Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falsefinance brokerage53truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06881216 2022-05-01 2023-04-30 06881216 2021-05-01 2022-04-30 06881216 2023-04-30 06881216 2022-04-30 06881216 2021-05-01 06881216 c:Director2 2022-05-01 2023-04-30 06881216 c:Director3 2022-05-01 2023-04-30 06881216 c:RegisteredOffice 2022-05-01 2023-04-30 06881216 d:FurnitureFittings 2022-05-01 2023-04-30 06881216 d:FurnitureFittings 2023-04-30 06881216 d:FurnitureFittings 2022-04-30 06881216 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06881216 d:OfficeEquipment 2022-05-01 2023-04-30 06881216 d:OfficeEquipment 2023-04-30 06881216 d:OfficeEquipment 2022-04-30 06881216 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06881216 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06881216 d:CurrentFinancialInstruments 2023-04-30 06881216 d:CurrentFinancialInstruments 2022-04-30 06881216 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06881216 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 06881216 d:ShareCapital 2022-05-01 2023-04-30 06881216 d:ShareCapital 2023-04-30 06881216 d:ShareCapital 2021-05-01 2022-04-30 06881216 d:ShareCapital 2022-04-30 06881216 d:ShareCapital 2021-05-01 06881216 d:CapitalRedemptionReserve 2022-05-01 2023-04-30 06881216 d:CapitalRedemptionReserve 2023-04-30 06881216 d:CapitalRedemptionReserve 2021-05-01 2022-04-30 06881216 d:CapitalRedemptionReserve 2022-04-30 06881216 d:CapitalRedemptionReserve 2021-05-01 06881216 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 06881216 d:RetainedEarningsAccumulatedLosses 2023-04-30 06881216 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 06881216 d:RetainedEarningsAccumulatedLosses 2022-04-30 06881216 d:RetainedEarningsAccumulatedLosses 2021-05-01 06881216 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 06881216 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-30 06881216 c:FRS102 2022-05-01 2023-04-30 06881216 c:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 06881216 c:FullAccounts 2022-05-01 2023-04-30 06881216 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06881216 d:WithinOneYear 2023-04-30 06881216 d:WithinOneYear 2022-04-30 06881216 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 06881216 d:HirePurchaseContracts d:WithinOneYear 2022-04-30 06881216 2 2022-05-01 2023-04-30 06881216 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 06881216 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 iso4217:GBP xbrli:pure

Registered number: 06881216










KKD FINANCE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
KKD FINANCE LIMITED
 
 
COMPANY INFORMATION


Directors
K Cockaday 
N J Flower 




Registered number
06881216



Registered office
Unit 1
Aylsham Business Park

Richard Oakes Road

Aylsham

Norfolk

NR11 6FD




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
KKD FINANCE LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Statement of Changes in Equity
 
4 - 5
Notes to the Financial Statements
 
6 - 13


 
KKD FINANCE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KKD FINANCE LIMITED
FOR THE YEAR ENDED 30 APRIL 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KKD Finance Limited for the year ended 30 April 2023 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of KKD Finance Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of KKD Finance Limited  and state those matters that we have agreed to state to the director of KKD Finance Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KKD Finance Limited and its director for our work or for this report. 

It is your duty to ensure that KKD Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KKD Finance Limited. You consider that KKD Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of KKD Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
6 October 2023
Page 1

 
KKD FINANCE LIMITED
REGISTERED NUMBER: 06881216

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,301
5,441

  
5,301
5,441

Current assets
  

Debtors: amounts falling due within one year
 5 
7,310
15,272

Cash at bank and in hand
 6 
112,290
92,316

  
119,600
107,588

Creditors: amounts falling due within one year
 7 
(26,640)
(34,009)

Net current assets
  
 
 
92,960
 
 
73,579

Total assets less current liabilities
  
98,261
79,020

Provisions for liabilities
  

Deferred tax
 10 
(1,325)
(1,033)

  
 
 
(1,325)
 
 
(1,033)

Net assets
  
96,936
77,987


Capital and reserves
  

Called up share capital 
  
107
107

Capital redemption reserve
  
202
202

Profit and loss account
  
96,627
77,678

  
96,936
77,987


Page 2

 
KKD FINANCE LIMITED
REGISTERED NUMBER: 06881216
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 October 2023.




K Cockaday
Director

The notes on pages 6 to 13 form part of these financial statements.

Page 3

 
KKD FINANCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
107
202
77,678
77,987


Comprehensive income for the year

Profit for the year

-
-
93,999
93,999


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
93,999
93,999


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(75,050)
(75,050)


Total transactions with owners
-
-
(75,050)
(75,050)


At 30 April 2023
107
202
96,627
96,936


The notes on pages 6 to 13 form part of these financial statements.

Page 4

 
KKD FINANCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2021
202
101
34,866
35,169


Comprehensive income for the year

Profit for the year

-
-
124,062
124,062


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
124,062
124,062


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(81,250)
(81,250)

Purchase of own shares
-
101
-
101

Shares issued during the year
6
-
-
6

Shares cancelled during the year
(101)
-
-
(101)


Total transactions with owners
(95)
101
(81,250)
(81,244)


At 30 April 2022
107
202
77,678
77,987


The notes on pages 6 to 13 form part of these financial statements.

Page 5

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

KKD Finance Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is Unit1, Aylsham Business Park, Richard Oakes Road, Alysham, Norfolk, NR11 6FD.
The Company's principal activity is that of finance brokerage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide asset financing services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 - the amount of revenue can be measured reliably;
 - it is probable that the Company will receive the consideration due under the contract;
 - the stage of completion of the contract at the end of the reporting period can be measured reliably; and
 - the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Pensions

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 profit or loss 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.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 9

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 10

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 May 2022
12,991
2,219
15,210


Additions
816
419
1,235



At 30 April 2023

13,807
2,638
16,445



Depreciation


At 1 May 2022
7,664
2,105
9,769


Charge for the year on owned assets
1,241
134
1,375



At 30 April 2023

8,905
2,239
11,144



Net book value



At 30 April 2023
4,902
399
5,301



At 30 April 2022
5,327
114
5,441

Page 11

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Debtors

2023
2022
£
£


Trade debtors
4,830
11,669

Prepayments and accrued income
2,480
3,603

7,310
15,272



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
112,290
92,316

112,290
92,316



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
535
1,691

Corporation tax
24,351
28,673

Other creditors
1,154
170

Accruals and deferred income
600
3,475

26,640
34,009



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
12,844

-
12,844

Page 12

 
KKD FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
112,290
92,316




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


10.


Deferred taxation




2023


£






At beginning of year
(1,033)


Charged to profit or loss
(292)



At end of year
(1,325)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,325)
(1,033)

(1,325)
(1,033)


11.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
15,413
12,844

15,413
12,844

 
Page 13