KIM_SYSTEMS_LTD - Accounts

KIM SYSTEMS LIMITED - Company Information

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Company Registration No. 02661698 (England and Wales)

KIM SYSTEMS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

KIM SYSTEMS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

KIM SYSTEMS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2013

- 1 -

2013

2012

Notes

Fixed assets

Tangible assets

99,975

122,850

Current assets

Stocks

62,183

38,266

Debtors

1,055,852

615,225

Cash at bank and in hand

857,483

675,799

1,975,518

1,329,290

Creditors: amounts falling due within one year

(654,787)

(434,669)

Net current assets

1,320,731

894,621

Total assets less current liabilities

1,420,706

1,017,471

Provisions for liabilities

(13,698)

(16,906)

1,407,008

1,000,565

Capital and reserves

Called up share capital

1,000

Profit and loss account

1,406,008

999,565

Shareholders' funds

1,407,008

1,000,565

For the financial year ended 31 December 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 September 2014

Mr R A Black

Director

Company Registration No. 02661698

KIM SYSTEMS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

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

Plant and machinery

15% per annum on reducing balance basis.

Fixtures, fittings & equipment

15% per annum on reducing balance basis.

Motor vehicles

25% per annum on reducing balance basis.

1.5

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

KIM SYSTEMS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2013

245,106

Additions

807

At 31 December 2013

245,913

Depreciation

At 1 January 2013

122,256

Charge for the year

23,682

At 31 December 2013

145,938

Net book value

At 31 December 2013

99,975

At 31 December 2012

122,850

Share capital

2013

2012

Allotted, called up and fully paid

1,000 Ordinary of £1 each

1,000