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Registered number: 03432260










KHI SERVICES LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
KHI SERVICES LIMITED
REGISTERED NUMBER: 03432260

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
101,500
116,000

  
101,500
116,000

Current assets
  

Debtors: amounts falling due within one year
 5 
527,090
1,098,428

Cash at bank and in hand
  
909,868
574,965

  
1,436,958
1,673,393

Creditors: amounts falling due within one year
 6 
(684,714)
(639,226)

Net current assets
  
 
 
752,244
 
 
1,034,167

Total assets less current liabilities
  
853,744
1,150,167

  

Net assets
  
853,744
1,150,167


Capital and reserves
  

Called up share capital 
  
101
101

Profit and loss account
  
853,643
1,150,066

  
853,744
1,150,167


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 profit and loss account 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 21 February 2024.




K Hoppen CBE
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
KHI SERVICES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
101
2,162,059
2,162,160


Comprehensive income for the year

Profit for the year
-
440,007
440,007


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,452,000)
(1,452,000)



At 1 October 2022
101
1,150,066
1,150,167


Comprehensive income for the year

Profit for the year
-
291,577
291,577


Contributions by and distributions to owners

Dividends: Equity capital
-
(588,000)
(588,000)


At 30 September 2023
101
853,643
853,744


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
KHI SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office is Unit 5, 3 Vencourt Place, London, W6 9NU.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
KHI SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

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 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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

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.

 
2.6

Intangible assets

Licences
Licences acquired by the company are stated at cost less accumulated amortisation. Amortisation is based on a useful economic life of 10 years and is provided on a straight line basis.

 
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.
Page 4

 
KHI SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

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.

 
2.11

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 1 (2022 - 1).

Page 5

 
KHI SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Licences

£



Cost


At 1 October 2022
645,000



At 30 September 2023

645,000



Amortisation


At 1 October 2022
529,000


Charge for the year on owned assets
14,500



At 30 September 2023

543,500



Net book value



At 30 September 2023
101,500



At 30 September 2022
116,000




5.


Debtors

2023
2022
£
£


Trade debtors
254,890
90,269

Other debtors
222,648
907,501

Prepayments and accrued income
49,552
39,558

Other taxation and social security
-
61,100

527,090
1,098,428


Page 6

 
KHI SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,053
17,388

Corporation tax
83,560
106,615

Other taxation and social security
63,547
-

Accruals and deferred income
536,554
515,223

684,714
639,226



7.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 21 February 2024 by David Pumfrey (FCA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 7