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REGISTERED NUMBER: 12441619 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

KING'S LYNN KOI & AQUATICS LIMITED

KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KING'S LYNN KOI & AQUATICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: J F Dack
Mrs R V C Dack





REGISTERED OFFICE: 27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 12441619 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,959 12,839
Tangible assets 5 21,192 27,672
30,151 40,511

CURRENT ASSETS
Stocks 61,729 65,805
Debtors 6 2,261 3,898
Cash at bank and in hand 258 1,985
64,248 71,688
CREDITORS
Amounts falling due within one year 7 110,015 118,107
NET CURRENT LIABILITIES (45,767 ) (46,419 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(15,616

)

(5,908

)

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (15,626 ) (5,918 )
SHAREHOLDERS' FUNDS (15,616 ) (5,908 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 1 September 2024 and were signed on its behalf by:




J F Dack - Director



Mrs R V C Dack - Director


KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

King's Lynn Koi & Aquatics Limited 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.

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.

At the balance sheet date the company had net liabilities of 15,616 by virtue of its total liabilities exceeding its total assets. The directors are confident that the going concern basis for the preparation of the financial statements is appropriate, and have confirmed their continuing support for the company in writing.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 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 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.


KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 17,000 2,399 19,399
AMORTISATION
At 1 March 2023 5,950 610 6,560
Charge for year 3,400 480 3,880
At 29 February 2024 9,350 1,090 10,440
NET BOOK VALUE
At 29 February 2024 7,650 1,309 8,959
At 28 February 2023 11,050 1,789 12,839

KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023 44,381
Additions 550
At 29 February 2024 44,931
DEPRECIATION
At 1 March 2023 16,709
Charge for year 7,030
At 29 February 2024 23,739
NET BOOK VALUE
At 29 February 2024 21,192
At 28 February 2023 27,672

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 2,261 3,898

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 82 -
Trade creditors 15,002 25,532
Other creditors 94,931 92,575
110,015 118,107

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.2.24 28.2.23
£    £   
Within one year 4,497 17,988
Between one and five years - 4,497
4,497 22,485

KING'S LYNN KOI & AQUATICS LIMITED (REGISTERED NUMBER: 12441619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. DIVIDENDS

Dividends of £4,000 were paid during the year. The amount of the dividends declared was based on the best estimate of retained profits available at the time. Subsequently, it was realised that the actual retained profits available for distribution fell short of the directors' estimate by £15,626 which the directors concede is in contravention of section 830 of the Companies Act 2006.