Company registration number 06875035 (England and Wales)
KRENOVA SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
KRENOVA SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KRENOVA SERVICES LIMITED
BALANCE SHEET
AS AT
30 AUGUST 2024
30 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,075
1,017
Current assets
Debtors
5
154,456
146,414
Cash at bank and in hand
2,923
13,977
157,379
160,391
Creditors: amounts falling due within one year
6
(76,713)
(73,598)
Net current assets
80,666
86,793
Total assets less current liabilities
82,741
87,810
Creditors: amounts falling due after more than one year
7
(12,208)
(11,694)
Provisions for liabilities
(394)
(193)
Net assets
70,139
75,923
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
10
70,138
75,922
Total equity
70,139
75,923
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KRENOVA SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 AUGUST 2024
30 August 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 May 2025
Mr I A McClung
Director
Company Registration No. 06875035
KRENOVA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Krenova Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Churchill House, 49 Lichfield Street, Walsall, United Kingdom, WS4 2BX.
1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts if applicable.
1.3
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 equipment
3 years straight line
Computers
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 profit and loss account 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.
KRENOVA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,720
16,064
Deferred tax
Origination and reversal of timing differences
201
193
Total tax charge
3,921
16,257
KRENOVA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 31 August 2023
6,042
1,585
7,627
Additions
1,886
1,886
At 30 August 2024
6,042
3,471
9,513
Depreciation and impairment
At 31 August 2023
6,042
568
6,610
Depreciation charged in the year
828
828
At 30 August 2024
6,042
1,396
7,438
Carrying amount
At 30 August 2024
2,075
2,075
At 30 August 2023
1,017
1,017
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
154,456
146,414
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,392
5,392
Trade creditors
515
Corporation tax
68,793
64,574
Other taxation and social security
447
2,331
Other creditors
1,566
1,301
76,713
73,598
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,208
11,694
KRENOVA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
- 6 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
394
193
2024
Movements in the year:
£
Liability at 31 August 2023
193
Charge to profit or loss
201
Liability at 30 August 2024
394
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
75,922
53,237
Profit for the year
16,716
63,585
Dividends declared and paid in the year
(22,500)
(40,900)
At the end of the year
70,138
75,922
11
Directors' transactions
Dividends totalling £22,500 (2023: £40,900) were paid in the year in respect of shares held by the company's directors.
Included in debtors at year end is a balance of £115,481 (2023: £109,468) owed to the company by the director, I McClung. Interest of 2% has been charged on this balance. There are no terms of repayment.
12
Ultimate controlling party
The ultimate controlling party is director, Mr I McClung who owns 100% of the issued share capital.