KITS-N-BITS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04959227 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2020

for

KITS-N-BITS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Millar

Mrs C Millar

REGISTERED OFFICE:

Unit 11 Atlantic Point

Atlantic Point Trading Estate

Barry

Vale of Glamorgan

CF63 3AA

REGISTERED NUMBER:

04959227 (England and Wales)

ACCOUNTANTS:

Austin Accountancy Services Ltd

15 Manor Park

Ham Lane

Llantwit Major

Vale of Glamorgan

CF61 1RS

FIXED ASSETS

Tangible assets

4

92,593

120,667

CURRENT ASSETS

Stocks

20,000

35,000

Debtors

5

340,348

270,928

Cash at bank and in hand

144,056

179,842

504,404

485,770

CREDITORS

Amounts falling due within one year

6

167,717

182,866

NET CURRENT ASSETS

336,687

302,904

TOTAL ASSETS LESS CURRENT LIABILITIES

429,280

423,571

CREDITORS

Amounts falling due after more than one year

7

(12,400

)

(29,008

)

PROVISIONS FOR LIABILITIES

(16,339

)

(21,362

)

NET ASSETS

400,541

373,201

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

400,441

373,101

400,541

373,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2021 and were signed on its behalf by:

N Millar - Director

Mrs C Millar - Director

1.	STATUTORY INFORMATION

KITS-N-BITS 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.

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.

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 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 12 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

187,192

Additions

191

At 30 November 2020

187,383

DEPRECIATION

At 1 December 2019

66,525

Charge for year

28,265

At 30 November 2020

94,790

NET BOOK VALUE

At 30 November 2020

92,593

At 30 November 2019

120,667

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade debtors

123,390

112,229

Other debtors

216,958

158,699

340,348

270,928

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Hire purchase contracts

19,657

17,023

Trade creditors

57,545

53,424

Taxation and social security

82,540

66,498

Other creditors

7,975

45,921

167,717

182,866

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

30.11.19

£

£

Hire purchase contracts

12,400

29,008