KMS (Gifts) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC231892 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2018

for

KMS (Gifts) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Michael John Smith

Karen M McBride

SECRETARY:

Karen M McBride

REGISTERED OFFICE:

25 Sandyford Place

Glasgow

G3 7NG

REGISTERED NUMBER:

SC231892 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Investments

4

244,720

CURRENT ASSETS

Cash at bank

268

CREDITORS

Amounts falling due within one year

5

72,182

NET CURRENT LIABILITIES

(71,914

)

(71,914

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

172,806

CAPITAL AND RESERVES

Called up share capital

136

Share premium

34,164

Retained earnings

138,506

SHAREHOLDERS' FUNDS

172,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 March 2019 and were signed on its
behalf by:

Michael John Smith - Director

1.	STATUTORY INFORMATION

KMS (Gifts) Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable

or payable within one year, are recorded at transaction price. Any losses arising from impairment are

recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Investments

Fixed asset investments represent shares held in a subsidiary company. These are held at their

original cost to the company.

Non consolidation of accounts

The company has taken advantage of the exemptions granted under Section 248 of the Companies Act

1985 not to prepare consolidated group accounts, as the group qualifies as a small sized group.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2017

and 30 June 2018

244,720

NET BOOK VALUE

At 30 June 2018

244,720

At 30 June 2017

244,720

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

Taxation and social security

72,182

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Michael John Smith.

KMS (Gifts) Limited - Accounts to registrar (filleted) - small 18.2

KMS (Gifts) Limited - Accounts to registrar (filleted) - small 18.2