Registration number:
Kay Initiatives Limited
for the
Year Ended 31 December 2020
Kay Initiatives Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Kay Initiatives Limited
Company Information
Director |
M B Kay |
Registered office |
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Accountants |
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Kay Initiatives Limited
(Registration number: 03091739)
Balance Sheet as at 31 December 2020
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2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' (deficit)/funds |
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Kay Initiatives Limited
(Registration number: 03091739)
Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
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Director
Kay Initiatives Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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.
The presentation currency of the financial statements is Pound Sterling (£).
Kay Initiatives Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 31 December 2020, the company had net current liabilities of £2,437 (2019 - net current assets of £278) and net liabilities of £1,425 (2019 - net assets £1,475). The director has considered the position of the company with respect to ts obligations to ensure the business can continue in operational existence for the foreseeable future. Of the amount shown within current liabilities, is an amont due to the director of £9,563. The director has agreed not to demand repayment of this amount to any extent that it may jeapordise the future of the company.
In addition, on 11 March 2020, COVID-19 was declared a pandemic by the World Health Organisation. Shortly thereafter the UK government issued guidance restricting movement of people to help reduce the impact of COVID-19. The director has assessed the challenges arising from the uncertainty around the actual and potential impacts upon the company posed by COVID-19. The company was initially affected by the COVID-19 restrictions and trade was reduced, however the company was able to take advantage of the various Govenment Grants available to it and subsequently trade has increased.
The director therefore considers it appropriate to adopt the going concern basis for preparing the financial statements.
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 and deferred 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.
Kay Initiatives Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Furniture and fittings |
15% Reducing balance |
Plant and machinery |
15% Reducing balance |
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.
Kay Initiatives Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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Accounting policies (continued) |
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Kay Initiatives Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Stocks |
2020 |
2019 |
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Stocks |
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Kay Initiatives Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2019 |
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Due within one year |
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Accruals |
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Other creditors |
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