2023-04-012024-03-312024-03-31false05019834KTEE 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KTEE Limited

Registered Number
05019834
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

KTEE Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mrs R J Armstrong
Mrs A Collin
Mr W M Collin

Company Secretary

ARMSTRONG, Ruth Jane

Registered Address

Crossfell House
Milburn
Penrith
CA10 1TW

Registered Number

05019834 (England and Wales)
KTEE Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4374,033116,090
374,033116,090
Current assets
Stocks5117,73657,704
Debtors629,2475,211
Cash at bank and on hand689,361719,610
836,344782,525
Creditors amounts falling due within one year7(332,444)(245,943)
Net current assets (liabilities)503,900536,582
Total assets less current liabilities877,933652,672
Provisions for liabilities8(14,000)(13,000)
Net assets863,933639,672
Capital and reserves
Called up share capital100100
Profit and loss account863,833639,572
Shareholders' funds863,933639,672
The financial statements were approved and authorised for issue by the Board of Directors on 16 September 2024, and are signed on its behalf by:
Mrs A Collin
Director
Registered Company No. 05019834
KTEE Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Fixtures and fittings15-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year1313
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2315,00015,000
At 31 March 2415,00015,000
Amortisation and impairment
At 01 April 2315,00015,000
At 31 March 2415,00015,000
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2394,294136,00246,5302,580279,406
Additions256,12520,192--276,317
At 31 March 24350,419156,19446,5302,580555,723
Depreciation and impairment
At 01 April 2333,34194,96833,0691,938163,316
Charge for year1,88614,1232,01934618,374
At 31 March 2435,227109,09135,0882,284181,690
Net book value
At 31 March 24315,19247,10311,442296374,033
At 31 March 2360,95341,03413,461642116,090
5.Stocks

2024

2023

££
Finished goods117,73657,704
Total117,73657,704
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables29,2475,211
Total29,2475,211
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables203,784152,720
Taxation and social security124,53489,264
Other creditors1,2371,315
Accrued liabilities and deferred income2,8892,644
Total332,444245,943
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from accelerated capital allowances and amounts to the following:

2024

2023

££
Net deferred tax liability (asset)14,00013,000
Total14,00013,000
9.Pension commitments
The pension cost charge represents contributions payable by the company to the funds and amounted to £122,073 (2023 - £82,250).
10.Related party transactions
During the year the company continued to borrow funds from the directors. At the balance sheet date, the company owed the directors £1,126 (2023 - £1,126). No interest was charged on this loan and the loan is repayable on demand.