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Registration number: 05633205

K M Partners Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

K M Partners Limited
(Registration number: 05633205)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

K M Partners Limited
(Registration number: 05633205)

Company Information

Directors

K M G Southwell

S J Southwell

Registered office

Unit B Ullysses Park
Heron Road
Exeter
Devon
EX2 7PH

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

K M Partners Limited
(Registration number: 05633205)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,305

3,259

Investments

533,375

533,375

 

535,680

536,634

Current assets

 

Debtors

7

-

421

Cash at bank and in hand

 

471

8,497

 

471

8,918

Creditors: Amounts falling due within one year

8

(165,458)

(138,536)

Net current liabilities

 

(164,987)

(129,618)

Total assets less current liabilities

 

370,693

407,016

Creditors: Amounts falling due after more than one year

8

(133,122)

(169,986)

Provisions for liabilities

(282)

(620)

Net assets

 

237,289

236,410

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

237,189

236,310

Total equity

 

237,289

236,410

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

K M Partners Limited
(Registration number: 05633205)

Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
K M G Southwell
Director

 

K M Partners Limited
(Registration number: 05633205)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit B Ullysses Park
Heron Road
Exeter
Devon
EX2 7PH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

K M Partners Limited
(Registration number: 05633205)

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

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

K M Partners Limited
(Registration number: 05633205)

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

K M Partners Limited
(Registration number: 05633205)

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

K M Partners Limited
(Registration number: 05633205)

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Amortisation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,436

4,436

At 31 December 2023

4,436

4,436

Depreciation

At 1 January 2023

1,177

1,177

Charge for the year

954

954

At 31 December 2023

2,131

2,131

Carrying amount

At 31 December 2023

2,305

2,305

At 31 December 2022

3,259

3,259

 

K M Partners Limited
(Registration number: 05633205)

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

533,375

533,375

Subsidiaries

£

Cost or valuation

At 1 January 2023

533,375

At 31 December 2023

533,375

Carrying amount

At 31 December 2023

533,375

At 31 December 2022

533,375

7

Debtors

2023
£

2022
£

Prepayments and accrued income

-

245

Directors' loan account

-

176

Total current trade and other debtors

-

421

 

K M Partners Limited
(Registration number: 05633205)

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

35,255

31,225

Trade creditors

 

1,734

1,618

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

47,784

38,784

Taxation and social security

 

23,273

13,536

Other creditors

 

50,826

50,673

Accrued expenses

 

2,700

2,700

Directors' loan account

 

3,886

-

 

165,458

138,536

Due after one year

 

Loans and borrowings

9

133,122

169,986

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

35,255

31,225

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

133,122

169,986

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

2023
£

2022
£

After more than five years by instalments

5,764

36,258

The bank loans are secured in the form of a cross company guarantee between K M Partners Limited and its subsidiary, Lappa Valley Railway Company Limited, and a debenture.

 

K M Partners Limited
(Registration number: 05633205)

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

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director 1 - Interest free unsecured loan repayable on demand

88

6,011

(6,099)

-

Director 2 - Interest free unsecured loan repayable on demand

88

6,011

(6,099)

-

 

176

12,022

(12,198)

-

       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director 1 - Interest free unsecured loan repayable on demand

5,129

7,128

(12,169)

88

Director 2 - Interest free unsecured loan repayable on demand

5,128

7,129

(12,169)

88

 

10,257

14,257

(24,338)

176