Kate Creative Ltd - Filleted accounts

Registered number

09993535

Kate Creative Ltd

Unaudited Filleted Accounts

for the year ended 28 February 2018

Kate Creative Ltd
Registered number:		09993535
Balance Sheet
as at 28 February 2018

Notes			2018			2017
£				£
Fixed assets
Tangible assets	3		10,676			9,129

Current assets
Stocks		1,463			1,166
Debtors	5	750			1,104
Cash at bank and in hand		38			16
		2,251			2,286

Creditors: amounts falling due within one year	6	(11,447)			(10,849)

Net current liabilities			(9,196)			(8,563)

Total assets less current liabilities			1,480			566


Provisions for liabilities			(1,270)			(852)


Net assets/(liabilities)			210			(286)

Capital and reserves
Called up share capital			1			1
Profit and loss account			209			(287)

Shareholders' funds			210			(286)

Balance Sheet (continued) ……..

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for The directors acknowledge their 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 special provisions applicable to companies subject to the small companies regime. The directors' report and profit and loss account has therefore not been delivered to the Registrar of Companies. All of the members have consented to the abridgement.




Katharine Grace
Director
Approved by the board on 13 November 2018

The notes form part of these financial statements

Kate Creative Ltd
Notes to the Accounts
for the year ended 28 February 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention in £ Stirling and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Comparative period
	The comparative period represents results from 8 February 2016 to 28 February 2017. This is due to the fact that it was the companies first accounting period. The comparative amounts in the financial statement (including the related notes) are therefore greater than 12 months and are not entirely comparable.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			over 10 years
	Fixtures, fittings, tools and equipment			over 3 years
	Vehicles			over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Taxation
	Taxation represents the sum of tax currently payable and deferred tax. The company's libaility for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

1	Accounting policies (continued) …..
	Taxation (continued) ....... Deferred taxation is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation taxable profit. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.

2	Employees					2018		2017
Number							Number

	Average number of persons employed by the company					4		1


3	Tangible fixed assets
								Total
£
	Cost
	At 1 March 2017							9,977
	Additions							3,995
	At 28 February 2018							13,972

	Depreciation
	At 1 March 2017							848
	Charge for the year							2,448
	At 28 February 2018							3,296

	Net book value
	At 28 February 2018							10,676
	At 28 February 2017							9,129


4	Loans with directors

	Included within creditors are the following loans with directors:

	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	Ciaran Grace
	Director loan	4,800		-		(3,600)		1,200

		4,800		-		(3,600)		1,200

	The above loan was made during the set up of the company. It is unsecured, interest free and repayable on demand.


5	Controlling party

	The company is controlled by its directors, Mr C Grace and Mrs K Grace.


6	Other information

	Kate Creative Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	18 Grassmere
	Horley
	Surrey
	RH6 9UG

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