KM IT SOLUTIONS LIMITED Filleted accounts for Companies House (small and micro)
KM IT SOLUTIONS LIMITED Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
07229552
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Balance Sheet |
2020 |
2019 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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(
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
(
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(
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholder funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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Balance Sheet (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
22 February 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
07229552
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Notes to the Financial Statements |
Year ended 30 June 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is MMA Partnership LLP, 6 Bruce Grove, London, N17 6RA, United Kingdom.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by management is the estimated useful life of the tangible fixed assets.
Revenue recognition
Taxation
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
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 and fittings |
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25% reducing balance |
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Equipment |
- |
25% reducing balance
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Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2019:
5
).
5.
Tangible assets
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 July 2019 |
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4,356 |
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Additions |
– |
5,374 |
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At 30 June 2020 |
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9,730 |
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-------- |
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Depreciation |
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At 1 July 2019 |
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2,619 |
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Charge for the year |
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1,778 |
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-------- |
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At 30 June 2020 |
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4,397 |
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Carrying amount |
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At 30 June 2020 |
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5,333 |
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At 30 June 2019 |
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1,737 |
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6.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Other creditors |
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8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020 |
2019 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
– |
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9.
Related party transactions
Included within creditors due within one year is a loan of £18,848 (2018: £102,148) from the directors. This loan is interest-free and has no fixed repayment term.