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Registration number: 10638930

The KitZone Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 30 April 2020

 

The KitZone Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

The KitZone Ltd

(Registration number: 10638930)
Balance Sheet as at 30 April 2020

Note

2020
£

2019
£

           

Fixed assets

   

 

Tangible assets

4

 

11,086

 

558

Current assets

   

 

Stocks

-

 

11,848

 

Debtors

5

23,876

 

100

 

Cash at bank and in hand

 

19,660

 

25,085

 

 

43,536

 

37,033

 

Creditors: Amounts falling due within one year

6

(41,411)

 

(33,683)

 

Net current assets

   

2,125

 

3,350

Net assets

   

13,211

 

3,908

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

13,111

 

3,808

 

Total equity

   

13,211

 

3,908

For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 August 2020
 

.........................................

Mr Roy Malcolm Kendall
Director

 

The KitZone Ltd

Notes to the Financial Statements For The Year Ended 30 April 2020

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:
2 Woodside Mews
Clayton Wood Close
Leeds
West Yorkshire
LS16 6QE
United Kingdom

These financial statements were authorised for issue by the director on 10 August 2020.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current 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 income 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.

 

The KitZone Ltd

Notes to the Financial Statements For The Year Ended 30 April 2020

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Fixtures, fittings and equipment

25% on cost

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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2019 - 2).

 

The KitZone Ltd

Notes to the Financial Statements For The Year Ended 30 April 2020

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2019

1,116

-

1,116

Additions

3,309

11,100

14,409

At 30 April 2020

4,425

11,100

15,525

Depreciation

At 1 May 2019

558

-

558

Charge for the year

1,106

2,775

3,881

At 30 April 2020

1,664

2,775

4,439

Carrying amount

At 30 April 2020

2,761

8,325

11,086

At 30 April 2019

558

-

558

5

Debtors

2020
£

2019
£

Other debtors

23,876

100

6

Creditors

Creditors: amounts falling due within one year

2020
£

2019
£

Due within one year

Trade creditors

153

9,138

Taxation and social security

3,533

762

Other creditors

37,725

23,783

41,411

33,683