Kanetech Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04467166 (England and Wales)

KANETECH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A. Mithagre

REGISTERED OFFICE:

112 Draper Close

Grays

Essex

RM20 4BJ

REGISTERED NUMBER:

04467166 (England and Wales)

ACCOUNTANTS:

Bland Baker

Chartered Accountants

21 Lodge Lane

Grays

Essex

RM17 5RY

FIXED ASSETS

Tangible assets

4

847

389

CURRENT ASSETS

Stocks

2,000

2,500

Cash at bank and in hand

5,729

1,440

7,729

3,940

CREDITORS

Amounts falling due within one year

5

10,011

11,203

NET CURRENT LIABILITIES

(2,282

)

(7,263

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,435

)

(6,874

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,437

)

(6,876

)

SHAREHOLDERS' FUNDS

(1,435

)

(6,874

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4 September 2017 and were signed by:

A. Mithagre - Director

1.	STATUTORY INFORMATION

Kanetech Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the director has undertaken

to provide continuing financial support to enable the company to meet its liabilities as they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

1,494

Additions

589

At 30 June 2017

2,083

DEPRECIATION

At 1 July 2016

1,105

Charge for year

131

At 30 June 2017

1,236

NET BOOK VALUE

At 30 June 2017

847

At 30 June 2016

389

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,804

2,001

Taxation and social security

5,980

5,015

Other creditors

2,227

4,187

10,011

11,203

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,500 (2016 - £4,400) were paid to the director .

Controlling party

The company is controlled by the director A. Mithagre.

Transactions with related party

During the year the company operated from the director's residence free of charge (2016- likewise).

Balance with related party

The company owed the director £217 at the balance sheet date. (2016 - £17)

The loan was unsecured, interest free and repayable on demand.