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Registration number: 12984163

Salient Knives Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Salient Knives Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 10

Detailed Profit and Loss Account

11 to 12

 

Salient Knives Limited

Company Information

Directors

M Engall

C McIntosh

R Doughty

Registered office

Star House
Star Hill
Rochester
ME1 1UX

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Salient Knives Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

M Engall

C McIntosh

R Doughty

Principal activity

The principal activity of the company is sale of knives

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
M Engall
Director

.........................................
R Doughty
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Salient Knives Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salient Knives Limited for the year ended 31 March 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Salient Knives Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Salient Knives Limited and state those matters that we have agreed to state to the Board of Directors of Salient Knives Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salient Knives Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Salient Knives Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Salient Knives Limited. You consider that Salient Knives Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Salient Knives Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

25 September 2024

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Salient Knives Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

7,021

16,832

Cost of sales

 

(7,498)

(7,525)

Gross (loss)/profit

 

(477)

9,307

Administrative expenses

 

(5,384)

(37,958)

Other operating income

 

1,702

720

Operating loss

 

(4,159)

(27,931)

Loss before tax

4

(4,159)

(27,931)

Loss for the financial year

 

(4,159)

(27,931)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Salient Knives Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Loss for the year

(4,159)

(27,931)

Total comprehensive income for the year

(4,159)

(27,931)

 

Salient Knives Limited

(Registration number: 12984163)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

4,419

Current assets

 

Stocks

6

-

4,714

Debtors

7

32

-

Cash at bank and in hand

 

1,915

5,009

 

1,947

9,723

Creditors: Amounts falling due within one year

8

(8,751)

(16,787)

Net current liabilities

 

(6,804)

(7,064)

Net liabilities

 

(6,804)

(2,645)

Capital and reserves

 

Called up share capital

200

200

Share premium reserve

55,000

55,000

Retained earnings

(62,004)

(57,845)

Shareholders' deficit

 

(6,804)

(2,645)

For the financial year ending 31 March 2024 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.

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.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
R Doughty
Director

 

Salient Knives Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2023

200

55,000

(57,845)

(2,645)

Loss for the year

-

-

(4,159)

(4,159)

At 31 March 2024

200

55,000

(62,004)

(6,804)

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

100

-

(29,914)

(29,814)

Loss for the year

-

-

(27,931)

(27,931)

New share capital subscribed

100

55,000

-

55,100

At 31 March 2023

200

55,000

(57,845)

(2,645)

 

Salient Knives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Star House
Star Hill
Rochester
ME1 1UX

These financial statements were authorised for issue by the Board on 25 September 2024.

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.

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.

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:

 

Salient Knives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,919

1,919

 

Salient Knives Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

536

6,962

7,498

Disposals

(536)

(6,962)

(7,498)

At 31 March 2024

-

-

-

Depreciation

At 1 April 2023

282

2,797

3,079

Charge for the year

179

1,740

1,919

Eliminated on disposal

(461)

(4,537)

(4,998)

At 31 March 2024

-

-

-

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

254

4,165

4,419

6

Stocks

2024
£

2023
£

Other inventories

-

4,714

7

Debtors

Current

2024
£

2023
£

Other debtors

32

-

 

32

-

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

448

5,302

Other creditors

8,303

11,485

8,751

16,787

The Directors’ current accounts are unsecured, subordinated behind all other creditors of the company, and carry interest at nil% per annum.

 

Salient Knives Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover (analysed below)

7,021

16,832

Cost of sales (analysed below)

(7,498)

(7,525)

Gross (loss)/profit

(477)

9,307

Gross profit (%)

(6.79)%

55.29%

Administrative expenses

Establishment costs (analysed below)

(610)

(873)

General administrative expenses (analysed below)

(2,268)

(34,685)

Finance charges (analysed below)

(187)

(481)

Depreciation costs (analysed below)

(1,919)

(1,919)

Other expenses (analysed below)

(400)

-

(5,384)

(37,958)

Other operating income (analysed below)

1,702

720

Operating loss

(4,159)

(27,931)

Loss before tax

(4,159)

(27,931)

 

Salient Knives Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Turnover

Turnover

7,021

16,832

   

Cost of sales

Opening stock

(4,714)

-

Purchases

(2,784)

(7,073)

Direct costs

-

(4,671)

Closing stock

-

4,714

Small consumables

-

(495)

(7,498)

(7,525)

   

Establishment costs

Insurance

(610)

(610)

Protective clothing

-

(263)

(610)

(873)

   

General administrative expenses

Computer software and maintenance costs

(1,132)

(1,140)

Printing, postage and stationery

(621)

(1,596)

Trade subscriptions

-

(30)

Travel and subsistence

-

(34)

Advertising

(836)

(28,354)

Accountancy fees

500

(1,692)

Legal and professional fees

(179)

(1,839)

(2,268)

(34,685)

   

Finance charges

Bank charges

(187)

(481)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(1,740)

(1,740)

Depreciation of fixtures and fittings (owned)

(179)

(179)

(1,919)

(1,919)

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

(400)

-

   

Other operating income

Other income

1,702

720