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REGISTERED NUMBER: 09688923 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 July 2023

for

K10 Systems Ltd

K10 Systems Ltd (Registered number: 09688923)






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


K10 Systems Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: C Connor
M F Taylor
C Connor Jnr





REGISTERED OFFICE: Suite One
Hazlehead Hall Offices
Lee Lane, Millhouse Green
Sheffield
S36 9NN





REGISTERED NUMBER: 09688923 (England and Wales)

K10 Systems Ltd (Registered number: 09688923)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,972 -

CURRENT ASSETS
Stocks 15,000 -
Debtors 5 764,242 450,547
Cash at bank 974,381 206,294
1,753,623 656,841
CREDITORS
Amounts falling due within one year 6 1,172,845 535,290
NET CURRENT ASSETS 580,778 121,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,750

121,551

PROVISIONS FOR LIABILITIES 3,937 -
NET ASSETS 631,813 121,551

CAPITAL AND RESERVES
Called up share capital 110 100
Retained earnings 631,703 121,451
SHAREHOLDERS' FUNDS 631,813 121,551

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.

K10 Systems Ltd (Registered number: 09688923)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





C Connor Jnr - Director


K10 Systems Ltd (Registered number: 09688923)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

K10 Systems 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.

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.

Turnover
Revenue in respect of construction contracts is recognised as the company performs its obligations and when the outcome of the transaction can be estimated reliably. The company is able to reliably estimate the outcome of a construction contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Where the company renders invoices in advance of work performed, the sale is deferred in the balance sheet as deferred income and is presented within creditors falling due within one year until the revenue recognition criteria in FRS 102, Section 23 Revenue is met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

K10 Systems Ltd (Registered number: 09688923)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 makes employer pension contributions to employee pension policies and complies with auto enrolment legislation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
Additions 49,031 17,749 66,780
At 31 July 2023 49,031 17,749 66,780
DEPRECIATION
Charge for year 9,806 2,002 11,808
At 31 July 2023 9,806 2,002 11,808
NET BOOK VALUE
At 31 July 2023 39,225 15,747 54,972

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 106,737 144,722
Amounts recoverable on
contracts 574,703 239,227
Other debtors 82,802 66,598
764,242 450,547

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 917,535 515,882
Taxation and social security 229,504 13,825
Other creditors 25,806 5,583
1,172,845 535,290

K10 Systems Ltd (Registered number: 09688923)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. OTHER FINANCIAL COMMITMENTS

At 31st July 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those assets of £83,113, (2022: £Nil).

8. RELATED PARTY DISCLOSURES

Intex Systems Ltd

A company which Mr C Connor and Mr C Connor jnr were directors, monies were loaned to Intex Systems Ltd, the amount outstanding at the balance sheet date was £Nil, (2022: £4,105). This is reflected in other debtors.
This company is in administration.

Intex Holdings (Yorkshire) Ltd

A none trading company which Mr C Connor and Mr C Connor jnr are directors loaned monies to Intex Holdings (Yorkshire) Ltd, the amount outstanding at the balance sheet date was £Nil, (2022: £2,597). This is reflected in other debtors.

Intex Group Ltd

A none trading subsidiary of Intex Holdings (Yorkshire) Ltd

Monies were loaned form this company and the balance owing at the balance sheet date was £733, (2022: £2,173).This is reflected in other creditors.

9. ULTIMATE CONTROLLING PARTY

There is no overall controlling party.