KM IT SOLUTIONS LIMITED Filleted accounts for Companies House (small and micro)

KM IT SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07229552

KM IT SOLUTIONS LIMITED

Filleted Unaudited Financial Statements

30 June 2021

KM IT SOLUTIONS LIMITED

Balance Sheet

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		8,169	6,243

Current assets

Debtors	6	100,675	83,429
Cash at bank and in hand		419,540	408,806
		---------	---------
		520,215	492,235

Creditors: amounts falling due within one year	7	( 89,017)		( 105,246)
		---------		---------
Net current assets			431,198	386,989
			---------	---------
Total assets less current liabilities			439,367	393,232

Provisions

Taxation including deferred tax	( 1,552)	( 1,186)
	---------	---------
Net assets	437,815	392,046
	---------	---------

Capital and reserves

Called up share capital	200	200
Profit and loss account	437,615	391,846
	---------	---------
Shareholder funds	437,815	392,046
	---------	---------

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 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 .

KM IT SOLUTIONS LIMITED

Balance Sheet (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 10 March 2022 , and are signed on behalf of the board by:

Mr K Mistry

Director

Company registration number: 07229552

KM IT SOLUTIONS LIMITED

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is MMA Partnership LLP, 6 Bruce Grove, London, N17 6RA, United Kingdom.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by management is the estimated useful life of the tangible fixed assets.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Sales of services are recognised when the risks and rewards of ownership are transferred to the customer, the sale price agreed and the receipt of payment can be assured.

Taxation

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2020: 5 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2020	2,278	9,730	12,008
Additions	–	4,649	4,649
	-------	--------	--------
At 30 June 2021	2,278	14,379	16,657
	-------	--------	--------
Depreciation
At 1 July 2020	1,368	4,397	5,765
Charge for the year	227	2,496	2,723
	-------	--------	--------
At 30 June 2021	1,595	6,893	8,488
	-------	--------	--------
Carrying amount
At 30 June 2021	683	7,486	8,169
	-------	--------	--------
At 30 June 2020	910	5,333	6,243
	-------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	97,797	70,280
Prepayments and accrued income	2,877	9,085
Other debtors	1	4,064
	---------	--------
	100,675	83,429
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	3,647	9,389
Accruals and deferred income	1,200	1,200
Corporation tax	29,965	44,629
Social security and other taxes	29,113	21,119
Director loan accounts	4,994	18,848
Other creditors	20,098	10,061
	--------	---------
	89,017	105,246
	--------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	–	12,416
	----	--------

9. Related party transactions

Included within creditors due within one year is a loan of £4,994(2020: £18,848) from the directors. This loan is interest-free and has no fixed repayment term.