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Registration number: 04209116

K-Tech Suspension Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

K-Tech Suspension Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

K-Tech Suspension Limited

Company Information

Directors

Mr Christopher Robin Taylor

Mr Kenneth Charles Summerton

Company secretary

Mrs Deborah Ann Taylor

Registered office

Units 1&2 Marquis Court
Rawdon Business Park
Moira
Swadlincote
Derbyshire
DE12 6EJ

Accountants

Atkinson Evans Limited
Chartered Certified Accountants
The Old Drill Hall
10 Arnot Hill Road
Arnold
Nottingham
Nottinghamshire
NG5 6LJ

 

K-Tech Suspension Limited

(Registration number: 04209116)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

24,524

37,144

Tangible assets

5

288,031

271,126

 

312,555

308,270

Current assets

 

Stocks

6

2,879,190

2,337,977

Debtors

7

1,170,631

1,041,084

Cash at bank and in hand

 

387,810

347,440

 

4,437,631

3,726,501

Creditors: Amounts falling due within one year

8

(1,308,293)

(1,096,622)

Net current assets

 

3,129,338

2,629,879

Total assets less current liabilities

 

3,441,893

2,938,149

Creditors: Amounts falling due after more than one year

8

(37,129)

(53,871)

Provisions for liabilities

(73,207)

(74,468)

Net assets

 

3,331,557

2,809,810

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

3,331,553

2,809,806

Shareholders' funds

 

3,331,557

2,809,810

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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

 

K-Tech Suspension Limited

(Registration number: 04209116)
Balance Sheet as at 31 December 2023

.........................................
Mr Christopher Robin Taylor
Director

.........................................
Mr Kenneth Charles Summerton
Director

 

K-Tech Suspension Limited

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.

The address of its registered office is:
Units 1&2 Marquis Court
Rawdon Business Park
Moira
Swadlincote
Derbyshire
DE12 6EJ

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.

 

K-Tech Suspension Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and Machinery

15% on reducing balance

Fixtures and Fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on cost

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

Website

20% on cost

 

K-Tech Suspension Limited

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

K-Tech Suspension Limited

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

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 35 (2022 - 31).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

63,098

63,098

At 31 December 2023

63,098

63,098

Amortisation

At 1 January 2023

25,954

25,954

Amortisation charge

12,620

12,620

At 31 December 2023

38,574

38,574

Carrying amount

At 31 December 2023

24,524

24,524

At 31 December 2022

37,144

37,144

The aggregate amount of research and development expenditure recognised as an expense during the period is £2,331 (2022 - £21,220).
 

 

K-Tech Suspension Limited

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

5

Tangible assets

Improvements to Leasehold Property
 £

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 January 2023

15,078

188,182

182,561

124,021

Additions

-

25,370

27,633

2,160

Disposals

-

-

-

-

At 31 December 2023

15,078

213,552

210,194

126,181

Depreciation

At 1 January 2023

15,078

112,213

76,339

80,981

Charge for the year

-

21,025

17,827

20,344

Eliminated on disposal

-

-

-

-

At 31 December 2023

15,078

133,238

94,166

101,325

Carrying amount

At 31 December 2023

-

80,314

116,028

24,856

At 31 December 2022

-

75,969

106,222

43,040

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

128,346

638,188

Additions

35,553

90,716

Disposals

(6,834)

(6,834)

At 31 December 2023

157,065

722,070

Depreciation

At 1 January 2023

82,451

367,062

Charge for the year

9,704

68,900

Eliminated on disposal

(1,923)

(1,923)

At 31 December 2023

90,232

434,039

Carrying amount

At 31 December 2023

66,833

288,031

At 31 December 2022

45,895

271,126

 

K-Tech Suspension Limited

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

2,879,190

2,337,977

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

916,043

707,485

Amounts owed by related parties

45,826

143,018

Prepayments

 

104,139

85,171

Other debtors

 

104,623

105,410

   

1,170,631

1,041,084

 

K-Tech Suspension Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

21,789

31,931

Trade creditors

 

866,467

723,072

Taxation and social security

 

286,586

241,396

Accruals and deferred income

 

39,351

48,554

Other creditors

 

94,100

51,669

 

1,308,293

1,096,622

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

17,401

26,612

Deferred income

 

19,728

27,259

 

37,129

53,871

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Voting of £1 each

2

2

2

2

B Dividend of £1 each

1

1

1

1

C Dividend of £1 each

1

1

1

1

4

4

4

4

 

K-Tech Suspension Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,401

26,612

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,098

31,931

Bank overdrafts

11,691

-

21,789

31,931

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

3,763

8,250

Later than one year and not later than five years

-

3,763

3,763

12,013

The amount of non-cancellable operating lease payments recognised as an expense during the year was £7,966 (2022 - £5,982).