Company registration number 10086397 (England and Wales)
KD CONTRACTS PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
KD CONTRACTS PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
Mr D M Hayler
Mr R V Beech
Mr M J Beech
Company number
10086397
Registered office
10A High Street
Chislehurst
United Kingdom
BR7 5AN
Accountants
Bells Enterprises Ltd
10A High Street
Chislehurst
United Kingdom
BR7 5AN
KD CONTRACTS PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KD CONTRACTS PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,197
5,774
Current assets
Debtors
5
113,996
194,914
Cash at bank and in hand
315,137
475,541
429,133
670,455
Creditors: amounts falling due within one year
6
(60,830)
(193,300)
Net current assets
368,303
477,155
Total assets less current liabilities
386,500
482,929
Provisions for liabilities
(732)
Net assets
386,500
482,197
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
386,350
482,047
Total equity
386,500
482,197
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year 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 by the board of directors and authorised for issue on 19 December 2023 and are signed on its behalf by:
Mr R V Beech
Mr M J Beech
Director
Director
Company Registration No. 10086397
KD CONTRACTS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
KD Contracts Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10A High Street, Chislehurst, United Kingdom, BR7 5AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.
The directors have considered all of the information available and are confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised in the accounting period in which the services were rendered and when the outcome of the contract can be reliably measured. The company uses the percentage completion method based on the actual services performed as a percentage of the total contract value.
1.3
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:
Plant and equipment
33% on cost
Computers
33% on cost
Motor vehicles
25% on reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KD CONTRACTS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
7
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
7,541
37,071
Deferred tax
Origination and reversal of timing differences
(732)
(277)
Total tax charge
6,809
36,794
KD CONTRACTS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
22,434
Additions
15,200
At 31 March 2023
37,634
Depreciation and impairment
At 1 April 2022
16,660
Depreciation charged in the year
2,777
At 31 March 2023
19,437
Carrying amount
At 31 March 2023
18,197
At 31 March 2022
5,774
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
113,996
194,914
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,525
60,615
Corporation tax
7,541
37,071
Other taxation and social security
23,309
83,520
Other creditors
5,455
12,094
60,830
193,300
7
Related party transactions
At the year end the Directors were owed £1,635 (2022 : £139) by the company. These amounts are interest free and carry no fixed terms of repayment..