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

REGISTERED NUMBER: 08625954 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

KITBRIX LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs C L Morgan

REGISTERED OFFICE:

Windover House

St Ann Street

Salisbury

SP1 2DR

REGISTERED NUMBER:

08625954 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

535

-

535

-

CURRENT ASSETS

Stocks

90,177

63,044

Debtors

6

58,832

71,105

Cash at bank

9,556

34,294

158,565

168,443

CREDITORS

Amounts falling due within one year

7

155,818

67,702

NET CURRENT ASSETS

2,747

100,741

TOTAL ASSETS LESS CURRENT LIABILITIES

3,282

100,741

CREDITORS

Amounts falling due after more than one year

8

457,490

401,135

NET LIABILITIES

(454,208

)

(300,394

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(454,308

)

(300,494

)

SHAREHOLDERS' FUNDS

(454,208

)

(300,394

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 November 2020 and were signed by:

Mrs C L Morgan - Director

1.	STATUTORY INFORMATION

Kitbrix Ltd is a private company, limited by shares , registered in England and Wales. 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.

The financial statements have been prepared on a going concern basis which is thought to be appropriate

because the support of its creditors will continue and funds will not be withdrawn by the directors to ensure

the company can meet liabilities as they fall due. The financial statements do not contain any adjustments

that might be necessary if those funds were withdrawn.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

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

rebates, value added tax and other sales taxes.

Intellectual property

Payments for design applications are amortised over 3 years.

Tangible fixed assets

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

Website & Computer Equipment

-

33% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low

value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the

profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of

acquisition.

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 Statement of Income and

Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

and 31 December 2019

28,456

AMORTISATION

At 1 January 2019

and 31 December 2019

28,456

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Website &

Computer

Equipment

£

COST

At 1 January 2019

7,148

Additions

584

At 31 December 2019

7,732

DEPRECIATION

At 1 January 2019

7,148

Charge for year

49

At 31 December 2019

7,197

NET BOOK VALUE

At 31 December 2019

535

At 31 December 2018

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

13,200

31,360

Other debtors

45,632

39,745

58,832

71,105

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

1,534

-

Trade creditors

142,498

51,119

Taxation and social security

2,803

12,383

Other creditors

8,983

4,200

155,818

67,702

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

457,490

401,135

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

1

100

100