Knight M & S Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04861537 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

M & S KNIGHT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M D Knight

Mrs S J Knight

SECRETARY:

Mrs S J Knight

REGISTERED OFFICE:

2 Grasmere Close

Harnham

Salisbury

SP2 8DG

REGISTERED NUMBER:

04861537 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,315

1,786

5,315

1,786

CURRENT ASSETS

Debtors

6

2,283

3,595

Cash at bank

76,460

77,022

78,743

80,617

CREDITORS

Amounts falling due within one year

7

70,634

56,386

NET CURRENT ASSETS

8,109

24,231

TOTAL ASSETS LESS CURRENT LIABILITIES

13,424

26,017

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

13,324

25,917

SHAREHOLDERS' FUNDS

13,424

26,017

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

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 Board of Directors and authorised for issue on 20 January 2021 and were signed on its behalf by:

M D Knight - Director

1.	STATUTORY INFORMATION

M & S Knight Limited 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 and 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been written down to nil over a 10 year period.

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.

Equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

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.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

24,000

AMORTISATION

At 1 April 2019

and 31 March 2020

24,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

5,447

Additions

6,700

Disposals

(3,370

)

At 31 March 2020

8,777

DEPRECIATION

At 1 April 2019

3,661

Charge for year

1,748

Eliminated on disposal

(1,947

)

At 31 March 2020

3,462

NET BOOK VALUE

At 31 March 2020

5,315

At 31 March 2019

1,786

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,283

3,364

Other debtors

-

231

2,283

3,595

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,582

2,537

Taxation and social security

10,292

11,847

Other creditors

57,760

42,002

70,634

56,386

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

Creditors due within one year include £55,933 (2019 - £39,685) which is owed to the directors of the company.