Company Registration No. 10423086 (England and Wales)
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
COMPANY INFORMATION
Directors
Mr M Redman
Mr A Kennedy
Company number
10423086
Registered office
43 Duke Street
Arnold
Nottingham
Nottinghamshire
NG5 6GP
Accountants
K J Eaton & Co
32 Main Street
Lambley
Nottingham
NG4 4PN
Business address
43 Duke Street
Arnold
Nottingham
Nottinghamshire
NG5 6GP
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
Notes
£
£
Fixed assets
Tangible assets
3
13,865
Current assets
Debtors
4
10,994
Cash at bank and in hand
31
11,025
Creditors: amounts falling due within one year
5
(22,312)
Net current liabilities
(11,287)
Total assets less current liabilities
2,578
Creditors: amounts falling due after more than one year
6
(650)
Net assets
1,928
Capital and reserves
Called up share capital
7
2
Profit and loss reserves
1,926
Total equity
1,928
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 March 2018 and are signed on its behalf by:
Mr M Redman
Mr A Kennedy
Director
Director
Company Registration No. 10423086
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Kingdom Architectural Glazing Systems Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
43 Duke Street, Arnold, Nottingham, Nottinghamshire, NG5 6GP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total amount receivable during the year, for the supply and installation of domestic and commercial aluminium & glazing systems, by the company in the ordinary course of business excluding value added tax and trade discounts
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect, if any change, is accounted for prospectively.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2016
-
Additions
18,486
At 31 October 2017
18,486
Depreciation and impairment
At 1 November 2016
-
Depreciation charged in the year
4,621
At 31 October 2017
4,621
Carrying amount
At 31 October 2017
13,865
4
Debtors
2017
Amounts falling due within one year:
£
Trade debtors
6,953
Other debtors
4,041
10,994
KINGDOM ARCHITECTURAL GLAZING SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
£
Bank loans and overdrafts
469
Other taxation and social security
1,451
Other creditors
20,392
22,312
6
Creditors: amounts falling due after more than one year
2017
£
Other creditors
650
7
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
2 of £1 each
2
2