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REGISTERED NUMBER: 08906305 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

KPM-MARINE LTD.

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KPM-MARINE LTD.

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTORS: J R J Morgan
M Underwood
J A Young





REGISTERED OFFICE: 85-90 Buckingham Street
Birmingham
B19 3HU





REGISTERED NUMBER: 08906305 (England and Wales)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

BALANCE SHEET
31 July 2023

31.7.22 31.7.23
£    £    Notes £    £   
FIXED ASSETS
49,827 Intangible assets 4 39,667
85,613 Tangible assets 5 77,256
24 Investments 6 -
135,464 116,923

CURRENT ASSETS
211,619 Stocks 337,004
201,557 Debtors 7 162,384
109,403 Cash at bank and in hand 143,284
522,579 642,672
CREDITORS
218,583 Amounts falling due within one year 8 337,008
303,996 NET CURRENT ASSETS 305,664
439,460 TOTAL ASSETS LESS CURRENT
LIABILITIES

422,587

CREDITORS
(164,601 ) Amounts falling due after more than one
year

9

(116,533

)

(15,887 ) PROVISIONS FOR LIABILITIES -
258,972 NET ASSETS 306,054

CAPITAL AND RESERVES
100 Called up share capital 100
258,872 Retained earnings 305,954
258,972 306,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

BALANCE SHEET - continued
31 July 2023


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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:





J R J Morgan - Director


KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

KPM-Marine Ltd. 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 (£).


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.

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

Turnover
Turnover represents the total invoice value, less credit notes, excluding value added tax, of sales made in the period.

Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Turnover represents the value of work done in the year, including estimates of amounts not invoiced. Revenue is measured at the fair value of consideration received or receivable for goods and services provided in the normal course of business, net of discounts and value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Assets held under finance leases are depreciated in the same way as owned assets

At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and expected selling price less costs to complete and sell, after making due allowance for obsolete or slow moving items.

When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs.

Investments
Investments in associated undertakings are recognised at cost less impairment. Provision is made against the carrying value when the directors consider that there has been a permanent diminution in value.

Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts.

Bank overdrafts are shown within borrowings in current liabilities.

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022
and 31 July 2023 101,600
AMORTISATION
At 1 August 2022 51,773
Charge for year 10,160
At 31 July 2023 61,933
NET BOOK VALUE
At 31 July 2023 39,667
At 31 July 2022 49,827

5. TANGIBLE FIXED ASSETS
Plant & Motor Computer
Totals machinery vehicles equipment
£    £    £    £   
COST
At 1 August 2022 125,409 116,196 4,000 5,213
Additions 6,175 3,980 - 2,195
At 31 July 2023 131,584 120,176 4,000 7,408
DEPRECIATION
At 1 August 2022 39,796 32,816 3,438 3,542
Charge for year 14,532 12,038 141 2,353
At 31 July 2023 54,328 44,854 3,579 5,895
NET BOOK VALUE
At 31 July 2023 77,256 75,322 421 1,513
At 31 July 2022 85,613 83,380 562 1,671

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
£   
COST
At 1 August 2022
and 31 July 2023 87,120
DEPRECIATION
At 1 August 2022 12,984
Charge for year 8,712
At 31 July 2023 21,696
NET BOOK VALUE
At 31 July 2023 65,424
At 31 July 2022 74,136

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2022 24
Disposals (24 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 24

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 68,778 71,725
Amounts owed by group undertakings 67,315 104,806
Other debtors 26,291 25,026
162,384 201,557

KPM-MARINE LTD. (REGISTERED NUMBER: 08906305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 35,000 35,000
Hire purchase contracts 13,068 13,068
Trade creditors 256,313 151,288
Taxation and social security 11,649 8,219
Other creditors 20,978 11,008
337,008 218,583

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 96,250 131,250
Hire purchase contracts 20,283 33,351
116,533 164,601

10. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 131,250 166,250
Hire purchase contracts 33,351 46,419
164,601 212,669

The company has granted a fixed and floating charge dated 29 March 2021 in favour of Lloyds Bank plc in respect of all sums due or which may become due.

Obligations under hire purchase contracts are secured over the assets to which they relate.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company and ultimate controlling party is Scot Seat Group Ltd, a company registered in Scotland (SC441264), whose registered office is 9 Glasgow Road, Paisley PA1 3QS.