Klenitise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07822618 (England and Wales)

KLENITISE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

I R Johnson

C Luxton

J F Holmes

REGISTERED OFFICE:

4th Floor

3 Assembly Square

Britannia Quay

Cardiff Bay

CF10 4PL

REGISTERED NUMBER:

07822618 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

CURRENT ASSETS

Debtors

3

583

748

Cash at bank

1,191

1,841

1,774

2,589

CREDITORS

Amounts falling due within one year

4

12,175

12,482

NET CURRENT LIABILITIES

(10,401

)

(9,893

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(10,401

)

(9,893

)

CAPITAL AND RESERVES

Called up share capital

3,125

3,125

Retained earnings

(13,526

)

(13,018

)

SHAREHOLDERS' FUNDS

(10,401

)

(9,893

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 16 September 2019 and were signed on its behalf by:

J F Holmes - Director

1.	STATUTORY INFORMATION

Klenitise Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors which are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision only effects that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The following are the critical judgements that the directors have made in the process of applying the

company's accounting policies and that have the most significant effect on the amounts recognised in

the financial statements.

Impairment of debtors

The company makes an estimate of the recoverable value of trade debtors, based on management's

knowledge of customers and historical experience.

Financial assets and liabilities

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are

initially measured at transaction price unless the arrangement constitutes a financing transaction,

where the transaction is measured at the present value of the future receipts discounted at a market

rate of interest.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price

unless the arrangement constitutes a financing transaction, where the debt instrument is measured at

the present value of the future payments discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue

costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date

of transaction.

Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over

the lease term.

Going concern

The company has recorded a loss during the year and has net liabilities at the balance sheet date. The

directors have assessed the current financial position of the company and its likely future cashflows.

The directors have a reasonable expectation that the company has adequate resources to continue in

operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern

basis in preparing the financial statements.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

583

583

Prepayments

-

165

583

748

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Investor loans

11,875

11,875

Accruals and deferred income

300

607

12,175

12,482

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

6.	ULTIMATE CONTROLLING PARTY

7.	EMPLOYEES AND DIRECTORS

The directors of the company are the only employees in the current and prior year.