K & S Installations (Staffs) Limited - Period Ending 2020-12-31

K & S Installations (Staffs) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

K & S Installations (Staffs) Limited

Company Information

Directors

S Horton K Jones K Horton

Registered office

Horton Barn Eaves Lane Kerry Hill, Arms Head Stoke on Trent Staffordshire ST2 8NA

Accountants

Howsons (Stoke) Limited Winton House Stoke Road Stoke on Trent Staffordshire ST4 2RW

K & S Installations (Staffs) Limited

(Registration number: 12087008)
Balance Sheet as at 31 December 2020

	Note	2020 £
Fixed assets
Tangible assets	4	7,197
Current assets
Debtors	5	37,523
Cash at bank and in hand		21,696
		59,219
Creditors: Amounts falling due within one year	6	(22,504)
Net current assets		36,715
Total assets less current liabilities		43,912
Creditors: Amounts falling due after more than one year	6	(43,789)
Net assets		123
Capital and reserves
Called up share capital		100
Profit and loss account		23
Total equity		123

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

K & S Installations (Staffs) Limited

(Registration number: 12087008)
Balance Sheet as at 31 December 2020

Approved and authorised by the Board on 30 September 2021 and signed on its behalf by:
 

.........................................

S Horton
Director

.........................................

K Jones
Director

K & S Installations (Staffs) Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Horton Barn
Eaves Lane
Kerry Hill, Arms Head
Stoke on Trent
Staffordshire
ST2 8NA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

K & S Installations (Staffs) Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Asset class	Depreciation method and rate
Office Equipment	20% Straight Line
Plant and Machinery	20% Straight Line
Motor Vehicles	20% Straight Line

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3.

K & S Installations (Staffs) Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

4	Tangible assets

	Motor vehicles  £	Other property, plant and equipment  £	Office equipment £	Total £
Cost or valuation
Additions	6,960	328	557	7,845
At 31 December 2020	6,960	328	557	7,845
Depreciation
Charge for the	580	27	41	648
At 31 December 2020	580	27	41	648
Carrying amount
At 31 December 2020	6,380	301	516	7,197

5

Debtors

	2020 £
Trade debtors	16,659
Other debtors	20,864
	37,523

6

Creditors

	2020 £
Due within one year
Taxation and social security	10,481
Other creditors	5,812
Bank borrowings	6,211
	22,504
Due after one year
Bank borrowings	43,789

7	Going Concern

The accounts have been prepared on a going concern basis. The company has made a profit in its first year of trading and the directors look forward to the future.