Registration number:
K D FLOORING LTD
for the Year Ended 30 September 2024
K D FLOORING LTD
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Statement of Comprehensive Income |
K D FLOORING LTD
Company Information
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Directors |
Mrs D Day K J Day |
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Registered office |
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Accountants |
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K D FLOORING LTD
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered
Certified
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
K D FLOORING LTD
for the
Year
Ended
30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K D FLOORING LTD for the year ended 30 September 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of K D FLOORING LTD, as a body, in accordance with the terms of our engagement letter dated 1 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of K D FLOORING LTD and state those matters that we have agreed to state to the Board of Directors of K D FLOORING LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K D FLOORING LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that K D FLOORING LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K D FLOORING LTD. You consider that K D FLOORING LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of K D FLOORING LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
West Wickham
Kent
BR4 0LS
K D FLOORING LTD
Statement of Comprehensive Income for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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- |
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Operating profit/(loss) |
102,101 |
(10,887) |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) before tax |
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( |
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Profit/(loss) for the financial year |
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( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
K D FLOORING LTD
(Registration number: 05569964)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
49,516 |
(48,880) |
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Shareholders' funds/(deficit) |
49,616 |
(48,780) |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
K D FLOORING LTD
(Registration number: 05569964)
Statement of Financial Position as at 30 September 2024 (continued)
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K D FLOORING LTD
Statement of Changes in Equity for the Year Ended 30 September 2024
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Share capital |
Profit and loss account |
Total |
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At 1 October 2023 |
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( |
( |
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Profit for the year |
- |
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At 30 September 2024 |
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Share capital |
Profit and loss account |
Total |
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At 1 October 2022 |
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( |
( |
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Loss for the year |
- |
( |
( |
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At 30 September 2023 |
100 |
(48,880) |
(48,780) |
K D FLOORING LTD
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
Principal activity
The principal activity of the company is Flooring
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
K D FLOORING LTD
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
25% on reducing balance |
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Tools and equipment |
20% on reducing balance |
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
K D FLOORING LTD
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Profit/loss before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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- |
K D FLOORING LTD
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Tangible assets |
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Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2023 |
- |
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Additions |
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- |
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At 30 September 2024 |
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Depreciation |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
- |
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Stocks |
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2024 |
2023 |
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Work in progress |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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K D FLOORING LTD
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
K D FLOORING LTD
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
- |
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Hire purchase contracts |
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K D FLOORING LTD
Detailed Statement of Comprehensive Income for the Year Ended 30 September 2024
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2024 |
2023 |
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Turnover |
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Sale of goods, UK |
536,719 |
331,268 |
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536,719 |
331,268 |
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Cost of sales |
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Opening work in progress |
7,085 |
8,302 |
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Purchases |
207,879 |
118,010 |
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Closing work in progress |
(5,000) |
(7,085) |
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Subcontract cost |
138,381 |
124,709 |
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348,345 |
243,936 |
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Gross profit |
188,374 |
87,332 |
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Gross profit (%) |
35.1% |
26.36% |
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Administrative expenses |
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Directors remuneration |
41,006 |
41,536 |
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Water rates |
154 |
193 |
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Rent |
2,600 |
3,143 |
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Light, heat and power |
809 |
210 |
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Licenses & Insurance |
2,683 |
2,683 |
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Use of home as office |
2,600 |
- |
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Repairs and renewals |
- |
95 |
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Telephone |
3,548 |
3,901 |
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Computer software and maintenance costs |
1,866 |
1,416 |
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Printing, postage and stationery |
1,311 |
781 |
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Charitable donations |
20 |
- |
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Sundry expenses |
1,407 |
203 |
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Cleaning |
380 |
- |
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Protective clothing |
473 |
- |
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Motor expenses |
11,527 |
12,866 |
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Travel and subsistence |
724 |
4,136 |
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Staff entertaining |
2,447 |
527 |
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Accountancy fees |
5,516 |
3,225 |
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Legal and professional fees |
- |
710 |
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Bookkeeping |
70 |
- |
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Bad debts written off |
1,920 |
23,020 |
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Bank charges |
2,856 |
2,408 |
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Depreciation of fixtures and fittings (owned) |
634 |
- |
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Depreciation of motor vehicles (owned) |
5,532 |
- |
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(Profit)/loss on disposal of tangible fixed assets |
- |
(2,834) |
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90,083 |
98,219 |
K D FLOORING LTD
Detailed Statement of Comprehensive Income for the Year Ended 30 September 2024 (continued)
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2024 |
2023 |
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Other operating income |
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Miscellaneous other operating income |
3,810 |
- |
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Operating profit/(loss) |
102,101 |
(10,887) |
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Interest payable and similar expenses |
3,705 |
2,302 |
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Profit/(loss) before tax |
98,396 |
(13,189) |