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KM Agricultural Spares Limited
Registered Number:02435258
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2024
KM Agricultural Spares Limited
Contents Page
1
Statement of Financial Position
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Notes to the Financial Statements
3
Registered Number :
02435258
As at 31 March 2024
KM Agricultural Spares Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
12,127
15,973
2
12,127
15,973
Current assets
Inventories
130,750
127,500
3
Trade and other receivables
152,712
142,784
4
91,063
Cash and cash equivalents
92,744
363,028
374,525
Trade and other payables: amounts falling due within one year
(224,456)
(230,272)
5
150,069
132,756
Net current assets
Total assets less current liabilities
144,883
166,042
Trade and other payables: amounts falling due after more than one
year
(49,345)
(40,984)
6
10,964
8,363
Provisions for liabilities
114,863
Net assets
125,060
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
19,800
19,800
Retained earnings
94,063
104,260
114,863
125,060
Shareholders' funds
For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
02435258
For the year ended 31 March 2024
KM Agricultural Spares Limited
Statement of Financial Position Continued
Mr Mike Kilminster Director
These financial statements were approved and authorised for issue by the Board on 22 July 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 March 2024
KM Agricultural Spares Limited
Notes to the Financial Statements
Statutory Information
KM Agricultural Spares Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 02435258.
Registered address:
Unit B and C
Bumpers Farm Industrial Est
Chippenham
Wiltshire
SN14 6LH
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act
2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation
of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
20% Reducing balance
25% Reducing balance
Motor vehicles
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Property, plant and equipment acquired under finance leases or hire purchase agreements are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges are included in creditors. Rentals payable under operating leases are charged to the profit and loss account 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 for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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6
For the year ended 31 March 2024
KM Agricultural Spares Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Motor vehicles
Plant and
machinery
£
£
£
Cost or valuation
At 01 April 2023
70,396
26,549
43,847
At 31 March 2024
43,847
26,549
70,396
Provision for depreciation and impairment
At 01 April 2023
54,423
13,531
40,892
Charge for year
3,846
3,255
591
At 31 March 2024
58,269
16,786
41,483
At 31 March 2024
Net book value
2,364
9,763
12,127
At 31 March 2023
2,955
13,018
15,973
3. Inventories
2023
2024
£
£
Stocks
127,500
130,750
4. Trade and other receivables
2023
2024
£
£
Trade debtors
129,456
131,804
Other debtors
13,328
20,908
152,712
142,784
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
5,555
5,555
Trade creditors
72,964
74,812
Taxation and social security
16,422
15,853
Other creditors
135,331
128,236
230,272
224,456
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7
For the year ended 31 March 2024
KM Agricultural Spares Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
32,871
38,427
Other creditors
8,113
10,918
40,984
49,345
7. Guarantees and other financial commitments
Lease commitments
At 31 March 2024 the company had annual commitments under non-cancellable operating leases as set out below:
2023
£
2024
£
Operating leases which expire:
-
23,800
Within 1 year
-
32,150
Within 2 to 5 years
32,150
23,800
8. Average number of persons employed
During the year the average number of employees was 10 (2023 : 10)
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