Kalsons Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 01750362

Kalsons Limited

Filleted Unaudited Financial Statements

30 June 2018

Kalsons Limited

Balance Sheet

30 June 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	6	55,312	66,227
Investments	7	123,692	120,271
		-----------	-----------
		179,004	186,498

Current assets

Stocks		121,273	115,304
Debtors	8	343,846	396,204
Cash at bank and in hand		73,668	88,383
		-----------	-----------
		538,787	599,891

Creditors: Amounts falling due within one year	9	322,602		478,644
		-----------		-----------
Net current assets			216,185		121,247
			-----------		-----------
Total assets less current liabilities			395,189		307,745
			-----------		-----------
Net assets			395,189		307,745
			-----------		-----------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	385,189	297,745
	-----------	-----------
Shareholders funds	395,189	307,745
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Kalsons Limited

Balance Sheet (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 26 February 2019 , and are signed on behalf of the board by:

R J Patel
Director

Company registration number: 01750362

Kalsons Limited

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 222 Shoebury Road, Thorpe Bay, SS1 3RG, Essex.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold	-	6% straight line
Fittings and equipment	-	15% reducing balance
Equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2017: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2017 and 30 June 2018	82,000
	---------
Amortisation
At 1 July 2017 and 30 June 2018	82,000
	---------
Carrying amount
At 30 June 2018	–
	---------
At 30 June 2017	–
	---------

6. Tangible assets

	Short leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 July 2017	67,811	155,708	18,925	242,444
Additions	–	–	1,090	1,090
	---------	-----------	---------	-----------
At 30 June 2018	67,811	155,708	20,015	243,534
	---------	-----------	---------	-----------
Depreciation
At 1 July 2017	64,672	97,643	13,902	176,217
Charge for the year	2,512	8,709	784	12,005
	---------	-----------	---------	-----------
At 30 June 2018	67,184	106,352	14,686	188,222
	---------	-----------	---------	-----------
Carrying amount
At 30 June 2018	627	49,356	5,329	55,312
	---------	-----------	---------	-----------
At 30 June 2017	3,139	58,065	5,023	66,227
	---------	-----------	---------	-----------

7. Investments

	Other investments other than loans
	£
Cost
At 1 July 2017	120,271
Additions	3,421
	-----------
At 30 June 2018	123,692
	-----------
Impairment
At 1 July 2017 and 30 June 2018	–
	-----------

Carrying amount
At 30 June 2018	123,692
	-----------
At 30 June 2017	120,271
	-----------

8. Debtors

	2018	2017
	£	£
Trade debtors	136,207	171,774
Other debtors	207,639	224,430
	-----------	-----------
	343,846	396,204
	-----------	-----------

9. Creditors: Amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	30,565	33,821
Trade creditors	250,765	281,738
Corporation tax	25,491	6,051
Social security and other taxes	2,656	1,834
Other creditors	13,125	155,200
	-----------	-----------
	322,602	478,644
	-----------	-----------

Bank overdrafts are secured by personal guarantees of given to the bank on behalf of the company by the director and his spouse.