KBW Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03061130

KBW Limited

Filleted Unaudited Financial Statements

30 September 2019

KBW Limited

Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		6,616	4,627

Current assets

Debtors	6	252,646	240,518
Cash at bank and in hand		434,308	648,500
		---------	---------
		686,954	889,018

Creditors: amounts falling due within one year	7	650,081		882,644
		---------		---------
Net current assets			36,873	6,374
			--------	--------
Total assets less current liabilities			43,489	11,001

Provisions

Taxation including deferred tax	338	–
	--------	--------
Net assets	43,151	11,001
	--------	--------

KBW Limited

Statement of Financial Position (continued)

30 September 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	42,151	10,001
	--------	--------
Shareholders funds	43,151	11,001
	--------	--------

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.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 1 July 2020 , and are signed on behalf of the board by:

Mr T Kirkpatrick

Director

Company registration number: 03061130

KBW Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39-49 Commercial Road, Southampton, Hampshire, SO15 1GA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Employee Benefit Trusts (EBTs)

The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in this trust are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

All fixed assets are initially recorded at cost. Fixed asset investments Fixed Asset Investments are initially recorded at cost. Gains and losses caused by changes in market prices are shown in the statement of total recognised gains and losses. Revaluation gains and losses arising other than by a change in market values are recorded in the profit and loss account.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	25% straight line
Equipment	-	33% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 6 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 October 2018	8,366	14,662	23,028
Additions	–	4,921	4,921
	-------	--------	--------
At 30 September 2019	8,366	19,583	27,949
	-------	--------	--------
Depreciation
At 1 October 2018	8,366	10,035	18,401
Charge for the year	–	2,932	2,932
	-------	--------	--------
At 30 September 2019	8,366	12,967	21,333
	-------	--------	--------
Carrying amount
At 30 September 2019	–	6,616	6,616
	-------	--------	--------
At 30 September 2018	–	4,627	4,627
	-------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	203,733	120,232
Other debtors	48,913	120,286
	---------	---------
	252,646	240,518
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	92,331	118,380
Corporation tax	29,315	61,831
Social security and other taxes	31,457	42,030
Other creditors	217,292	412,838
Other creditors	279,686	247,565
	---------	---------
	650,081	882,644
	---------	---------

8. Directors' advances, credits and guarantees

During the year the company made advances of £1,577 (2018 - £4,593) to Mr N Barnes. The advances which were interest free and repayable on demand were repaid in full before the year end.

9. Related party transactions

The company was not under the control of any individual throughout the current and previous year. During the year dividends of £87,780 (2018 - £200,500) were paid to Mr T Kirkpatrick , Mr N Barnes, Mrs F Kirkpatrick and Mrs A Barnes. All four are directors of the company. No other transactions with related parties were undertaken such as are required to be disclosed under the FRS102.