General Information
K G Engineering Services (Silverdale) Limited is a private company, limited by shares, registered in England and Wales, registration number 04585208, registration address Croziers Croft, Moss Lane, Silverdale, Lancashire, LA5 0SS.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The director has considered the impact of COVID 19 and following the relaxation of regulations he has the opinion that the pandemic is not having a material affected on the company's financial position. The director has reviewed the current financial position of the company and concluded that it is financially secure and therefore, the going concern basis of accounting continues to be used in preparing the financial statements.
Turnover
Turnover comprises of the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Turnover is recognised in the accounts when the company becomes entitled to a consideration for the services performed or for the sale of goods at which point an invoice is issued. An invoice for services is issued following the completion of the service performed and an invoice for the sale of goods is issued when the risks and rewards of ownership of those goods have passed to the buyer. A provision is made at the reporting date for services that have commenced but have not been completed which is based on the percentage of work completed at the reporting date.
Current Taxation
The current tax position for the period is based on the taxable profit or loss. The taxable profit or loss may differ from the profit or loss reported in the financial statements because adjustments are made for items that are treated differently for tax purposes compared to their treatment for accounting purposes. The tax liability is based on current tax law and rates.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for tax purposes compared to their treatment for accounting purposes. The deferred tax balance has not been discounted.
Dividends
Dividends that are deemed to have been voted and paid during the period are included in these financial statements. Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment |
3 years Straight Line
|
Leasehold Property |
10 years Straight Line |
Plant and Machinery |
5 years Straight Line
|
Motor Vehicles |
5 years Straight Line
|
Stocks and long term contracts
Stocks have been valued at the lower of cost and expected selling price less costs to sell. Costs to sell include the relevant proportion of overheads according to the stage of completion. Debtors include amounts recoverable on long term contracts which are stated at the net selling price for the percentage of work done less provisions for contingencies, anticipated losses and amounts received on account. Any excess progress payments are included in creditors as payments on account. Contracts that take longer than 1 month to complete are categorised as long term for these purposes.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Basic financial instruments included within these financial statements are valued at the transaction price applicable at the time of the transactions. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
2. |
Average number of employees
The number of persons given below includes directors.
Average number of employees during the year was 2 (2022 : 2).
|
3. |
Tangible fixed assets
Cost or valuation |
Leasehold Property |
|
Plant and Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
Total |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
At 01 April 2022 |
10,048 |
|
27,756 |
|
21,198 |
|
344 |
|
59,346 |
Additions |
- |
|
- |
|
- |
|
- |
|
- |
Disposals |
- |
|
- |
|
- |
|
- |
|
- |
At 31 March 2023 |
10,048 |
|
27,756 |
|
21,198 |
|
344 |
|
59,346 |
Depreciation |
At 01 April 2022 |
2,010 |
|
23,636 |
|
8,878 |
|
344 |
|
34,868 |
Charge for year |
1,004 |
|
1,030 |
|
3,080 |
|
- |
|
5,114 |
On disposals |
- |
|
- |
|
- |
|
- |
|
- |
At 31 March 2023 |
3,014 |
|
24,666 |
|
11,958 |
|
344 |
|
39,982 |
Net book values |
Closing balance as at 31 March 2023 |
7,034 |
|
3,090 |
|
9,240 |
|
- |
|
19,364 |
Opening balance as at 01 April 2022 |
8,038 |
|
4,120 |
|
12,320 |
|
- |
|
24,478 |
|
4. |
Stocks
|
2023 £ |
|
2022 £ |
Raw Materials |
500 |
|
500 |
|
500 |
|
500 |
|
5. |
Debtors: amounts falling due within one year
|
2023 £ |
|
2022 £ |
Trade Debtors |
20,972 |
|
7,216 |
Other Debtors |
3,050 |
|
15,541 |
|
24,022 |
|
22,757 |
|
6. |
Creditors: amount falling due within one year
|
2023 £ |
|
2022 £ |
Trade Creditors |
15,826 |
|
2,849 |
Taxation and Social Security |
33,481 |
|
18,255 |
Other Creditors |
3,168 |
|
86,400 |
|
52,475 |
|
107,504 |
|
7. |
Provisions for liabilities
|
2023 £ |
|
2022 £ |
Deferred Tax b/f |
3,124 |
|
286 |
Deferred Tax Charged to Income Statement for Period |
(781) |
|
2,838 |
|
2,343 |
|
3,124 |
|
8. |
Share Capital
Allotted, called up and fully paid
|
2023 £ |
|
2022 £ |
100
Ordinary shares of £1.00 each |
100 |
|
100 |
30
Letter Class shares of £1.00 each |
30 |
|
30 |
|
130 |
|
130 |
|
4
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