2023-10-012024-09-302024-09-30false13604847KLASSIT.COM 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KLASSIT.COM LTD

Registered Number
13604847
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

KLASSIT.COM LTD
Company Information
for the year from 1 October 2023 to 30 September 2024

Director

HARVEY, Neil

Registered Address

13 Newton Road
Farnborough
GU14 8BN

Registered Number

13604847 (England and Wales)
KLASSIT.COM LTD
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,7305,445
5,7305,445
Current assets
Debtors410,02011,305
Cash at bank and on hand23,25215,258
33,27226,563
Creditors amounts falling due within one year5(14,051)(10,399)
Net current assets (liabilities)19,22116,164
Total assets less current liabilities24,95121,609
Net assets24,95121,609
Capital and reserves
Called up share capital22
Profit and loss account24,94921,607
Shareholders' funds24,95121,609
The financial statements were approved and authorised for issue by the Director on 6 June 2025, and are signed on its behalf by:
HARVEY, Neil
Director
Registered Company No. 13604847
KLASSIT.COM LTD
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Office Equipment255
Trade and other 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.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 October 237,2187,218
Additions2,0832,083
At 30 September 249,3019,301
Depreciation and impairment
At 01 October 231,7731,773
Charge for year1,7981,798
At 30 September 243,5713,571
Net book value
At 30 September 245,7305,730
At 30 September 235,4455,445
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables10,0209,991
Other debtors-939
Prepayments and accrued income-375
Total10,02011,305
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables96108
Taxation and social security12,38110,279
Other creditors1,57412
Total14,05110,399
A credit balance of £1,574 (2023- £12) existed on the director loan account at year end