KM 2020 Ltd
Registered number: 13030899
Financial Statements
For the Period
19 November 2020
to
30 April 2022
KM 2020 Ltd
Financial Statements
For the Period
19 November 2020
to
30 April 2022
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2—3 |
KM 2020 Ltd
Balance Sheet
As at
30 April 2022
Balance Sheet
Registered number:
13030899
For the period ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 30 April 2022 | |||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 3 |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 5 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 54,748 | ||
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 2 to 3 form part of these financial statements.
KM 2020 Ltd
Notes to the Financial Statements
For the Period
19 November 2020
to
30 April 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL
3.
Debtors
| 30 April 2022 | |
|---|---|
| £ | |
| Due within one year | |
| Other debtors |
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| Amounts owed by other participating interests | 41,468 |
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KM 2020 Ltd
Notes to the Financial Statements (continued)
For the Period
19 November 2020
to
30 April 2022
4.
Creditors: Amounts Falling Due Within One Year
| 30 April 2022 | |
|---|---|
| £ | |
| Other taxes and social security |
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6.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | |
|---|---|
| 30 April 2022 | |
| £ | |
| Within 1 year | 231,413 |
| Between 1 and 5 years | 136,553 |
| 367,966 | |
7.
Related Party Transactions
Stay At Mine Ltd (Company number: 09954539)
Stay At Mine Ltd is a related party of KM 2020 Ltd by virtue of its shareholding. All three directors of KM 2020 Ltd are also directors of Stay At Mine Ltd.
During the financial year, Stay At Mine Ltd collected £493,305 in sales and paid £451,837 in costs on behalf of KM 2020 Ltd. Given there were no cash transfers between the two entities, Stay At Mine Ltd owed KM 2020 Ltd £41,468 at the end of the financial year.
8.
Ultimate Controlling Party
The three directors hold an equal shareholding in the company from which they are deemed to have control.
9.
General Information
KM 2020 Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
13030899
. The registered office is 2 Nottingham Court, London, England, WC2H 9BF.