Abbreviated Company Accounts - KIWI DESIGN LIMITED

KIWI DESIGN LIMITED - Company Information

02077828 KIWI DESIGN LIMITED 2013-12-31 false 2013-01-01 2013-12-31 true 02077828 2013-01-01 2013-12-31 02077828 2013-12-31 02077828 2012-12-31 02077828 uk-gaap-cd-bus:Director1 2013-01-01 2013-12-31 02077828 uk-gaap-cd-bus:Director2 2013-01-01 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-01-01 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2012-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2013-01-01 2013-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2013-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2012-12-31 iso4217:GBP shares

Registered Number 02077828

KIWI DESIGN LIMITED

Abbreviated Accounts

31 December 2013

KIWI DESIGN LIMITED Registered Number 02077828

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	127,462	115,199
		127,462	115,199
Current assets
Stocks		237,437	317,469
Debtors		767,197	948,722
Cash at bank and in hand		673,973	642,833
		1,678,607	1,909,024
Creditors: amounts falling due within one year	3	(1,508,868)	(1,744,659)
Net current assets (liabilities)		169,739	164,365
Total assets less current liabilities		297,201	279,564
Creditors: amounts falling due after more than one year	3	(26,626)	(39,215)
Provisions for liabilities		(7,239)	(1,961)
Total net assets (liabilities)		263,336	238,388
Capital and reserves
Called up share capital	4	16,600	16,600
Profit and loss account		246,736	221,788
Shareholders' funds		263,336	238,388

For the year ending 31 December 2013 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 2014

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 2013

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 2013	312,041
Additions	34,249
Disposals	(27,467)
Revaluations	-
Transfers	-
At 31 December 2013	318,823
Depreciation
At 1 January 2013	196,842
Charge for the year	19,900
On disposals	(25,381)
At 31 December 2013	191,361
Net book values
At 31 December 2013	127,462
At 31 December 2012	115,199

Included above are assets held under finance leases or hire purchase contracts as follows:
2013 Net Book Value £49,548, depreciation charge £8,812 (2012 Net Book Value £57,729, depreciation charge £9,718)

3Creditors

	2013 £	2012 £
Secured Debts	38,562	53,265

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

	2013 £	2012 £
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.