Kenfan Industries Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09839261 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

KENFAN INDUSTRIES LIMITED

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Mr P A Lowe

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

09839261 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kenfan Industries Limited for the year ended 29 February 2020 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Kenfan Industries Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kenfan Industries Limited and state those matters that we have agreed to state to the director of Kenfan Industries Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kenfan Industries Limited and its director for our work or for this report.

It is your duty to ensure that Kenfan Industries Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kenfan Industries Limited. You consider that Kenfan Industries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kenfan Industries Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

24 February 2021

FIXED ASSETS

Tangible assets

4

201

445

CURRENT ASSETS

Stocks

15,907

42,085

Debtors

5

67,102

38,130

Cash at bank

1,306

2,804

84,315

83,019

CREDITORS

Amounts falling due within one year

6

32,655

46,336

NET CURRENT ASSETS

51,660

36,683

TOTAL ASSETS LESS CURRENT LIABILITIES

51,861

37,128

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

51,859

37,126

SHAREHOLDERS' FUNDS

51,861

37,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 February 2021 and were signed by:

Mr P A Lowe - Director

1.	STATUTORY INFORMATION

Kenfan Industries Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire, HP11 1BS. The principal place of business is Mandalay, Bradcutts Lane, Cookham Dean, Berkshire. SL6 9AA. The registered number is 09839261.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In light of the rapid global spread of the Coronavirus "COVID-19" in early 2020, the director has given due consideration to expected future cashflows and although the Company's performance will be effected by "COVID-19" this will not impact the company's ability to act as a going concern.

The director has reviewed and assessed the potential impact on the company over the next twelve

months. Given the support of the shareholders, the company is in a position to continue as a going concern for the next twelve months.

Turnover

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

Tangible fixed assets

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

Plant and machinery etc

-

straight line - 20%

Stocks

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2019

and 29 February 2020

1,238

DEPRECIATION

At 1 March 2019

793

Charge for year

244

At 29 February 2020

1,037

NET BOOK VALUE

At 29 February 2020

201

At 28 February 2019

445

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

29,182

38,130

Other debtors

37,920

-

67,102

38,130

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

6,505

18,246

Taxation and social security

18,780

20,187

Other creditors

7,370

7,903

32,655

46,336

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2020 and 28 February 2019:

2020

2019

£

£

Mr P A Lowe

Balance outstanding at start of year

(433

)

20,162

Amounts advanced

73,867

62,313

Amounts repaid

(36,721

)

(82,908

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

36,713

(433

)

Interest was charged on the loan to Mr P A Lowe during the year ended 29 February 2020 at a rate of 2.5%. The loan is repayable on demand.

9.	POST BALANCE SHEET EVENTS

Since the reporting date, the growth of the COVID-19 pandemic across the world has led to some doubts as to whether the company can continue as a going concern for the next twelve months.

The directors have reviewed the potential effects COVID 19 will have on the Company and although there is an impact on the 2020 performance, this will not significantly impact going concern. Given the support of the shareholders, the company is in a position to continue as a going concern for the next twelve months.