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COMPANY REGISTRATION NUMBER: 09335269
K4 Service Ltd
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
K4 Service Ltd
Financial Statements
Year ended 31st December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
K4 Service Ltd
Officers and Professional Advisers
The board of directors
Mr G Keyworth
Mr I MacDowall
Company secretary
Mrs C Keyworth
Registered office
UNit 2, Great Western Place
Station Road
Burlescombe
Tiverton
Devon
EX16 7GW
Accountants
Chalmers HB Ltd
Chartered Accountants
20 Chamberlain Street
Wells
Somerset BA5 2PF
K4 Service Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
132,368
90,786
Investments
6
4,961
9,922
---------
---------
137,329
100,708
Current assets
Stocks
181,500
189,343
Debtors
7
1,443,297
757,999
Cash at bank and in hand
118,693
556,932
------------
------------
1,743,490
1,504,274
Creditors: amounts falling due within one year
8
762,174
651,593
------------
------------
Net current assets
981,316
852,681
------------
---------
Total assets less current liabilities
1,118,645
953,389
Provisions
Taxation including deferred tax
32,630
17,250
------------
---------
Net assets
1,086,015
936,139
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,085,915
936,039
------------
---------
Shareholders funds
1,086,015
936,139
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K4 Service Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr G Keyworth
Mr I MacDowall
Director
Director
Company registration number: 09335269
K4 Service Ltd
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is UNit 2, Great Western Place, Station Road, Burlescombe, Tiverton, Devon, EX16 7GW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 13 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st January 2023
71,443
4,239
132,088
18,639
226,409
Additions
10,562
82,240
764
93,566
Disposals
( 41,138)
( 41,138)
--------
-------
---------
--------
---------
At 31st December 2023
82,005
4,239
173,190
19,403
278,837
--------
-------
---------
--------
---------
Depreciation
At 1st January 2023
48,777
2,453
75,069
9,324
135,623
Charge for the year
8,307
447
32,849
2,520
44,123
Disposals
( 33,277)
( 33,277)
--------
-------
---------
--------
---------
At 31st December 2023
57,084
2,900
74,641
11,844
146,469
--------
-------
---------
--------
---------
Carrying amount
At 31st December 2023
24,921
1,339
98,549
7,559
132,368
--------
-------
---------
--------
---------
At 31st December 2022
22,666
1,786
57,019
9,315
90,786
--------
-------
---------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1st January 2023
9,922
Disposals
( 4,961)
-------
At 31st December 2023
4,961
-------
Impairment
At 1st January 2023 and 31st December 2023
-------
Carrying amount
At 31st December 2023
4,961
-------
At 31st December 2022
9,922
-------
7. Debtors
2023
2022
£
£
Trade debtors
847,008
391,993
Other debtors
596,289
366,006
------------
---------
1,443,297
757,999
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
603,273
441,100
Corporation tax
133,558
95,377
Social security and other taxes
19,293
46,930
Other creditors
6,050
68,186
---------
---------
762,174
651,593
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
32,630
17,250
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
32,630
17,250
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G Keyworth
( 29,775)
30,564
789
Mr I MacDowall
( 29,775)
30,564
789
--------
--------
-------
( 59,550)
61,128
1,578
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G Keyworth
( 59,892)
30,117
( 29,775)
Mr I MacDowall
( 59,892)
30,117
( 29,775)
---------
--------
--------
( 119,784)
60,234
( 59,550)
---------
--------
--------