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REGISTERED NUMBER: 05610652 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Karonia Limited

Karonia Limited (Registered number: 05610652)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Karonia Limited (Registered number: 05610652)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,734,448 1,868,278

CURRENT ASSETS
Stocks 440,117 598,199
Debtors 5 497,332 533,152
Prepayments and accrued income 17,593 35,342
Cash at bank and in hand 340,992 359,641
1,296,034 1,526,334
CREDITORS
Amounts falling due within one year 6 522,282 603,252
NET CURRENT ASSETS 773,752 923,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,508,200

2,791,360

CREDITORS
Amounts falling due after more than one
year

7

(392,692

)

(685,974

)

PROVISIONS FOR LIABILITIES (79,263 ) (107,361 )

ACCRUALS AND DEFERRED INCOME (313,350 ) (278,450 )
NET ASSETS 1,722,895 1,719,575

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,722,795 1,719,475
SHAREHOLDERS' FUNDS 1,722,895 1,719,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Karonia Limited (Registered number: 05610652)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





A S Pickup - Director


Karonia Limited (Registered number: 05610652)

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

1. STATUTORY INFORMATION

Karonia Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05610652

Registered office: Ansym Lodge
Water Lane
Eggborough
Goole
DN14 0PN

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover represents the value of goods delivered and carriage recharged to customers during the period, excluding VAT.

Revenue is recognised when customers have accepted the goods and an economic inflow to the company is likely.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost and Over the period of the lease.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

All fixed assets are initially recognised at cost.

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

Financial instruments
Bank loans and finance lease agreements are measured at amortised cost using the effective interest rate.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.


Karonia Limited (Registered number: 05610652)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Assets obtained under hire purchase contracts are initially recognised at the present value of the future cash payments and are subsequently measured at amortised cost.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payment is treated as a liability.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

Creditors
Short term creditors are measured at the transaction price.

Debtors
Short term debtors are measured at transaction price, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

Karonia Limited (Registered number: 05610652)

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

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 1,304,195 215,873 1,011,375
Additions 19,402 - 72,145
Disposals - - -
At 31 December 2023 1,323,597 215,873 1,083,520
DEPRECIATION
At 1 January 2023 140,474 151,111 536,669
Charge for year 26,310 21,587 129,053
Eliminated on disposal - - -
At 31 December 2023 166,784 172,698 665,722
NET BOOK VALUE
At 31 December 2023 1,156,813 43,175 417,798
At 31 December 2022 1,163,721 64,762 474,706

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 297,818 60,685 2,889,946
Additions - - 91,547
Disposals (46,417 ) - (46,417 )
At 31 December 2023 251,401 60,685 2,935,076
DEPRECIATION
At 1 January 2023 142,984 50,430 1,021,668
Charge for year 37,318 2,563 216,831
Eliminated on disposal (37,871 ) - (37,871 )
At 31 December 2023 142,431 52,993 1,200,628
NET BOOK VALUE
At 31 December 2023 108,970 7,692 1,734,448
At 31 December 2022 154,834 10,255 1,868,278

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 413,478 328,764
Other debtors 83,854 204,388
497,332 533,152

Karonia Limited (Registered number: 05610652)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 222,335 157,219
Hire purchase contracts (see note 8) 92,310 92,310
Trade creditors 36,337 80,750
Taxation and social security 144,074 77,864
Other creditors 27,226 195,109
522,282 603,252

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 174,359 234,415
Hire purchase contracts (see note 8) 158,060 250,371
Other creditors 60,273 201,188
392,692 685,974

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable more than 5 years
by instalments

7,393

37,358

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 92,310 92,310
Between one and five years 158,060 250,371
250,370 342,681

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 38,250 42,157
Between one and five years 57,375 95,625
95,625 137,782

Karonia Limited (Registered number: 05610652)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 33,335 93,219
Bank loans 363,359 298,415
Hire purchase contracts 250,370 342,681
647,064 734,315

The loans and overdraft are secured by a fixed and floating charge in favour of the bank.

Hire purchase contracts are secured on the assets to which they relate.

10. RELATED PARTY DISCLOSURES

Rent payable to two shareholders is charged at £38,250 p.a.