Kids Direct Limited 31/03/2019 iXBRL

Kids Direct Limited 31/03/2019 iXBRL

KIDS DIRECT LIMITED - Company Information

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Company registration number: 06441937
Kids Direct Limited
Unaudited filleted financial statements
31 March 2019
Kids Direct Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Kids Direct Limited
Directors and other information
Director MJ Kneale
Secretary J M Kneale
Company number 06441937
Registered office Abbey Road North
Wrexham Industrial Estate
Wrexham
LL13 9RF
Business address Abbey Road North
Wrexham Industrial Estate
Wrexham
LL13 9RF
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Bankers Santander
59-61 Foregate Street
Chester
Cheshire
CH1 1YQ
Kids Direct Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Kids Direct Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kids Direct Limited for the year ended 31 March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Kids Direct Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kids Direct Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kids Direct Limited and its director as a body for our work or for this report.
It is your duty to ensure that Kids Direct Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kids Direct Limited. You consider that Kids Direct Limited 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 financial statements of Kids Direct Limited. 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 financial statements.
Hargreaves & Woods
Chartered Accountants
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
8 October 2019
Kids Direct Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 11,250 12,500
_______ _______
11,250 12,500
Current assets
Debtors 6 1,096 1,239
Cash at bank and in hand 1,355 904
_______ _______
2,451 2,143
Creditors: amounts falling due
within one year 7 ( 3,695) ( 5,034)
_______ _______
Net current liabilities ( 1,244) ( 2,891)
_______ _______
Total assets less current liabilities 10,006 9,609
_______ _______
Net assets 10,006 9,609
_______ _______
Capital and reserves
Called up share capital 50 50
Profit and loss account 9,956 9,559
_______ _______
Shareholders funds 10,006 9,609
_______ _______
For the year ending 31 March 2019 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 October 2019 , and are signed on behalf of the board by:
MJ Kneale
Director
Company registration number: 06441937
Kids Direct Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Abbey Road North, Wrexham Industrial Estate, Wrexham, LL13 9RF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - 20 years
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.
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. 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 are 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2018 and 31 March 2019 25,000 25,000
_______ _______
Amortisation
At 1 April 2018 12,500 12,500
Charge for the year 1,250 1,250
_______ _______
At 31 March 2019 13,750 13,750
_______ _______
Carrying amount
At 31 March 2019 11,250 11,250
_______ _______
At 31 March 2018 12,500 12,500
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 1,096 1,086
Other debtors - 153
_______ _______
1,096 1,239
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 962 1,333
Other creditors 2,733 3,701
_______ _______
3,695 5,034
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
MJ Kneale ( 2,028) 320 ( 1,708)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
MJ Kneale ( 4,298) 2,270 ( 2,028)
_______ _______ _______