Abbreviated Company Accounts - KIWI DESIGN LIMITED

KIWI DESIGN LIMITED - Company Information

02077828 KIWI DESIGN LIMITED 2014-12-31 false 2014-01-01 2014-12-31 true 02077828 2014-01-01 2014-12-31 02077828 2014-12-31 02077828 2013-12-31 02077828 uk-gaap-cd-bus:Director1 2014-01-01 2014-12-31 02077828 uk-gaap-cd-bus:Director2 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2014-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2013-12-31 iso4217:GBP shares

Registered Number 02077828

KIWI DESIGN LIMITED

Abbreviated Accounts

31 December 2014

KIWI DESIGN LIMITED Registered Number 02077828

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	125,502	127,462
		125,502	127,462
Current assets
Stocks		240,535	237,437
Debtors		976,545	767,197
Cash at bank and in hand		686,562	673,973
		1,903,642	1,678,607
Creditors: amounts falling due within one year	3	(1,690,380)	(1,508,868)
Net current assets (liabilities)		213,262	169,739
Total assets less current liabilities		338,764	297,201
Creditors: amounts falling due after more than one year	3	(10,382)	(26,626)
Provisions for liabilities		(14,977)	(7,239)
Total net assets (liabilities)		313,405	263,336
Capital and reserves
Called up share capital	4	16,600	16,600
Profit and loss account		296,805	246,736
Shareholders' funds		313,405	263,336

For the year ending 31 December 2014 the company was entitled to exemption 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.

Approved by the Board on 15 September 2015

And signed on their behalf by:
Alan Blackmore, Director
Gary Blackmore, Director

KIWI DESIGN LIMITED Registered Number 02077828

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the amount derived from the provision of goods and services after the deduction of trade discounts and value added tax.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 15% reducing balance
Fixtures, fittings and equipment - 25% reducing balance
Motor vehicles - 25% reducing balance

Valuation information and policy
Stock and work in progress is valued at the lower of cost and net realisable value.

Long term contracts
Where the outcome of long term contracts can be assessed with reasonable certainty before their conclusion, the prudently attributable profit has been recognised.

Other accounting policies
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Deferred taxation
Provision is made for deferred taxation using the liability method to take account of timing differences between the incidence of income and expenditure for taxation and accounting purposes.

2Tangible fixed assets

	£
Cost
At 1 January 2014	318,823
Additions	20,037
Disposals	(24,489)
Revaluations	-
Transfers	-
At 31 December 2014	314,371
Depreciation
At 1 January 2014	191,361
Charge for the year	20,557
On disposals	(23,049)
At 31 December 2014	188,869
Net book values
At 31 December 2014	125,502
At 31 December 2013	127,462

Fixed assets which are included in the above which are held under hire purchase contracts are as follows:
2014 Net Book Value £24,283, depreciation charge £3,469 (2013 Net Book Value £49,548, depreciation charge £8,812)

3Creditors

	2014 £	2013 £
Secured Debts	15,389	38,562

4Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
10,000 Ordinary shares of £1 each	10,000	10,000
6,600 Redeemable shares of £1 each	6,600	6,600

The Redeemable shares are to be redeemed in stages at £135 per share. The amount to be redeemed at each stage will be mutually agreed between the company and the relevant shareholders and will ensure that the company does not contravene Section 687 of the Companies Act 2006 and that it continues to meet its banking covenants.

Until redemption takes place, each Redeemable share will attract a maximum coupon rate of 4% per annum over the bank base rate (subject to a minimum coupon rate of 6.425%) calculated on the redemption value of the shares.