K2 NORTH WEST STORAGE LTD

K2 NORTH WEST STORAGE LTD - Company Information

2020-06-042020-12-312020-12-31false12644985K2 NORTH WEST STORAGE 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Registered Number
12644985
(England and Wales)

Unaudited Financial Statements for the Period Ended
31 December 2020

K2 NORTH WEST STORAGE LTD

Company Information
for the period from 4 June 2020 to 31 December 2020


Directors	CLEMSON, David
	CLEMSON, Neil
	CLEMSON, Stuart


Registered Address	Bull Hole Farm Well Head Road
	Newchurch-In-Pendle
	Burnley
	BB12 9LP


Registered Number	12644985 (England and Wales)

K2 NORTH WEST STORAGE LTD

Balance Sheet as at
31 December 2020

	Notes	2020
		£	£
Fixed assets
Tangible assets	5		21,432
			21,432
Current assets
Debtors	6	53,853
Cash at bank and on hand		130,790
		184,643
Creditors amounts falling due within one year	7	(177,259)
Net current assets (liabilities)			7,384
Total assets less current liabilities			28,816
Net assets			28,816
Capital and reserves
Called up share capital			200
Profit and loss account			28,616
Shareholders' funds			28,816

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 30 November 2021, and are signed on its behalf by:

CLEMSON, Neil
Director
Registered Company No. 12644985

K2 NORTH WEST STORAGE LTD

Notes to the Financial Statements
for the period ended 31 December 2020

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	ACCOUNTING POLICIES

	Turnover policy
	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 sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

		Straight line (years)
	Land and buildings	5

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

4.	EMPLOYEE INFORMATION

		2020
	Average number of employees during the year	19

5.	PROPERTY, PLANT AND EQUIPMENT

	Land & buildings £	Total £
Cost or valuation
Additions	21,795	21,795
At 31 December 20	21,795	21,795
Depreciation and impairment
Charge for year	363	363
At 31 December 20	363	363
Net book value
At 31 December 20	21,432	21,432
At 03 June 20	-	-

6.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

		2020 £
	Trade debtors / trade receivables	49,766
	Other debtors	105
	Prepayments and accrued income	3,982
	Total	53,853

7.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

		2020 £
	Trade creditors / trade payables	3,985
	Taxation and social security	18,696
	Other creditors	152,418
	Accrued liabilities and deferred income	2,160
	Total	177,259