Kanda Gold Ltd
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Notes to the Accounts |
for the year ended 31 March 2018
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Fixtures, fittings, tools and equipment |
20 percent reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2017 |
66,919 |
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Additions |
32,112 |
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At 31 March 2018 |
99,031 |
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Depreciation |
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At 1 April 2017 |
28,854 |
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Charge for the year |
14,035 |
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At 31 March 2018 |
42,889 |
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Net book value |
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At 31 March 2018 |
56,142 |
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At 31 March 2017 |
38,065 |
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3 |
Debtors |
2018 |
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2017 |
£ |
£ |
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Trade debtors |
5,615 |
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680 |
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Other debtors |
2,924 |
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7,329 |
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8,539 |
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8,009 |
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4 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
£ |
£ |
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Taxation and social security costs |
34,698 |
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18,632 |
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Other creditors |
300,094 |
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311,001 |
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334,792 |
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329,633 |
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5 |
Other information |
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Kanda Gold Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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394 Dudley Road |
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Wolverhampton |
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West Midlands |
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WV2 3AY |