K G Technical Services Limited - Period Ending 2016-06-30

Registration number: SC308317

K G Technical Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

K G Technical Services Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

K G Technical Services Limited
(Registration number: SC308317)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					289,611			280,175
Investments					192,000			192,000
					481,611			472,175
Current assets
Stocks					442,886			779,281
Debtors					41,473			191,780
Cash at bank and in hand					1,008,606			2,977,691
					1,492,965			3,948,752
Creditors: Amounts falling due within one year					(34,359)			(202,634)
Net current assets					1,458,606			3,746,118
Total assets less current liabilities					1,940,217			4,218,293
Provisions for liabilities					(8,557)			(6,478)
Net assets					1,931,660			4,211,815
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					1,931,560			4,211,715
Shareholders' funds					1,931,660			4,211,815

For the year ending 30 June 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 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 24 January 2017 and signed on its behalf by:

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

K G Technical Services Limited
(Registration number: SC308317)
Abbreviated Balance Sheet at 30 June 2016
......... continued

.........................................
B Meldrum
Director

.........................................
Mrs J A Meldrum
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

K G Technical Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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 net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the rights to consideration.

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
Freehold property	2% on cost
Plant and machinery	20% on cost
Fixtures and fittings	20% on cost
Motor vehicles	25% on cost
Office equipment	33% on cost

Fixed asset investments

Investments held as fixed assets are stated at cost, together with subsequent capital contributions less any provisions for impairment in value. Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed asset investment

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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K G Technical Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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.

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 July 2015		395,416			192,000			587,416
Additions		37,042			-			37,042
At 30 June 2016		432,458			192,000			624,458
Depreciation
At 1 July 2015		115,241			-			115,241
Charge for the year		27,606			-			27,606
At 30 June 2016		142,847			-			142,847
Net book value
At 30 June 2016		289,611			192,000			481,611
At 30 June 2015		280,175			192,000			472,175

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by K G Technical Services (Holdings) Limited. The ultimate controlling party is K Meldrum and G Meldrum.

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