Kompelec Limited - Period Ending 2020-07-31

Kompelec Limited - Period Ending 2020-07-31


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Registration number: 08630238

Kompelec Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2020

 

Kompelec Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Kompelec Limited

Company Information

Director

Miss K Hall

Registered office

First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

Accountants

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

 

Kompelec Limited

(Registration number: 08630238)
Balance Sheet as at 31 July 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

1,298

1,902

Current assets

 

Debtors

5

17,772

42,361

Cash at bank and in hand

 

3,712

1,219

 

21,484

43,580

Creditors: Amounts falling due within one year

6

(31,729)

(42,378)

Net current (liabilities)/assets

 

(10,245)

1,202

Net (liabilities)/assets

 

(8,947)

3,104

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(9,047)

3,004

Total equity

 

(8,947)

3,104

For the financial year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Kompelec Limited

(Registration number: 08630238)
Balance Sheet as at 31 July 2020

Approved and authorised by the director on 30 April 2021
 

.........................................

Miss K Hall
Director

 

Kompelec Limited

Notes to the Financial Statements for the Year Ended 31 July 2020

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ
United Kingdom

The company's registration number is: 08630238

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company relies on the financial support of certain creditors and its director. The director anticipates that this financial support will continue for the foreseeable future. On the basis, the director considers it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result, should the financial support be withdrawn or be insufficient and if the company was unable to continue as a going concern.

The directors have considered the impact of COVID 19 on the business within the financial year. They believe although this has impacted the business it has not affected the company's ability to continue trading and as a result the accounts are prepared under the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Kompelec Limited

Notes to the Financial Statements for the Year Ended 31 July 2020

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Computer equipment

25% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Kompelec Limited

Notes to the Financial Statements for the Year Ended 31 July 2020

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2019 - 3).

 

Kompelec Limited

Notes to the Financial Statements for the Year Ended 31 July 2020

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2019

3,798

2,459

6,257

At 31 July 2020

3,798

2,459

6,257

Depreciation

At 1 August 2019

2,319

2,036

4,355

Charge for the year

370

234

604

At 31 July 2020

2,689

2,270

4,959

Carrying amount

At 31 July 2020

1,109

189

1,298

At 31 July 2019

1,479

423

1,902

5

Debtors

2020
£

2019
£

Trade debtors

16,524

25,554

Other debtors

1,248

16,807

17,772

42,361

6

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Bank loans and overdrafts

7

-

224

Trade creditors

 

6,746

18,828

Taxation and social security

 

20,986

15,652

Other creditors

 

3,997

7,674

 

31,729

42,378

 

Kompelec Limited

Notes to the Financial Statements for the Year Ended 31 July 2020

7

Loans and borrowings

2020
£

2019
£

Current loans and borrowings

Bank overdrafts

-

224

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2020
£

2019
£

Not later than one year

15,000

15,000

Later than one year and not later than five years

30,000

45,000

45,000

60,000