KNAB Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC296644 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

KNAB Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Milne

Mrs L A Milne

SECRETARY:

REGISTERED OFFICE:

Bank House

Seaforth Street

Fraserburgh

Aberdeenshire

AB43 9BB

REGISTERED NUMBER:

SC296644 (Scotland)

ACCOUNTANTS:

Add Accountancy Limited

6 Market Square

OLDMELDRUM

Aberdeenshire

AB51 0AA

FIXED ASSETS

Intangible assets

3

7,874

8,437

Tangible assets

4

22,489

27,822

Investments

5

1,500

1,500

31,863

37,759

CURRENT ASSETS

Stocks

1,160

1,160

Debtors

6

176

176

Cash at bank

17

27

1,353

1,363

CREDITORS

Amounts falling due within one year

7

64,118

59,109

NET CURRENT LIABILITIES

(62,765

)

(57,746

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(30,902

)

(19,987

)

CREDITORS

Amounts falling due after more than one year

8

(2,534

)

(4,707

)

PROVISIONS FOR LIABILITIES

(55,694

)

(55,694

)

NET LIABILITIES

(89,130

)

(80,388

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(89,230

)

(80,488

)

SHAREHOLDERS' FUNDS

(89,130

)

(80,388

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

W Milne - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

11,250

AMORTISATION

At 1 January 2018

2,813

Charge for year

563

At 31 December 2018

3,376

NET BOOK VALUE

At 31 December 2018

7,874

At 31 December 2017

8,437

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

1,900

34,382

36,282

Disposals

-

(3,050

)

(3,050

)

At 31 December 2018

1,900

31,332

33,232

DEPRECIATION

At 1 January 2018

-

8,460

8,460

Charge for year

-

2,855

2,855

Eliminated on disposal

-

(572

)

(572

)

At 31 December 2018

-

10,743

10,743

NET BOOK VALUE

At 31 December 2018

1,900

20,589

22,489

At 31 December 2017

1,900

25,922

27,822

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

and 31 December 2018

1,500

NET BOOK VALUE

At 31 December 2018

1,500

At 31 December 2017

1,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other debtors

176

176

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

97

815

Hire purchase contracts

2,172

2,172

Trade creditors

752

(3

)

Taxation and social security

4,313

1,934

Other creditors

56,784

54,191

64,118

59,109

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts

2,534

4,707