KIBS Pain Solutions Limited Filleted accounts for Companies House (small and micro)

KIBS PAIN SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07227426

KIBS Pain Solutions Limited

Filleted Unaudited Financial Statements

30 April 2022

KIBS Pain Solutions Limited

Financial Statements

Year ended 30 April 2022

Contents	Page

Accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

KIBS Pain Solutions Limited

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of KIBS Pain Solutions Limited

Year ended 30 April 2022

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

BURLINSON SHAW & CO Accountants

21 Henrietta Street Batley West Yorkshire WF17 5DN

16 January 2023

KIBS Pain Solutions Limited

Statement of Financial Position

30 April 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5	21,172	27,742
Investments	6	146,493	134,144
		---------	---------
		167,665	161,886

Current assets

Debtors	7	14,023	45,433
Cash at bank and in hand		380,368	235,396
		---------	---------
		394,391	280,829

Creditors: amounts falling due within one year	8	88,183		27,112
		---------		---------
Net current assets			306,208	253,717
			---------	---------
Total assets less current liabilities			473,873	415,603

Provisions

Taxation including deferred tax	4,025	5,273
	---------	---------
Net assets	469,848	410,330
	---------	---------

KIBS Pain Solutions Limited

Statement of Financial Position (continued)

30 April 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	469,846	410,328
	---------	---------
Shareholders funds	469,848	410,330
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 January 2023 , and are signed on behalf of the board by:

Dr G Baranidharan
Director

Company registration number: 07227426

KIBS Pain Solutions Limited

Notes to the Financial Statements

Year ended 30 April 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, 115 Wigton Lane, Leeds, West Yorkshire, LS17 8SH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment	-	20% reducing balance
Motor vehicles	-	25% reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 May 2021 and 30 April 2022	12,476	36,340	48,816
	--------	--------	--------
Depreciation
At 1 May 2021	5,175	15,899	21,074
Charge for the year	1,460	5,110	6,570
	--------	--------	--------
At 30 April 2022	6,635	21,009	27,644
	--------	--------	--------
Carrying amount
At 30 April 2022	5,841	15,331	21,172
	--------	--------	--------
At 30 April 2021	7,301	20,441	27,742
	--------	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 May 2021	134,144
Additions	12,349
	---------
At 30 April 2022	146,493
	---------
Impairment
At 1 May 2021 and 30 April 2022	–
	---------

Carrying amount
At 30 April 2022	146,493
	---------
At 30 April 2021	134,144
	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	13,516	14,875
Other debtors	507	30,558
	--------	--------
	14,023	45,433
	--------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	495	151
Corporation tax	30,657	21,522
Social security and other taxes	657	263
Other creditors	56,374	5,176
	--------	--------
	88,183	27,112
	--------	--------