Company registration number 09144374 (England and Wales)
K V MANUFACTURING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
K V MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
K V MANUFACTURING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
319,491
368,916
Investments
5
1
1
319,492
368,917
Current assets
Stocks
135,448
90,016
Debtors
7
140,864
103,482
Cash at bank and in hand
139,188
352,453
415,500
545,951
Creditors: amounts falling due within one year
8
(88,058)
(48,245)
Net current assets
327,442
497,706
Total assets less current liabilities
646,934
866,623
Creditors: amounts falling due after more than one year
9
(1,244,876)
(1,216,314)
Net liabilities
(597,942)
(349,691)
Capital and reserves
Called up share capital
10
1,032,000
1,032,000
Profit and loss reserves
(1,629,942)
(1,381,691)
Total equity
(597,942)
(349,691)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
S Vichaiwatanapanich
Director
Company Registration No. 09144374
K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

K V Manufacturing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Site J, Albert Drive, Burgess Hill, West Sussex, United Kingdom, RH15 9TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on a going concern basistrue. At the year end, the company had £597,942 net liabilities. However, this basis has been used on the understanding that the directors and shareholders have agreed that they will continue to financially support the Company and that the directors and shareholders will not require repayment of the outstanding loan balances due to them for at least 12 months from the date of signing these financial statements. This is in relation to the £964,876 liability within amounts owed to group undertakings and the £280,000 liability within loans and borrowings.

 

The directors of the company remain confident that sufficient funding is in place and that the company has adequate resources to enable it to continue as a going concern for the foreseeable future.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods. 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.

1.4
Tangible fixed 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.

K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as

follows:

Improvements to property
Straight line over 5 years
Plant and machinery
Straight line over 15 years
Fixtures and fittings
Straight line over 4 years
Computer equipment
Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
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 comprises direct materials. 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.

1.7
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.

1.8
Taxation

The tax expense for the period comprises current 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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

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.

1.10
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.

1.11
Foreign exchange

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 rates prevailing on the initial transaction dates.

1.12

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.

1.13

Trade Debtors

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

 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less any provision for impairment. A provision is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

1.14

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.

K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of fixed assets

Depreciation of tangible fixed assets has been based on the useful life of each asset category that management considers to be appropriate. Management review the useful life of each asset category on an annual basis to confirm that these are suitable.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
11
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
240,850
1,052,757
21,934
3,818
1,319,359
Additions
-
0
-
0
-
0
371
371
At 31 December 2023
240,850
1,052,757
21,934
4,189
1,319,730
Depreciation and impairment
At 1 January 2023
240,850
685,032
21,934
2,627
950,443
Depreciation charged in the year
-
0
49,421
-
0
375
49,796
At 31 December 2023
240,850
734,453
21,934
3,002
1,000,239
Carrying amount
At 31 December 2023
-
0
318,304
-
0
1,187
319,491
At 31 December 2022
-
0
367,725
-
0
1,191
368,916
K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
1
1
6
Subsidiaries

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Peper Harow Limited
England and Wales
Retail sale via mail order houses or via the internet.
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,459
3,504
Amounts owed by group undertakings
2,104
4,703
Other debtors
54,359
600
Prepayments and accrued income
38,942
48,775
140,864
57,582
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
45,900
Total debtors
140,864
103,482
K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
1,735
Trade creditors
39,686
14,463
Taxation and social security
20,469
7,800
Other creditors
23,853
20,195
Accruals and deferred income
4,050
4,052
88,058
48,245
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
280,000
280,000
Amounts owed to group undertakings
964,876
936,314
1,244,876
1,216,314

Other creditors falling due after more than one year consists of a loan to a director of £280,000 (2022: £280,000). It has been agreed that the loan will not be repayable in the next 12 months. The loan is unsecured and is interest free.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,032,000
1,032,000
1,032,000
1,032,000
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Lawrence BSc (Hons) FCA
Statutory Auditor:
Azets Audit Services
K V MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
115,053
105,649
Between two and five years
3,349
103,850
118,402
209,499
13
Related party transactions
2023
2022
Amounts due to related parties
£
£
Loans from directors
284,122
284,122

Loans from Directors, included within non-current loans and liabilities, are repayable on demand. However, it has been agreed that the loan will not be repayable in the next 12 months. The loan is unsecured and is interest free.

 

The company has taken advantage of the exemption under the terms 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.

 

14
Parent company

The company's immediate and ultimate parent is Thai Sock Co. Limited, incorporated in Thailand.

 

The registered office of the ultimate parent undertaking is 29/1 Moo 4 Poochaosamingprai Road, Samrong Klang, Phrapradaeng, Samutprakarn 10130, Thailand.

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