Company Registration No. 06923811 (England and Wales)
K & M DECORATING LIMITED
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
K & M DECORATING LIMITED
COMPANY INFORMATION
Director
D A Langford
Company number
06923811
Registered office
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Accountants
Bryden Johnson
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Business address
Flint Cottage
8 Single Street
Berrys Green
Westerham
TN16 3AA
K & M DECORATING LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
K & M DECORATING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2015
- 1 -
The director presents his report and financial statements for the year ended 30 June 2015.
Principal activities
The principal activity of the company continued to be that of building services.
Director
The following director has held office since 1 July 2014:
D A Langford
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
D A Langford
Director
4 September 2015
K & M DECORATING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF K & M DECORATING LIMITED FOR THE YEAR ENDED 30 JUNE 2015
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K & M Decorating Limited for the year ended 30 June 2015 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of K & M Decorating Limited, as a body, in accordance with the terms of our engagement letter dated 13 September 2013. Our work has been undertaken solely to prepare for your approval the financial statements of K & M Decorating Limited and state those matters that we have agreed to state to the Board of Directors of K & M Decorating Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K & M Decorating Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that K & M Decorating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K & M Decorating Limited. You consider that K & M Decorating Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of K & M Decorating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bryden Johnson
10 September 2015
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
K & M DECORATING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2015
- 3 -
2015
2014
Notes
£
£
Turnover
914,255
468,380
Cost of sales
(731,251)
(366,222)
Gross profit
183,004
102,158
Administrative expenses
(44,705)
(31,863)
Operating profit
2
138,299
70,295
Other interest receivable and similar income
3
2
30
Interest payable and similar charges
(312)
(526)
Profit on ordinary activities before taxation
137,989
69,799
Tax on profit on ordinary activities
4
(27,631)
(14,011)
Profit for the year
12
110,358
55,788
K & M DECORATING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
6
6,770
9,027
Current assets
Debtors
7
203,527
161,227
Cash at bank and in hand
39,630
9,726
243,157
170,953
Creditors: amounts falling due within one year
8
(88,867)
(70,877)
Net current assets
154,290
100,076
Total assets less current liabilities
161,060
109,103
Provisions for liabilities
9
(1,354)
(1,805)
159,706
107,298
Capital and reserves
Called up share capital
11
180
200
Other reserves
12
20
-
Profit and loss account
12
159,506
107,098
Shareholders' funds
159,706
107,298
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 4 September 2015
D A Langford
Director
Company Registration No. 06923811
K & M DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
2,257
3,008
Director's remuneration
22,000
12,000
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2014 - 1).
3
Investment income
2015
2014
£
£
Bank interest
2
30
2
30
4
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
28,082
14,613
Total current tax
28,082
14,613
Deferred tax
Deferred tax charge/credit current year
(451)
(602)
27,631
14,011
K & M DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 6 -
5
Dividends
2015
2014
£
£
Ordinary interim paid
37,950
29,500
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2014 & at 30 June 2015
21,144
Depreciation
At 1 July 2014
12,117
Charge for the year
2,257
At 30 June 2015
14,374
Net book value
At 30 June 2015
6,770
At 30 June 2014
9,027
The net book value of tangible fixed assets includes £6,452 (2014 - £8,603) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £2,151 (2014 - £2,867) for the year.
7
Debtors
2015
2014
£
£
Trade debtors
889
-
Other debtors
202,638
161,227
203,527
161,227
K & M DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 7 -
8
Creditors: amounts falling due within one year
2015
2014
£
£
Net obligations under hire purchase contracts
-
2,912
Trade creditors
29,579
41,880
Taxation and social security
39,053
22,577
Other creditors
20,235
3,508
88,867
70,877
9
Provisions for liabilities
Deferred tax liability
£
Balance at 1 July 2014
1,805
Profit and loss account
(451)
Balance at 30 June 2015
1,354
The deferred tax liability is made up as follows:
2015
2014
£
£
Accelerated capital allowances
1,354
1,805
10
Pension costs
Defined contribution
2015
2014
£
£
Contributions payable by the company for the year
10,000
-
K & M DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 8 -
11
Share capital
2015
2014
£
£
Allotted, called up and fully paid
80 Ordinary non-voting shares of £1 each
80
100
100 Ordinary A shares of £1 each
100
100
180
200
During the year the company purchase 20 of its own £1 ordinary shares for £20,000
12
Statement of movements on reserves
Other reserves
(see below)
Profit
and loss
account
£
£
Balance at 1 July 2014
-
107,098
Profit for the year
-
110,358
Purchase of own shares
-
(20,000)
Dividends paid
-
(37,950)
Movement during the year
20
-
Balance at 30 June 2015
20
159,506
Other reserves
Capital redemption reserve
Capital redemption reserve movement
20
Balance at 30 June 2015
20
13
Control
The ultimate controlling party is D A Langford, the director of the company.
14
Related party relationships and transactions
Dividends to Directors
The following director was paid dividend during the year as outlined in the table below:
2015
2014
£
£
D A Langford
37,950
29,500
37,950
29,500
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