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Registration number: 04262026

Ki Martial Arts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Ki Martial Arts Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Ki Martial Arts Limited

Company Information

Directors

Mr S Taylor

Mr A S Taylor

Company secretary

Mr A S Taylor

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ki Martial Arts Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ki Martial Arts Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ki Martial Arts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ki Martial Arts Limited and state those matters that we have agreed to state to the Board of Directors of Ki Martial Arts Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ki Martial Arts Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ki Martial Arts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ki Martial Arts Limited. You consider that Ki Martial Arts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ki Martial Arts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.





Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

22 July 2024

 

Ki Martial Arts Limited

(Registration number: 04262026)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

26,319

32,353

Investments

6

87

85

 

26,406

32,438

Current assets

 

Stocks

7

143,359

214,710

Debtors

8

305,496

277,298

Cash at bank and in hand

 

5,915

12,745

 

454,770

504,753

Creditors: Amounts falling due within one year

9

(136,363)

(243,898)

Net current assets

 

318,407

260,855

Total assets less current liabilities

 

344,813

293,293

Creditors: Amounts falling due after more than one year

9

(39,483)

(59,053)

Provisions for liabilities

(1,963)

(2,441)

Net assets

 

303,367

231,799

Capital and reserves

 

Called up share capital

24

24

Share premium reserve

3,998

3,998

Retained earnings

299,345

227,777

Shareholders' funds

 

303,367

231,799

 

Ki Martial Arts Limited

(Registration number: 04262026)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 July 2024 and signed on its behalf by:
 

.........................................

Mr A S Taylor

Company secretary and director

 

Ki Martial Arts Limited

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

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

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.

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.

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.

 

Ki Martial Arts Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, 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.

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

Leashold improvements

20 year straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33.3% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 year straight line

Website

3 year straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Ki Martial Arts Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

4

Intangible assets

Goodwill
 £

Website
£

Total
£

Cost or valuation

At 1 January 2023

40,000

11,085

51,085

At 31 December 2023

40,000

11,085

51,085

Amortisation

At 1 January 2023

40,000

11,085

51,085

At 31 December 2023

40,000

11,085

51,085

Carrying amount

At 31 December 2023

-

-

-

 

Ki Martial Arts Limited

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

5

Tangible assets

Leasehold land and buildings
£

Computer equipment
£

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

74,271

7,176

16,649

45,236

143,332

Additions

-

339

-

-

339

At 31 December 2023

74,271

7,515

16,649

45,236

143,671

Depreciation

At 1 January 2023

52,090

7,176

11,381

40,332

110,979

Charge for the year

3,714

113

1,317

1,229

6,373

At 31 December 2023

55,804

7,289

12,698

41,561

117,352

Carrying amount

At 31 December 2023

18,467

226

3,951

3,675

26,319

At 31 December 2022

22,181

-

5,268

4,904

32,353

 

Ki Martial Arts Limited

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

6

Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

TUSAH EUROPE

2 Route de Baougnac
31590
LAVALETTE

France

Ordinary

100%

100%

Subsidiary undertakings

TUSAH EUROPE

The principal activity of TUSAH EUROPE is supply of martial arts equipment and clothing and the provision of martial arts training. Its financial period end is 31 December.

7

Stocks

2023
£

2022
£

Other inventories

143,359

214,710

8

Debtors

2023
£

2022
£

Trade debtors

17,140

32,584

Prepayments

13,040

20,961

Other debtors

275,316

223,753

305,496

277,298

 

Ki Martial Arts Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

23,851

82,360

Trade creditors

 

7,226

48,964

Taxation and social security

 

36,416

27,238

Accruals and deferred income

 

13,020

11,292

Other creditors

 

55,850

74,044

 

136,363

243,898

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

39,483

59,053

10

Related party transactions

During the year the company made advances totalling £148,720 (2022: £108,719) to the directors, The directors made repayments during the year of £85,397 (2022: £91,000). The balance outstanding as at 31 December 2023 was £147,507 (2022: £81,842). Interest is charged at HMRC standard rate and is calculated on a monthly basis. Interest of £2,343 (2022: £1,290) was charged on the outstanding balance during the year. This loan is repayable on demand.