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REGISTERED NUMBER: 02349548 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Klyne & Klyne Limited

Klyne & Klyne Limited (Registered number: 02349548)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Klyne & Klyne Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr M M D Klyne





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





BUSINESS ADDRESS: Cornbrook, 2 Brindley Road
Old Trafford
Manchester
M16 9HQ





REGISTERED NUMBER: 02349548 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Klyne & Klyne Limited (Registered number: 02349548)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 265,274 297,869

CURRENT ASSETS
Stocks 5 392,878 272,342
Debtors 6 2,090,639 2,793,690
Cash at bank and in hand 58,860 34,095
2,542,377 3,100,127
CREDITORS
Amounts falling due within one year 7 2,700,906 3,254,053
NET CURRENT LIABILITIES (158,529 ) (153,926 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,745

143,943

CREDITORS
Amounts falling due after more than one year 8 10,420 28,021
NET ASSETS 96,325 115,922

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 96,225 115,822
SHAREHOLDERS' FUNDS 96,325 115,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Klyne & Klyne Limited (Registered number: 02349548)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





Mr M M D Klyne - Director


Klyne & Klyne Limited (Registered number: 02349548)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Klyne & Klyne Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest
Bank and other interest is recognised in the period in which it was received.

Klyne & Klyne Limited (Registered number: 02349548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability.
Operating leases are charged to the profit and loss account as they are incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

Klyne & Klyne Limited (Registered number: 02349548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company is reliant on the financial support of its parent undertaking Klyne & Klyne (Holdings) Limited and its fellow subsidiary who have indicated their support of the company for the foreseeable future.

On this basis, the directors' have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus has adopted the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 370,446 191,122 243,019 804,587
Additions 18,853 - 19,312 38,165
At 31 December 2023 389,299 191,122 262,331 842,752
DEPRECIATION
At 1 January 2023 215,961 82,934 207,823 506,718
Charge for year 24,539 27,047 19,174 70,760
At 31 December 2023 240,500 109,981 226,997 577,478
NET BOOK VALUE
At 31 December 2023 148,799 81,141 35,334 265,274
At 31 December 2022 154,485 108,188 35,196 297,869

Klyne & Klyne Limited (Registered number: 02349548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 74,810
DEPRECIATION
At 1 January 2023 13,935
Charge for year 15,219
At 31 December 2023 29,154
NET BOOK VALUE
At 31 December 2023 45,656
At 31 December 2022 60,875

5. STOCKS
2023 2022
£    £   
Goods for resale 392,878 272,342

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 57,788 28,439
Other debtors 2,032,851 2,765,251
2,090,639 2,793,690

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 17,602 22,795
Trade creditors 139,054 142,852
Amounts owed to group undertakings 1,559,424 1,348,277
Taxation and social security (8,349 ) 127,394
Other creditors 993,175 1,612,735
2,700,906 3,254,053

Klyne & Klyne Limited (Registered number: 02349548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 10,420 28,021

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 17,602 22,795
Between one and five years 10,420 28,021
28,022 50,816

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 28,022 50,816
Other creditors 900,000 1,530,000
928,022 1,580,816

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Klyne & Klyne Limited (Registered number: 02349548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RELATED PARTY DISCLOSURES - continued

During the year the company received management charges and recharged expenses amounting to £2,063,138 (2022: £1,757,082) from companies in which a director of this company is also the director and shareholder. As at 31 December 2023, there was £981,565 (2022: £1,361,078) due from these entities.

During the year the company was charged rent amounting to £166,168 (2022: £3,771) and paid interest amounting to £42,514 (2022: £7,439) to a pension scheme in which the director is both a trustee and beneficiary. As at 31 December 2023, the balance due to the pension scheme was £900,000 (2022: £1,530,000). At 31 December 2023, £900,000 (2022: £1,530,000) of this balance was secured on assets owned by the director and shareholder of the company.

At 31 December 2023, there was a balance of £628,663 (2022: £513,663) due from a charity in which the director is a trustee.

At 31 December 2023, the balance due from a company in which the director is also shareholder was £100,000 (2022: £100,000).

During the year rent amounting to £166,168 (2022: £3,771) was charged to the company by the director.

The finance facilities of the company are secured by a personal guarantee by the shareholders.

12. ULTIMATE PARENT UNDERTAKING

The company's parent undertaking at the balance sheet date was Klyne & Klyne (Holdings) Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Klyne & Klyne (Holdings) Limited can be obtained from the registered office of that company which is the same as this company and the address can be found on the Company Information page.