Kilncare Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03833090 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

Kilncare Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

B Sherwin

L Sherwin

SECRETARY:

B Sherwin

REGISTERED OFFICE:

The Kiln Works

907 Leek New Road

Baddeley Green

Stoke on Trent

Staffordshire

ST2 7HQ

REGISTERED NUMBER:

03833090 (England and Wales)

FIXED ASSETS

Intangible assets

4

394

787

Tangible assets

5

13,307

9,026

13,701

9,813

CURRENT ASSETS

Stocks

114,000

38,000

Debtors

6

197,841

155,206

Cash at bank

178,591

51,912

490,432

245,118

CREDITORS

Amounts falling due within one year

7

282,714

154,399

NET CURRENT ASSETS

207,718

90,719

TOTAL ASSETS LESS CURRENT LIABILITIES

221,419

100,532

CREDITORS

Amounts falling due after more than one year

8

(40,000

)

-

PROVISIONS FOR LIABILITIES

(2,250

)

-

NET ASSETS

179,169

100,532

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

179,069

100,432

SHAREHOLDERS' FUNDS

179,169

100,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2021 and were signed on its behalf by:

L Sherwin - Director

1.	STATUTORY INFORMATION

Kilncare 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

The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company's current and expected performance.

Particular consideration has been given to the impact of the Coronavirus on the company's ability to operate for the foreseeable future. In arriving at this assessment of the going concern status of the company the directors have made key judgements about the level of demand for the services provided by the company.

Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or to be incurred in respect of the transition can be measured reliably.

Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and when all of the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will received the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Usually, turnover from the sale of services is recognised over the period in which the maintenance contract is in force.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been

amortised evenly over its estimated useful life of ten years.

Website

The company owns a website which is valued at cost less amortisation. It is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.

Stocks

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

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of future cash flows discounted at a market rate of interest. Debt instruments are

subsequently carried at amortised cost, using the effective interest rate method.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax if applicable. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

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 7 (2020 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Website

Totals

£

£

£

COST

At 1 May 2020

and 30 April 2021

63,600

1,180

64,780

AMORTISATION

At 1 May 2020

63,600

393

63,993

Amortisation for year

-

393

393

At 30 April 2021

63,600

786

64,386

NET BOOK VALUE

At 30 April 2021

-

394

394

At 30 April 2020

-

787

787

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2020

8,558

775

11,502

7,272

28,107

Additions

9,316

-

-

179

9,495

At 30 April 2021

17,874

775

11,502

7,451

37,602

DEPRECIATION

At 1 May 2020

6,336

155

6,795

5,795

19,081

Charge for year

3,065

201

1,227

721

5,214

At 30 April 2021

9,401

356

8,022

6,516

24,295

NET BOOK VALUE

At 30 April 2021

8,473

419

3,480

935

13,307

At 30 April 2020

2,222

620

4,707

1,477

9,026

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

165,894

113,283

Other debtors

31,947

41,923

197,841

155,206

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

-

Trade creditors

127,170

61,851

Taxation and social security

60,973

20,558

Other creditors

84,571

71,990

282,714

154,399

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,000

-

9.	LEASING AGREEMENTS

Non-cancellable

operating leases

2021

2020

£

£

Within one year

27,746

32,387

Between one and five years

110,984

118,522

In more than five years

17,717

45,564

156,447

196,473

Total lease payments recognised as an expense during the period amounted to £31,576 (2020

- £31,211)

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £791 (2020 - £224) were payable to the fund at the balance sheet date and are included in creditors.