Kirolite Limited - Period Ending 2018-03-31

Kirolite Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 07185440

Kirolite Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Kirolite Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	5	220,333	212,797
Current assets
Stocks		190,396	217,346
Debtors	6	983,579	1,177,617
Cash at bank and in hand		205,006	182,086
		1,378,981	1,577,049
Creditors: Amounts falling due within one year	7	(803,422)	(649,119)
Net current assets		575,559	927,930
Total assets less current liabilities		795,892	1,140,727
Creditors: Amounts falling due after more than one year	7	(765,267)	(1,300,000)
Provisions for liabilities		(21,826)	(15,188)
Net assets/(liabilities)		8,799	(174,461)
Capital and reserves
Called up share capital		104	104
Profit and loss account		8,695	(174,565)
Total equity		8,799	(174,461)

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Kirolite Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 July 2018 and signed on its behalf by:
 

......................................... B Randall Director

Company Registration Number: 07185440

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Kirolite Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The George Business Centre
Christchurch Road
New Milton
Hampshire
BH25 6QJ

The principal place of business is:
27 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

Kirolite Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Kirolite Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Leasehold improvements	15 year straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 year straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Kirolite Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2017 - 52).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2017	2,200,000	2,200,000
At 31 March 2018	2,200,000	2,200,000
Amortisation
At 1 April 2017	2,200,000	2,200,000
At 31 March 2018	2,200,000	2,200,000
Carrying amount
At 31 March 2018	-	-

Page 6

Kirolite Limited

Notes to the Financial Statements

Year Ended 31 March 2018

5	Tangible assets

	Leasehold improvements £	Fixtures and fittings £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2017	12,680	43,949	17,946	485,898	560,473
Additions	-	-	-	49,257	49,257
At 31 March 2018	12,680	43,949	17,946	535,155	609,730
Depreciation
At 1 April 2017	5,915	34,203	1,869	305,689	347,676
Charge for the year	845	2,437	4,019	34,420	41,721
At 31 March 2018	6,760	36,640	5,888	340,109	389,397
Carrying amount
At 31 March 2018	5,920	7,309	12,058	195,046	220,333
At 31 March 2017	6,765	9,746	16,077	180,209	212,797

6

Debtors

	2018  £	2017  £
Trade debtors	888,166	1,072,956
Other debtors	95,413	104,661
	983,579	1,177,617

Page 7

Kirolite Limited

Notes to the Financial Statements

Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Trade creditors		178,650	238,179
Corporation tax		39,922	94,974
Social security and other taxes		120,797	109,315
Other creditors		464,053	206,651
		803,422	649,119
Due after one year
Loans and borrowings	8	765,267	1,300,000

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	8	765,267	1,300,000

8	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Other borrowings	765,267	1,300,000

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,050,000 (2017 - £1,200,000).

Page 8