REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
The KJM Group Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
The KJM Group Limited |
The KJM Group Limited (Registered number: 01690857) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The KJM Group Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
22 High Street |
Andover |
Hampshire |
SP10 1NY |
The KJM Group Limited (Registered number: 01690857) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
The KJM Group Limited (Registered number: 01690857) |
Balance Sheet - continued |
31 March 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Non-distrib |
-utable reserve | 8 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
The KJM Group Limited (Registered number: 01690857) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The KJM Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Long leasehold | - |
Plant and equipm't | - |
Furniture and fittings | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are included at cost less depreciation except for the long leasehold building which has been included at valuation, being its fair value on the transition to FRS102 on 1 April 2014, less depreciation on this revalued amount. |
Motor vehicles bought before 1 April 2020 are depreciated at 20% on cost. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
The KJM Group Limited (Registered number: 01690857) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 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. |
Investments |
Investments in shares are included at fair value. Movements in fair value are taken to the Income Statement. |
Significant judgements and estimates |
The Company offers a ten year warranty on the majority of its products and a provision is made for the costs that it is anticipated will arise as a result. |
The measurement of this provision is a source of estimation uncertainty. The provision has been calculated by examining the historical experience of the cost of repairs under warranty including materials and labour. These were found to average approximately 1% of turnover and accordingly a provision of this amount is made. Earlier year provisions are reduced by 10% per year, on the basis that, with the passage of time, claims will fall, with the result that, after ten years, the provision drops out of account. |
The provision is included in other creditors, in note 8. |
The KJM Group Limited (Registered number: 01690857) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Long | Plant and |
leasehold | leasehold | equipm't |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The KJM Group Limited (Registered number: 01690857) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Furniture |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The long leasehold property was revalued in 1996 at £73,000 and a revaluation reserve created. The Company had adopted the transitional arrangements afforded by Financial Reporting Standard 15 and this value had not been updated. Under the transitional arrangements afforded by Financial Reporting Standard 102 (FRS102), the director chose to revalue the long leasehold land and buildings and accordingly the asset was revalued at fair value on 1 April 2014 at £140,000 based on available market information. The resulting movement in value was credited to the revaluation reserve and this reserve was reclassified as a non-distributable reserve. The valuation of £140,000 was adopted as the deemed cost of the asset concerned. |
The original cost of the land and buildings in question was £41,450. |
In accordance with FRS102 deferred tax is provided on the revalued amount. This is adjusted each year in accordance with movements in the indexation allowance (withdrawn after 31 December 2017) or changes in the rates of tax and any resulting movements are transferred to the non-distributable reserve. |
A transfer is made, each year, from the non-distributable reserve to retained earnings (profit and loss account) equivalent to the difference between depreciation charged on the revalued amount and the depreciation that would have been charged based on the original cost. |
The movements to or from the non-distributable reserve have no impact on the current or future taxation charge. |
The KJM Group Limited (Registered number: 01690857) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | (4,999 | ) |
Cost | 5,000 |
1 |
This represents an investment in St Marybourne Shop and Café - a Community Benefit Society. In the opinion of the director, having regard to likely future cash flows arising therefrom, the investment has a nominal value of £1 only and accordingly it has been written down to that value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
The KJM Group Limited (Registered number: 01690857) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RESERVES |
Non-distrib |
-utable |
reserve |
£ |
At 1 April 2023 |
Depreciation on revaluation |
surplus transferred to |
retained earnings | (2,355 | ) |
At 31 March 2024 |
9. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments at the balance sheet date of £185,900 (2023 - £201,200). |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The director has a loan account with the Company. At 31 March 2024 the balance was £20,000 owed by the Company to the director. At 31 March 2023 there was no balance owing either way. |