ACCOUNTS - Final Accounts

KEM-TECK LIMITED - Company Information

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Registered number: 7681592

KEM-TECK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2019

KEM-TECK LIMITED

REGISTERED NUMBER: 7681592

BALANCE SHEET

AS AT 30 JUNE 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	5		772		1,030
			772		1,030
Current assets
Cash at bank and in hand	6	116,798		88,499
		116,798		88,499
Creditors: amounts falling due within one year	7	(26,157)		(25,563)
Net current assets			90,641		62,936
Total assets less current liabilities			91,413		63,966

Net assets			91,413		63,966

Capital and reserves
Called up share capital	2	2
Profit and loss account	91,411	63,964
	91,413	63,966

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 March 2020.

Olakemi Idowu

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KEM-TECK LIMITED

REGISTERED NUMBER: 7681592

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2019

Director

The notes on pages 3 to 6 form part of these financial statements.

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KEM-TECK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

1.	General information

The company is limited by shares and incorporated in England. The address of the registerd office is
given in the company information page of these financial statements. The company's principal activity is
that of provision of IT consultancy services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

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KEM-TECK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25% on a reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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KEM-TECK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

4.	Dividends
		2019	2018
		£	£

	Dividends analysis - Equity	40,000	37,000
		40,000	37,000

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 July 2018	4,634
	At 30 June 2019	4,634
	Depreciation
	At 1 July 2018	3,604
	Charge for the year on owned assets	258
	At 30 June 2019	3,862
	Net book value
	At 30 June 2019	772
	At 30 June 2018	1,030

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KEM-TECK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

6.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	116,798	88,499
	116,798	88,499

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Corporation tax	15,861	16,190
Other taxation and social security	7,763	7,375
Other creditors	1,093	798
Accruals and deferred income	1,440	1,200
	26,157	25,563

8.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £275 (2018 - £140). Contributions totalling £75 (2018 - £44) were payable to the fund at the balance sheet date and are included in creditors.

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