Kylix UK Limited - Period Ending 2016-05-31

Registration number: 05130669

Kylix UK Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

ClearTax & Accounting Ltd
The Granary
Yews Farm
Linton Road
Hadstock
CB21 4NU

Kylix UK Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Kylix UK Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kylix UK Limited for the year ended 31 May 2016 set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Taxation, we are subject to its ethical and other professional requirements which are detailed at www.tax.org.uk.

This report is made solely to the Board of Directors of Kylix UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kylix UK Limited and state those matters that we have agreed to state to them, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kylix UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kylix UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kylix UK Limited. You consider that Kylix UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kylix UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

ClearTax & Accounting Ltd
The Granary
Yews Farm
Linton Road
Hadstock
CB21 4NU

13 December 2016

Page 1

Kylix UK Limited
(Registration number: 05130669)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					13,500			15,750
Tangible fixed assets					149,817			151,245
					163,317			166,995
Current assets
Stocks					14,750			14,750
Debtors					19,016			10,445
Cash at bank and in hand					18,484			12,461
					52,250			37,656
Creditors: Amounts falling due within one year					(97,670)			(108,366)
Net current liabilities					(45,420)			(70,710)
Total assets less current liabilities					117,897			96,285
Creditors: Amounts falling due after more than one year					(143,000)			(145,063)
Net liabilities					(25,103)			(48,778)
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					(26,103)			(49,778)
Shareholders' deficit					(25,103)			(48,778)

For the year ending 31 May 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 his 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 13 December 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Kylix UK Limited
(Registration number: 05130669)
Abbreviated Balance Sheet at 31 May 2016
......... continued

.........................................
Mr Giles Henry Palmer
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Kylix UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 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).

Going concern

The financial statements have been prepared on a going concern basis. In the opinion of the director this is appropriate because he has undertaken to continue to support the company. The director's current account is interest free and unsecured. The director has undertaken to introduce further funds if the need arises.

The director expects, therefore, that the company will be able to meet its liabilities as they fall due.

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	Straight Line over 10 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
Plant and machinery	Reducing Balance 25%
Motor vehicles	Reducing Balance 25%

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Kylix UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		22,500			170,669			193,169
Additions		-			844			844
At 31 May 2016		22,500			171,513			194,013
Depreciation
At 1 June 2015		6,750			19,424			26,174
Charge for the year		2,250			2,272			4,522
At 31 May 2016		9,000			21,696			30,696
Net book value
At 31 May 2016		13,500			149,817			163,317
At 31 May 2015		15,750			151,245			166,995

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		143,000			145,063

Page 5

Kylix UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Giles Henry Palmer
Interest free loan included in other creditors	(39,842)	12,150	(51,992)	-

Page 6