Key Essentials Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08462392 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

FOR

KEY ESSENTIALS LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

43,021

46,237

Tangible assets

5

53,759

53,190

96,780

99,427

CURRENT ASSETS

Stocks

24,788

27,690

Debtors

57,495

56,295

Cash at bank and in hand

893

132

83,176

84,117

CREDITORS

Amounts falling due within one year

115,504

77,639

NET CURRENT (LIABILITIES)/ASSETS

(32,328

)

6,478

TOTAL ASSETS LESS CURRENT LIABILITIES

64,452

105,905

CREDITORS

Amounts falling due after more than one year

(19,093

)

(70,256

)

PROVISIONS FOR LIABILITIES

(2,126

)

(1,051

)

NET ASSETS

43,233

34,598

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

43,133

34,498

SHAREHOLDERS' FUNDS

43,233

34,598

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 19th January 2021 and were signed on its behalf by:

M G Smith - Director

Mrs A J Smith - Director

1.	STATUTORY INFORMATION

Key Essentials Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08462392

Registered office:

The Foundry

9 Park Lane

Puckeridge

Ware

Hertfordshire

SG11 1RL

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially as transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 9 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2019

and 31st March 2020

64,330

AMORTISATION

At 1st April 2019

18,093

Amortisation for year

3,216

At 31st March 2020

21,309

NET BOOK VALUE

At 31st March 2020

43,021

At 31st March 2019

46,237

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2019

88,084

Additions

8,085

At 31st March 2020

96,169

DEPRECIATION

At 1st April 2019

34,894

Charge for year

7,516

At 31st March 2020

42,410

NET BOOK VALUE

At 31st March 2020

53,759

At 31st March 2019

53,190

6.

LOANS

An analysis of the maturity of loans is given below:

31.3.20

31.3.19

£

£

Amounts falling due within one year or on demand:

Other loans - less than 1 yr

6,663

6,037

Skipton Factoring Account

31,390

-

38,053

6,037

Amounts falling due between one and two years:

Other loans - 1-2 years

7,353

6,663

Amounts falling due between two and five years:

Other loans - 2-5 years

11,740

19,093

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Other loans - less than 1 yr

25,756

31,793

The loans are secured by personal guarantees from the directors.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £2,667 (2019 - £2,667) were paid to the directors .

10.	ULTIMATE CONTROLLING PARTY

The controlling party is M G Smith.

The ultimate controlling party is M G Smith.