Koms Event & Exhibition Flooring Solutio - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07119318 (England and Wales)

Financial Statements for the Year Ended 30 June 2020

for

Koms Event & Exhibition Flooring

Solutions Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S E Dunkley

Mr O A Dunkley

Mr C J Bryan

REGISTERED OFFICE:

Unit 4 Manchester Street

Springfield Industrial Estate

Oldbury

B69 4HH

REGISTERED NUMBER:

07119318 (England and Wales)

FIXED ASSETS

Tangible assets

4

35,562

42,885

CURRENT ASSETS

Stocks

159,222

73,212

Debtors

94,999

184,272

Cash at bank and in hand

40,767

-

294,988

257,484

CREDITORS

Amounts falling due within one year

145,215

190,776

NET CURRENT ASSETS

149,773

66,708

TOTAL ASSETS LESS CURRENT LIABILITIES

185,335

109,593

CREDITORS

Amounts falling due after more than one year

(171,819

)

(99,187

)

PROVISIONS FOR LIABILITIES

(10,313

)

(8,148

)

NET ASSETS

3,203

2,258

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

3,201

2,256

SHAREHOLDERS' FUNDS

3,203

2,258

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Balance Sheet for the year ended 30 June 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 20 October 2020 and were signed on its behalf by:

Mr O A Dunkley - Director

1.	STATUTORY INFORMATION

Koms Event & Exhibition Flooring Solutions Ltd 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.

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.

The financial statements are prepared on a going concern basis.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 3 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2019

64,622

Additions

1,944

At 30 June 2020

66,566

DEPRECIATION

At 1 July 2019

21,737

Charge for year

9,267

At 30 June 2020

31,004

NET BOOK VALUE

At 30 June 2020

35,562

At 30 June 2019

42,885

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 July 2019

and 30 June 2020

12,278

DEPRECIATION

At 1 July 2019

and 30 June 2020

3,069

NET BOOK VALUE

At 30 June 2020

9,209

At 30 June 2019

9,209

5.

LOANS

An analysis of the maturity of loans is given below:

30.6.20

30.6.19

£

£

Amounts falling due within one year or on demand:

Other loans

60,014

40,412

Amounts falling due between one and two years:

Other loans - 1-2 years

169,482

41,938

Amounts falling due between two and five years:

Other loans - 2-5 years

-

50,907

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.20

30.6.19

£

£

Net obligations repayable:

Within one year

4,005

4,005

Between one and five years

2,337

6,342

6,342

10,347

Non-cancellable operating

leases

30.6.20

30.6.19

£

£

Within one year

30,514

30,514

Between one and five years

30,514

61,028

61,028

91,542

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.06.20

30.6.19

value:

£

£

142

Ord

1p

1.42

1.42

48

Ord A

1p

0.48

0.48

10

Ord B

1p

0.10

0.10

2.00

2.00

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2020 and 30 June 2019:

30.6.20

30.6.19

£

£

Mr O A Dunkley and Mrs S E Dunkley

Balance outstanding at start of year

(3,022

)

13,686

Amounts advanced

80,832

81,929

Amounts repaid

(51,135

)

(98,637

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,675

(3,022

)

Mr C J Bryan

Balance outstanding at start of year

(1,637

)

3,750

Amounts advanced

40,434

41,610

Amounts repaid

(25,510

)

(46,997

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,287

(1,637

)

Loans to Directors were made interest free with no fixed repayment date.