Company No:
Contents
DIRECTOR | Keir Lane |
REGISTERED OFFICE | 117 Battenhall Road |
WR5 2BU | |
Worcester | |
United Kingdom |
COMPANY NUMBER | 12757286 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
1-3 College Yard | |
Worcester | |
WR1 2LB |
Note | 31.07.2021 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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7,213 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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87,731 | ||
Creditors | ||
Amounts falling due within one year | 5 | (
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Net current assets | 61,423 | |
Total assets less current liabilities | 68,636 | |
Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of KL Precision Tooling Ltd (registered number:
Keir Lane
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
KL Precision Tooling Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 117 Battenhall Road, WR5 2BU, Worcester, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery |
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Computer equipment |
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The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Period from 21.07.2020 to 31.07.2021 |
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Number | |
Monthly average number of persons employed by the Company during the period, including the director |
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Plant and machinery | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 21 July 2020 |
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Additions |
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At 31 July 2021 |
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Accumulated depreciation | |||||
At 21 July 2020 |
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Charge for the financial period |
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At 31 July 2021 |
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Net book value | |||||
At 31 July 2021 |
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31.07.2021 | |
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Amounts owed by director |
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31.07.2021 | |
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Trade creditors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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