Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-310true2022-11-01falseNo description of principal activity2721trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03781990 2022-11-01 2023-10-31 03781990 2021-11-01 2022-10-31 03781990 2023-10-31 03781990 2022-10-31 03781990 2021-11-01 03781990 c:CompanySecretary1 2022-11-01 2023-10-31 03781990 c:Director1 2022-11-01 2023-10-31 03781990 c:RegisteredOffice 2022-11-01 2023-10-31 03781990 d:Buildings d:ShortLeaseholdAssets 2022-11-01 2023-10-31 03781990 d:Buildings d:ShortLeaseholdAssets 2023-10-31 03781990 d:Buildings d:ShortLeaseholdAssets 2022-10-31 03781990 d:MotorVehicles 2022-11-01 2023-10-31 03781990 d:MotorVehicles 2023-10-31 03781990 d:MotorVehicles 2022-10-31 03781990 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03781990 d:FurnitureFittings 2022-11-01 2023-10-31 03781990 d:FurnitureFittings 2023-10-31 03781990 d:FurnitureFittings 2022-10-31 03781990 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03781990 d:ComputerEquipment 2022-11-01 2023-10-31 03781990 d:ComputerEquipment 2023-10-31 03781990 d:ComputerEquipment 2022-10-31 03781990 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03781990 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03781990 d:ComputerSoftware 2023-10-31 03781990 d:ComputerSoftware 2022-10-31 03781990 d:OtherResidualIntangibleAssets 2022-11-01 2023-10-31 03781990 d:CurrentFinancialInstruments 2023-10-31 03781990 d:CurrentFinancialInstruments 2022-10-31 03781990 d:Non-currentFinancialInstruments 2023-10-31 03781990 d:Non-currentFinancialInstruments 2022-10-31 03781990 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 03781990 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 03781990 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 03781990 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 03781990 d:ShareCapital 2023-10-31 03781990 d:ShareCapital 2022-10-31 03781990 d:RetainedEarningsAccumulatedLosses 2023-10-31 03781990 d:RetainedEarningsAccumulatedLosses 2022-10-31 03781990 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-11-01 2023-10-31 03781990 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-10-31 03781990 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-10-31 03781990 c:OrdinaryShareClass1 2022-11-01 2023-10-31 03781990 c:OrdinaryShareClass1 2023-10-31 03781990 c:OrdinaryShareClass1 2022-10-31 03781990 c:FRS102 2022-11-01 2023-10-31 03781990 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 03781990 c:FullAccounts 2022-11-01 2023-10-31 03781990 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03781990 d:WithinOneYear 2023-10-31 03781990 d:WithinOneYear 2022-10-31 03781990 d:BetweenOneFiveYears 2023-10-31 03781990 d:BetweenOneFiveYears 2022-10-31 03781990 d:MoreThanFiveYears 2023-10-31 03781990 d:MoreThanFiveYears 2022-10-31 03781990 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 03781990 d:HirePurchaseContracts d:WithinOneYear 2022-10-31 03781990 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 03781990 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-10-31 03781990 1 2022-11-01 2023-10-31 03781990 2 2022-11-01 2023-10-31 03781990 6 2022-11-01 2023-10-31 03781990 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 03781990 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 03781990 d:RetirementBenefitObligationsDeferredTax 2023-10-31 03781990 d:RetirementBenefitObligationsDeferredTax 2022-10-31 03781990 d:ComputerSoftware d:OwnedIntangibleAssets 2022-11-01 2023-10-31 03781990 e:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03781990









K2 GLOBAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
K2 GLOBAL LIMITED
 
 
COMPANY INFORMATION


Director
N S Blackledge 




Company secretary
M Maidment



Registered number
03781990



Registered office
18a/20 King Street

Maidenhead

Berkshire

United Kingdom

SL6 1EF




Trading Address
Unit A
Boyn Valley Industrial Estate

Boyn Valley Road

Maidenhead

Berkshire

SL6 4EJ






Accountants
Donald Reid Limited

18a/20 King Street

Maidenhead

Berkshire

United Kingdom

SL6 1EF





 
K2 GLOBAL LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 15


 
K2 GLOBAL LIMITED
REGISTERED NUMBER: 03781990

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
58,533
74,983

Tangible assets
 5 
230,959
164,792

Investments
 6 
102,000
102,000

  
391,492
341,775

Current assets
  

Stocks
 7 
401,440
447,414

Debtors: amounts falling due after more than one year
 8 
74,910
70,850

Debtors: amounts falling due within one year
 8 
2,853,490
2,748,041

Cash at bank and in hand
 9 
1,561,328
1,302,491

  
4,891,168
4,568,796

Creditors: amounts falling due within one year
 10 
(1,887,833)
(2,297,696)

Net current assets
  
 
 
3,003,335
 
 
2,271,100

Total assets less current liabilities
  
3,394,827
2,612,875

Creditors: amounts falling due after more than one year
 11 
(57,571)
(69,390)

Provisions for liabilities
  

Deferred tax
 13 
(16,877)
-

Other provisions
 14 
(4,415)
(48,000)

  
 
 
(21,292)
 
 
(48,000)

Net assets
  
3,315,964
2,495,485


Capital and reserves
  

Called up share capital 
 15 
2
2

Profit and loss account
  
3,315,962
2,495,483

  
3,315,964
2,495,485


Page 1

 
K2 GLOBAL LIMITED
REGISTERED NUMBER: 03781990
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




N S Blackledge
Director

Page 2

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

K2 Global Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales.The company's registration number is 03781990. The registered office is 18a/20 King Street, Maidenhead, Berkshire, United Kingdom, SL6 1EF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software Costs
-
5 years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
Over the term of the lease
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
10% reducing balance; 20% straight line
Computer equipment
-
33% straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 or loss.

Page 6

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 7

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not
Page 8

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
27
21

Page 9

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 November 2022
82,250



At 31 October 2023

82,250



Amortisation


At 1 November 2022
7,267


Charge for the year on owned assets
16,450



At 31 October 2023

23,717



Net book value



At 31 October 2023
58,533



At 31 October 2022
74,983



Page 10

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





S/Term Leasehold Property
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
188,205
167,298
54,775
44,997
455,275


Additions
80,927
19,880
-
12,922
113,729


Disposals
-
(56,728)
-
-
(56,728)



At 31 October 2023

269,132
130,450
54,775
57,919
512,276



Depreciation


At 1 November 2022
93,858
106,733
45,233
44,659
290,483


Charge for the year on owned assets
18,941
14,386
1,930
2,241
37,498


Disposals
-
(46,664)
-
-
(46,664)



At 31 October 2023

112,799
74,455
47,163
46,900
281,317



Net book value



At 31 October 2023
156,333
55,995
7,612
11,019
230,959



At 31 October 2022
94,347
60,565
9,542
338
164,792


6.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 November 2022
100,000
2,000
102,000



At 31 October 2023
100,000
2,000
102,000




Page 11

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
401,440
447,414

401,440
447,414



8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
74,910
70,850

74,910
70,850


2023
2022
£
£

Due within one year

Trade debtors
1,136,330
1,012,752

Other debtors
1,236,806
1,282,329

Prepayments and accrued income
51,634
24,240

Tax recoverable
428,720
428,720

2,853,490
2,748,041



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,561,328
1,302,491

Less: bank overdrafts
(19,353)
(2,354)

1,541,975
1,300,137


Page 12

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
19,353
2,354

Trade creditors
456,279
595,002

Amounts owed to group undertakings
1,092,372
1,101,802

Corporation tax
25,848
428,720

Other taxation and social security
193,113
99,136

Obligations under finance lease and hire purchase contracts
11,186
8,270

Other creditors
3,737
2,774

Accruals and deferred income
85,945
59,638

1,887,833
2,297,696



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
57,571
69,390

57,571
69,390



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
11,186
8,270

Between 1-5 years
57,571
69,390

68,757
77,660

Page 13

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Deferred taxation




2023
2022


£

£






At beginning of year
-
(16,028)


Charged to profit or loss
(16,877)
16,028



At end of year
(16,877)
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,145)
-

Pension surplus
268
-

(16,877)
-


14.


Provisions




Provisions

£





At 1 November 2022
48,000


Utilised in year
(43,585)



At 31 October 2023
4,415

The provision relates to dilapidations required at the end of the company's tenancy lease.


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 14

 
K2 GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £10,276 (
2022: £(1,542)).
Contributions totalling £2,892 (
2022: £2,002) were payable to the fund at the balance sheet date and are
included in creditors.


17.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
200,556
158,774

Later than 1 year and not later than 5 years
802,224
802,224

Later than 5 years
710,303
919,215

1,713,083
1,880,213


18.


Transactions with directors

During the year, advances were made to a director totalling £80,417 (2022: £1,306,967). There were also repayments totalling £81,333 (2022: £116,990) Interest was charged on the overdrawn loan account at the official rate.


19.


Related party transactions

The company has taken advantage of the exemption allowed by FRS 102 not to disclose transactions with wholly owned members of the group.
At the year end, included in other debtors is an amount of £1,269,350 
(2022: £1,270,282) owed by the director to the company.

 
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