Company registration number 02724390 (England and Wales)
KERAMIKOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KERAMIKOS LIMITED
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KERAMIKOS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,431,250
1,408,805
Investments
4
691,134
691,134
2,122,384
2,099,939
Current assets
Stocks
463,140
565,985
Debtors
5
1,079,186
1,133,676
Cash at bank and in hand
135,957
81,450
1,678,283
1,781,111
Creditors: amounts falling due within one year
6
(920,906)
(1,025,017)
Net current assets
757,377
756,094
Total assets less current liabilities
2,879,761
2,856,033
Creditors: amounts falling due after more than one year
7
(417,580)
(604,054)
Provisions for liabilities
Deferred tax liability
13,591
13,870
(13,591)
(13,870)
Net assets
2,448,590
2,238,109
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
2,438,590
2,228,109
Total equity
2,448,590
2,238,109

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

KERAMIKOS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr M Lee
Director
Company registration number 02724390 (England and Wales)
KERAMIKOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Keramikos Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A Azalea Close, Clover Nook Industrial Park, Somercotes, Alfreton, Derbyshire, DE55 4QX. The company registration number is 02724390.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

 

Turnover is recognised on the dispatch of goods.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
15% reducing balance
Fixtures and fittings
12% - 36% reducing balance
Computers
33% on cost
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KERAMIKOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.11
Government grants
KERAMIKOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

Grants are accounted for under the accruals model is permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.

 

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

1.12
Foreign exchange

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income with 'finance income or costs'. All other foreign exchange gains and loses are presented in profit or loss within 'other operating income'.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
59
43
KERAMIKOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,858,569
881,676
281,880
-
0
100,887
3,123,012
Additions
45,100
25,382
-
0
2,033
-
0
72,515
At 31 December 2023
1,903,669
907,058
281,880
2,033
100,887
3,195,527
Depreciation and impairment
At 1 January 2023
508,429
837,245
281,880
-
0
86,653
1,714,207
Depreciation charged in the year
38,073
8,449
-
0
422
3,126
50,070
At 31 December 2023
546,502
845,694
281,880
422
89,779
1,764,277
Carrying amount
At 31 December 2023
1,357,167
61,364
-
0
1,611
11,108
1,431,250
At 31 December 2022
1,350,140
44,431
-
0
-
0
14,234
1,408,805
4
Fixed asset investments
2023
2022
£
£
Unlisted investments
691,134
691,134
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
451,884
623,840
Corporation tax recoverable
15,426
-
0
Amounts owed by group undertakings
433,133
407,483
Other debtors
147,275
65,413
Prepayments and accrued income
31,468
36,940
1,079,186
1,133,676
KERAMIKOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
205,925
211,744
Obligations under finance leases
374
1,084
Trade creditors
128,547
245,012
Corporation tax
116,835
68,231
Other taxation and social security
168,434
149,817
Other creditors
198,097
309,891
Accruals and deferred income
102,694
39,238
920,906
1,025,017
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
417,580
603,680
Obligations under finance leases
-
0
374
417,580
604,054
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan repayable on demand
2.25
-
45,291
417
45,708
-
45,291
417
45,708
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