Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 13077736 J Niemeyer L J Parry A L Ayad A L Ayad Fintatem Fund IV GmbH & Co KG Veldhausen, Veldhausener Str.240, Neuenhaus. Germany true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13077736 2022-12-31 13077736 2023-12-31 13077736 2023-01-01 2023-12-31 13077736 frs-core:CurrentFinancialInstruments 2023-12-31 13077736 frs-core:ComputerEquipment 2023-01-01 2023-12-31 13077736 frs-core:NetGoodwill 2023-12-31 13077736 frs-core:NetGoodwill 2023-01-01 2023-12-31 13077736 frs-core:NetGoodwill 2022-12-31 13077736 frs-core:MotorVehicles 2023-01-01 2023-12-31 13077736 frs-core:PlantMachinery 2023-12-31 13077736 frs-core:PlantMachinery 2023-01-01 2023-12-31 13077736 frs-core:PlantMachinery 2022-12-31 13077736 frs-core:ShareCapital 2023-12-31 13077736 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13077736 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13077736 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13077736 frs-bus:SmallEntities 2023-01-01 2023-12-31 13077736 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13077736 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13077736 1 2023-01-01 2023-12-31 13077736 frs-bus:Director1 2023-01-01 2023-12-31 13077736 frs-bus:Director2 2023-01-01 2023-12-31 13077736 frs-bus:Director3 2023-01-01 2023-12-31 13077736 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 13077736 frs-countries:EnglandWales 2023-01-01 2023-12-31 13077736 2021-12-31 13077736 2022-12-31 13077736 2022-01-01 2022-12-31 13077736 frs-core:CurrentFinancialInstruments 2022-12-31 13077736 frs-core:ShareCapital 2022-12-31 13077736 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 13077736
HKM Sports Equipment (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Shelvoke, Pickering, Janney LLP
Chartered Certified Accountants
57 - 61 Market Place
Cannock
Staffordshire
WS11 1BP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13077736
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 37,815 40,839
Tangible Assets 5 11,172 20,404
48,987 61,243
CURRENT ASSETS
Debtors 6 141,569 216,605
Cash at bank and in hand 69,856 110,051
211,425 326,656
Creditors: Amounts Falling Due Within One Year 7 (334,213 ) (355,450 )
NET CURRENT ASSETS (LIABILITIES) (122,788 ) (28,794 )
TOTAL ASSETS LESS CURRENT LIABILITIES (73,801 ) 32,449
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,880 ) (3,880 )
NET (LIABILITIES)/ASSETS (77,681 ) 28,569
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (77,682 ) 28,568
SHAREHOLDERS' FUNDS (77,681) 28,569
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A L Ayad
Director
25 March 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
HKM Sports Equipment (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13077736 . The registered office is 12 Upper Berkeley Street, London, WH1 7QD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 15 years, based on the group policy. 
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on cost
Computer Equipment 33% on cost
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 45,378
As at 31 December 2023 45,378
Amortisation
As at 1 January 2023 4,539
Provided during the period 3,024
As at 31 December 2023 7,563
Net Book Value
As at 31 December 2023 37,815
As at 1 January 2023 40,839
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5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 January 2023 36,284
As at 31 December 2023 36,284
Depreciation
As at 1 January 2023 15,880
Provided during the period 9,232
As at 31 December 2023 25,112
Net Book Value
As at 31 December 2023 11,172
As at 1 January 2023 20,404
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 134,764 215,177
Other debtors 6,805 1,428
141,569 216,605
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 302,502 304,139
Other creditors 2,505 2,094
Taxation and social security 29,206 49,217
334,213 355,450
8. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 1 1
Amount of Allotted, Called Up Share Capital 1 1
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9. Related Party Transactions
During the period the company purchased goods amounting to £780,688 (2022- £782,396) from HKM Sports Equipment GMBH, its holding company.
At the year end the company owed £298,132 (2022- £299,063).
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is HKM Sports Equipment GMBH . HKM Sports Equipment GMBH was incorporated in Germany. The Ultimate Parent undertaking is Kavalieris Gmbh. Copies of the group accounts may be obtained from the secretary, Veldhausen, Veldhausener Str.240, Neuenhaus. Germany .
The ultimate controlling party is Fintatem Fund IV GmbH & Co KG which controls 75% of the shares of Kavalieris GmbH. Finatem IV GmbH & Co KG is represented by its Managing Director, Christophe Hemmerle, Frankfurt am Main, Germany.
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