Company No: 07185440 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	163,482		189,089
		163,482		189,089
Current assets
Stocks	5	131,492		67,097
Debtors	6	443,007		389,441
Cash at bank and in hand		97,840		328,416
		672,339		784,954
Creditors
Amounts falling due within one year	7	( 481,707)		( 440,279)
Net current assets		190,632		344,675
Total assets less current liabilities		354,114		533,764
Creditors
Amounts falling due after more than one year	8	( 18,529)		( 250,000)
Provisions for liabilities		( 24,771)		( 24,092)
Net assets		310,814		259,672
Capital and reserves
Called-up share capital		100		104
Capital redemption reserve		4		0
Profit and loss account		310,710		259,568
Total shareholders' funds		310,814		259,672

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Kirolite Limited (registered number: 07185440) were approved and authorised for issue by the Board of Directors on 10 August 2022. They were signed on its behalf by:

Mrs B Randall Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kirolite Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognisedas other comprehensiveincome is alsorecogniseddirectlyinothercomprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	15 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost (AVCO) method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced toits sellingprice less costs to complete andsell;the impairment loss is recognised immediately in profit or loss.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		14

Please see the schedule. It is calculated based on the Gross to Net Payroll report

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2021	2,200,000		2,200,000
At 31 March 2022	2,200,000		2,200,000
Accumulated amortisation
At 01 April 2021	2,200,000		2,200,000
At 31 March 2022	2,200,000		2,200,000
Net book value
At 31 March 2022	0		0
At 31 March 2021	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 April 2021	12,680		603,456		17,946		44,558		678,640
Additions	0		4,200		0		0		4,200
At 31 March 2022	12,680		607,656		17,946		44,558		682,840
Accumulated depreciation
At 01 April 2021	9,297		426,178		12,859		41,217		489,551
Charge for the financial year	846		26,854		1,272		835		29,807
At 31 March 2022	10,143		453,032		14,131		42,052		519,358
Net book value
At 31 March 2022	2,537		154,624		3,815		2,506		163,482
At 31 March 2021	3,383		177,278		5,087		3,341		189,089

5. Stocks

	2022		2021
	£		£
Stocks	131,492		67,097

6. Debtors

	2022		2021
	£		£
Trade debtors	357,446		295,114
Corporation tax	0		8,783
Other debtors	85,561		85,544
	443,007		389,441

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	59,596		0
Trade creditors	127,366		71,342
Other creditors	216,285		311,193
Corporation tax	16,383		0
Other taxation and social security	62,077		57,744
	481,707		440,279

8. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	18,529		250,000

The loan is secured against the assets of the company