KMH Sales Limited - Period Ending 2016-03-31

Registration number: 08978269

KMH Sales Limited

Annual Report and Abbreviated Accounts

for the Year Ended 31 March 2016
 

S A Gillingham Accountancy Limited
Chartered Certified Accountants
58 Kinson Road
Bournemouth
Dorset
BH10 4AN

KMH Sales Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

KMH Sales Limited
(Registration number: 08978269)
Abbreviated Balance Sheet at 31 March 2016

		Note			31 March 2016 £			31 March 2015 £
Fixed assets
Intangible fixed assets					70,000			90,000
Tangible fixed assets					8,196			2,219
					78,196			92,219
Current assets
Debtors					-			863
Cash at bank and in hand					90,674			74,448
					90,674			75,311
Creditors: Amounts falling due within one year					(53,965)			(116,425)
Net current assets/(liabilities)					36,709			(41,114)
Total assets less current liabilities					114,905			51,105
Provisions for liabilities					(308)			(270)
Net assets					114,597			50,835
Capital and reserves
Called up share capital		3			150			100
Profit and loss account					114,447			50,735
Shareholders' funds					114,597			50,835

For the year ending 31 March 2016 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 director acknowledges her 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 director on 16 February 2016

.........................................
Mrs K Hayes
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

KMH Sales Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	evenly over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% on reducing balance
Office equipment	25% on cost

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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KMH Sales Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Pensions

The company makes contributions into the Director's personal pension scheme and these are charged to the profit and loss account in the period to which they relate.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		100,000			2,959			102,959
Additions		-			6,657			6,657
At 31 March 2016		100,000			9,616			109,616
Depreciation
At 1 April 2015		10,000			740			10,740
Charge for the year		20,000			680			20,680
At 31 March 2016		30,000			1,420			31,420
Net book value
At 31 March 2016		70,000			8,196			78,196
At 31 March 2015		90,000			2,219			92,219

3	Share capital

Allotted, called up and fully paid shares

	31 March 2016						31 March 2015
		No.			£			No.			£
Ordinary shares of £1 each		150			150			100			100

New shares allotted

During the year 50 Ordinary shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £50.

Page 3