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COMPANY REGISTRATION NUMBER: 05964664
Kimm & Miller (UK) Ltd.
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
Kimm & Miller (UK) Ltd.
Financial Statements
Year ended 28 February 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Kimm & Miller (UK) Ltd.
Officers and Professional Advisers
THE BOARD OF DIRECTORS
D A Kimm
R M Kimm
D A Reich
J Gawin
W Pegg
COMPANY SECRETARY
J Gawin
REGISTERED OFFICE
Unit E
Bedford Business Centre
Mile Road
Bedford
MK42 9TW
ACCOUNTANTS
Streets
Chartered accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
HSBC Bank Plc
12 Allhallows
Bedford
MK40 1LJ
Kimm & Miller (UK) Ltd.
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
34,030
46,462
Current assets
Stocks
811,897
1,101,861
Debtors
6
1,125,641
2,077,467
Cash at bank and in hand
1,856,156
266,487
------------
------------
3,793,694
3,445,815
Creditors: amounts falling due within one year
7
2,623,614
1,638,414
------------
------------
Net current assets
1,170,080
1,807,401
------------
------------
Total assets less current liabilities
1,204,110
1,853,863
Provisions
Taxation including deferred tax
37,347
------------
------------
Net assets
1,204,110
1,816,516
------------
------------
Capital and reserves
Called up share capital
5
5
Profit and loss account
1,204,105
1,816,511
------------
------------
Shareholders funds
1,204,110
1,816,516
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kimm & Miller (UK) Ltd.
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
D A Kimm
R M Kimm
Director
Director
Company registration number: 05964664
Kimm & Miller (UK) Ltd.
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit E, Bedford Business Centre, Mile Road, Bedford, MK42 9TW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in GBP sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of income and retained earnings.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
Over the initial life of the lease
Plant and machinery
-
25% to 50% straight line per annum
Fixtures and fittings
-
25% straight line per annum
Computer equipment
-
25% straight line per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is based on the cost of purchase on a weighted average basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.
Government grants
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution pension plans
The company operates a defined contribution pension plan for its employees. Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 27 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
13,143
12,948
41,006
137,546
204,643
Additions
1,375
4,720
6,095
Disposals
( 3,205)
( 5,925)
( 9,130)
--------
--------
--------
---------
---------
At 28 February 2023
13,143
12,948
39,176
136,341
201,608
--------
--------
--------
---------
---------
Depreciation
At 1 March 2022
11,381
37,703
109,096
158,180
Charge for the year
587
5,897
1,633
10,410
18,527
Disposals
( 3,204)
( 5,925)
( 9,129)
--------
--------
--------
---------
---------
At 28 February 2023
11,968
5,897
36,132
113,581
167,578
--------
--------
--------
---------
---------
Carrying amount
At 28 February 2023
1,175
7,051
3,044
22,760
34,030
--------
--------
--------
---------
---------
At 28 February 2022
1,762
12,948
3,303
28,450
46,463
--------
--------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
806,521
1,744,249
Amounts owed by group undertakings and undertakings in which the company has a participating interest
77,317
24,054
Other debtors
241,803
309,164
------------
------------
1,125,641
2,077,467
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
154,063
217,166
Trade creditors
274,870
723,097
Social security and other taxes
40,113
41,305
Other creditors
2,154,568
656,846
------------
------------
2,623,614
1,638,414
------------
------------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
37,347
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
8,312
11,252
Unused tax losses
( 25,488)
Short term timing differences
17,176
26,095
--------
--------
37,347
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
71,806
36,605
Later than 1 year and not later than 5 years
259,534
43,211
---------
--------
331,340
79,816
---------
--------
10. Pension commitments
The company operates a defined contribution pension scheme. The pension costs charge represents contributions payable by the company to the fund, which totalled £113,335 (2022: £111,542). At the reporting date there were outstanding pension contributions payable totalling £5,365 (2022: £5,330).
11. Directors' advances, credits and guarantees
At the reporting date the directors owed the following loan balances:
2023 2022
£ £
R M Kimm 34,550 34,550
D A Kimm 6,849 6,849
No interest has been charged and no amounts written off in the year.
12. Related party transactions
During the year the company had the following transactions with a fellow group company, Kimm & Miller (Online) Ltd : Recharged income to Kimm & Miller (Online) Ltd £308,139 (2022 £nil). Recharged costs from Kimm & Miller (Online) Ltd of £348,975 (2022 £nil). At the reporting date the company was owed the following balances by fellow group companies: Kimm & Miller (Online) Ltd: £36,604 (2022 £nil). Kimm & Miller (Hong Kong) Ltd: £9,524 (2022 £1,341). Elite Idea Enterprises Ltd: £31,189 (2022 £22,713).
13. Controlling party
The parent company is Kimm & Miller (Holdings) Ltd, a company incorporated in England and Wales. The Registered Office address is Unit E, Bedford Business Centre, Mile Road, Bedford, MK42 9TW. The ultimate controlling parties are D A Reich , R M Kimm and D A Kimm.