATEL LIMITED
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2024 456,870
At 31 January 2025 456,870
Amortisation
At 1 February 2024 19,036
Provided during the year 45,687
At 31 January 2025 64,723
Net book value
At 31 January 2025 392,147
At 31 January 2024 437,834
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2024 1,350
Additions 5,342
At 31 January 2025 6,692
Depreciation
At 1 February 2024 270
Charge for the year 1,284
At 31 January 2025 1,554
Net book value
At 31 January 2025 5,138
At 31 January 2024 1,080
5 Debtors 2025 2024
£ £
Trade debtors 15,043 107,012
Other debtors 165,831 55,169
180,874 162,181
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 174,929 107,012
Trade creditors 131,516 98,199
Taxation and social security costs 42,160 13,256
Other creditors 321,916 475,059
670,521 693,526
7 Controlling party
The company is controlled by the directors via 100% of issued share capital.
8 Other information
K & K PATEL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
8 Wheatfield Avenue
Chippenham
SN14 0FX
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