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COMPANY REGISTRATION NUMBER: 01700011
K. N. Products Limited
Filleted Unaudited Financial Statements
For the period ended
31 March 2024
K. N. Products Limited
Financial Statements
Period from 1 January 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
K. N. Products Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
59,363
66,982
--------
--------
59,364
66,983
Current assets
Stocks
400,214
397,200
Debtors
7
229,668
171,436
Cash at bank and in hand
129,830
105,446
---------
---------
759,712
674,082
Creditors: amounts falling due within one year
8
167,868
157,874
---------
---------
Net current assets
591,844
516,208
---------
---------
Total assets less current liabilities
651,208
583,191
Provisions
Taxation including deferred tax
5,851
7,308
---------
---------
Net assets
645,357
575,883
---------
---------
K. N. Products Limited
Statement of Financial Position (continued)
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
£
Capital and reserves
Called up share capital
9
25,075
25,075
Revaluation reserve
36,342
36,333
Profit and loss account
583,940
514,475
---------
---------
Shareholders funds
645,357
575,883
---------
---------
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 comprehensive income has not been delivered.
For the period ending 31 March 2024 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 period 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 .
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
M C Tracey C L Neale
Director Director
Company registration number: 01700011
K. N. Products Limited
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 49 Enfield Industrial Estate, Redditch, Worcs, B97 6DE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Goodwill included at cost. Trademark included at cost.
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.
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:
Leasehold Property
-
50 years straight line
Machinery & Equipment
-
15% reducing balance or 20% straight line
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.
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 16 (2022: 14 ).
5. Intangible assets
Goodwill
Trademark
Total
£
£
£
Cost
At 1 January 2023 and 31 March 2024
72,158
1
72,159
--------
----
--------
Amortisation
At 1 January 2023 and 31 March 2024
72,158
72,158
--------
----
--------
Carrying amount
At 31 March 2024
1
1
--------
----
--------
At 31 December 2022
1
1
--------
----
--------
6. Tangible assets
Leasehold Property
Machinery & Equipment
Total
£
£
£
Cost
At 1 January 2023
40,747
255,843
296,590
Additions
1,450
1,450
--------
---------
---------
At 31 March 2024
40,747
257,293
298,040
--------
---------
---------
Depreciation
At 1 January 2023
12,224
217,384
229,608
Charge for the period
1,087
7,982
9,069
--------
---------
---------
At 31 March 2024
13,311
225,366
238,677
--------
---------
---------
Carrying amount
At 31 March 2024
27,436
31,927
59,363
--------
---------
---------
At 31 December 2022
28,523
38,459
66,982
--------
---------
---------
7. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
221,490
161,641
Other debtors
8,178
9,795
---------
---------
229,668
171,436
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Trade creditors
115,392
109,414
Social security and other taxes
40,912
25,646
Other creditors
11,564
22,814
---------
---------
167,868
157,874
---------
---------
9. Called up share capital
Issued, called up and fully paid
31 Mar 24
31 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
25,075
25,075
25,075
25,075
--------
--------
--------
--------