Katherine Powell and Associates Ltd
Unaudited Financial Statements
For Filing with Registrar
For the period ended 31 August 2019
Company Registration No. 11512727 (England and Wales)
Katherine Powell and Associates Ltd
Company Information
Director
K Powell
(Appointed 13 August 2018)
Company number
11512727
Registered office
Pepper Cottage
Vicarage Road
Yalding
Kent
ME18 6DY
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Katherine Powell and Associates Ltd
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Katherine Powell and Associates Ltd
Balance Sheet
As at 31 August 2019
Page 1
2019
Notes
£
£
Fixed assets
Tangible assets
3
1,363
Current assets
Debtors
4
2,373
Cash at bank and in hand
41,344
43,717
Creditors: amounts falling due within one year
5
(18,315)
Net current assets
25,402
Total assets less current liabilities
26,765
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
26,665
Total equity
26,765
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges her 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 27 January 2020
K Powell
Director
Company Registration No. 11512727
Katherine Powell and Associates Ltd
Statement of Changes in Equity
For the period ended 31 August 2019
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 August 2019:
Profit and total comprehensive income for the period
-
50,005
50,005
Issue of share capital
6
100
-
100
Dividends
-
(23,340)
(23,340)
Balance at 31 August 2019
100
26,665
26,765
Katherine Powell and Associates Ltd
Notes to the Financial Statements
For the period ended 31 August 2019
Page 3
1
Accounting policies
Company information
Katherine Powell and Associates Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Pepper Cottage, Vicarage Road, Yalding, Kent, ME18 6DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements are presented for a period longer than one year due to having incorporated on 13 August 2018.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
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:
Computers
20% straight line
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
.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Katherine Powell and Associates Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 August 2019
1
Accounting policies
(Continued)
Page 4
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 13 August 2018
-
Additions
1,703
At 31 August 2019
1,703
Depreciation and impairment
At 13 August 2018
-
Depreciation charged in the period
340
At 31 August 2019
340
Carrying amount
At 31 August 2019
1,363
4
Debtors
2019
Amounts falling due within one year:
£
Other debtors
2,373
Katherine Powell and Associates Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 August 2019
Page 5
5
Creditors: amounts falling due within one year
2019
£
Corporation tax
11,458
Other taxation and social security
5,657
Other creditors
1,200
18,315
6
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
On 13 August 2018, 100 Ordinary shares of £1 were issued at par.