| Keating Kinetics Limited |
| Notes to the Accounts |
| for the year ended 31 March 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 5 years |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
| 2 |
Taxation |
|
|
Corporation Tax has not been provided as the company made a taxable loss of £26,549 during the year. The loss will be carried forward to utilise against future profits of the company.
Deferred Taxation has not been provided for because any timing differences will be covered by the trading losses. |
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
| £ |
|
Cost |
|
At 1 April 2018 |
754 |
|
At 31 March 2019 |
754 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2018 |
151 |
|
Charge for the year |
151 |
|
At 31 March 2019 |
302 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2019 |
452 |
|
At 31 March 2018 |
603 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Accruals |
1,000 |
|
500 |
|
Director's loan account |
108,991 |
|
82,875 |
|
|
|
|
|
|
109,991 |
|
83,375 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Profit and loss account |
2019 |
| £ |
|
|
At 1 April 2018 |
(83,033) |
|
Loss for the year |
(26,700) |
|
|
At 31 March 2019 |
(109,733) |
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
|
Included within the creditors at the year end is £108,991 (2018: £82,875) due to the company director. During the period the company paid £2,891 of expenses on behalf of the director and the director introduced £29,007. |
|
|
| 7 |
Controlling party |
|
|
The ultimate controlling party is the Director and Shareholder Dr Anthony Keating. |
|
|
| 8 |
Other information |
|
|
Keating Kinetics Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
6 Otterswood Square |
|
Martland Park |
|
Wigan |
|
WN5 0LF |
