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Registration number: 8660294

KV Metal Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

KV Metal Products Limited

(Registration number: 8660294)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

2,500

Tangible assets

5

300,089

309,752

 

300,089

312,252

Current assets

 

Stocks

6

2,000

4,000

Debtors

7

13,842

23,255

Cash at bank and in hand

 

42,885

63,599

 

58,727

90,854

Creditors: Amounts falling due within one year

8

(64,956)

(70,687)

Net current (liabilities)/assets

 

(6,229)

20,167

Total assets less current liabilities

 

293,860

332,419

Creditors: Amounts falling due after more than one year

8

(194,863)

(248,933)

Provisions for liabilities

(20,196)

(16,370)

Net assets

 

78,801

67,116

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

52,203

53,101

Retained earnings

26,498

13,915

Shareholders' funds

 

78,801

67,116

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

KV Metal Products Limited

(Registration number: 8660294)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
K S Hughes
Director

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

The principal place of business is:
Unit 10
Edison Road
Salisbury
Wiltshire
SP2 7NU

These financial statements were authorised for issue by the Board on 14 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or revaluation, 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.

The revaluation model has been applied in respect of freehold land and buildings. The option to make an annual transfer from the revaluation reserve to the profit and loss account equivalent to the excess depreciation that has been charged in respect of the revaluation has been taken.

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

15% reducing balance

Office equipment

15% reducing balance

Land

none provided

Freehold property

50 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

25,000

25,000

At 30 September 2023

25,000

25,000

Amortisation

At 1 October 2022

22,500

22,500

Amortisation charge

2,500

2,500

At 30 September 2023

25,000

25,000

Carrying amount

At 30 September 2023

-

-

At 30 September 2022

2,500

2,500

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

300,000

6,950

98,419

405,369

At 30 September 2023

300,000

6,950

98,419

405,369

Depreciation

At 1 October 2022

28,000

3,750

63,867

95,617

Charge for the year

4,000

480

5,183

9,663

At 30 September 2023

32,000

4,230

69,050

105,280

Carrying amount

At 30 September 2023

268,000

2,720

29,369

300,089

At 30 September 2022

272,000

3,200

34,552

309,752

Included within the net book value of land and buildings above is £268,000 (2022 - £272,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 1 October 2015. An independent valuer was not involved.
The valuation was provided by the directors. The directors believe this valuation is still appropriate.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £207,295 (2022 - £210,397).

6

Stocks

2023
£

2022
£

Production supplies

2,000

4,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

13,460

23,255

Prepayments

382

-

 

13,842

23,255

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,000

12,000

Trade creditors

 

5,021

6,301

Taxation and social security

 

24,510

28,305

Accruals and deferred income

 

27,423

23,881

Other creditors

 

2,002

200

 

64,956

70,687

Creditors include bank loans and overdrafts of £6,000 (2022 - £12,000), which is secured on a UK Government backed guarantee.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

194,863

248,933

Creditors include bank loans and overdrafts which are secured of £10,000 (2022 - £96,095). £10,000 of which is secured on a UK Government backed guarantee.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,000

96,095

Other borrowings

184,863

152,838

194,863

248,933

 

KV Metal Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,000

12,000