Abbreviated Company Accounts - KSSL LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
A)Going concern
The director has prepared the accounts under going concern concept in spite of negative asset position. The director believes that the company has traded during the year without any overdraft position and has long bad debts to recover from customer. The company has continues support of director.
B)Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
C)Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
D)Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Equipment, fixtures and fittings 25% on Reducing balance method
Computer equipment 33% on Straight-line method
F)Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
Deferred tax is measured on a non-discounted basis, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
G)Related Party Transactions
At the balance sheet date, the directors is owed £ 81,529(2013. £134,500).This is interest free loan to company.
H)Ultimate Controlling Party
At the balance sheet date, the director, Mr. Sarbjit Gill owns 20% shareholding and his sons, Mr Dharmendra Singh Gill and Mr Sadham Singh Shergil own 40% shareholding each. Therefore Mr. Sarbjit Gill is the Ultimate Controlling party as he is the director and has 100% indirect shareholding. The relate company BG Properties Ltd owes amount £ 6,177 only.