NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Kanto Elect Limited is a private company, limited by shares, incorporated and domiciled in England and Wales, United Kingdom. The registered office is Office 120, 77 Victoria Street, London, England, SW1H 0HW.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
During the year ended 31 March 2019 the company suffered a loss after tax of £44,746 (2018: £13,330), giving rise to a balance sheet deficit of £58,075 (2018: £13,329) at the year end. Within this is a balance of £75,896 (2018: £13,500) owed to one of the directors who has agreed to continue to provide such financial support as is required whilst the company strengthens its own financial position. This results is consistent with the director's expectations.
In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern is therefore appropriate for the preparation of the company's accounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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