Company registration number 06904872 (England and Wales)
K1 LOGISTICS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
K1 LOGISTICS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
K1 LOGISTICS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
44,453
-
Tangible assets
4
2,942,681
2,615,661
2,987,134
2,615,661
Current assets
Debtors
5
1,361,651
1,327,180
Cash at bank and in hand
654,963
544,057
2,016,614
1,871,237
Creditors: amounts falling due within one year
6
(545,679)
(396,160)
Net current assets
1,470,935
1,475,077
Total assets less current liabilities
4,458,069
4,090,738
Creditors: amounts falling due after more than one year
7
(596,966)
(302,250)
Provisions for liabilities
(308,117)
(237,163)
Net assets
3,552,986
3,551,325
Capital and reserves
Called up share capital
8
300
300
Revaluation reserve
9
644,495
746,567
Profit and loss reserves
2,908,191
2,804,458
Total equity
3,552,986
3,551,325

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 1 October 2024 and are signed on its behalf by:
Mr K A Evans
Director
Company Registration No. 06904872
K1 LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

K1 Logistics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Llantrisant Business Park, Llantrisant, Pontyclun, CF72 8LF.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line
Motor vehicles
25% straight line

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.

K1 LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

K1 LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
26
26
3
Intangible fixed assets
Software
£
Cost
At 1 April 2023
-
0
Additions
44,453
At 31 March 2024
44,453
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
44,453
At 31 March 2023
-
0
K1 LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
1,600,000
131,818
45,306
11,008
1,818,499
3,606,631
Additions
624,454
17,917
-
0
11,342
-
0
653,713
At 31 March 2024
2,224,454
149,735
45,306
22,350
1,818,499
4,260,344
Depreciation and impairment
At 1 April 2023
64,000
120,322
41,505
8,073
757,070
990,970
Depreciation charged in the year
32,000
11,708
1,284
3,269
278,432
326,693
At 31 March 2024
96,000
132,030
42,789
11,342
1,035,502
1,317,663
Carrying amount
At 31 March 2024
2,128,454
17,705
2,517
11,008
782,997
2,942,681
At 31 March 2023
1,536,000
11,496
3,801
2,935
1,061,429
2,615,661

Land and buildings were revalued at 31 March 2024 by the directors on the basis of market value.

The revaluation surplus is disclosed in note 9. **Details of restrictions**

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Property
2024
2023
£
£
Cost
1,446,780
822,326
Accumulated depreciation
(49,339)
(32,893)
Carrying value
1,397,441
789,433
K1 LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
673,086
614,472
Corporation tax recoverable
-
0
14,143
Other debtors
688,565
698,565
1,361,651
1,327,180
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
14,832
-
0
Trade creditors
129,469
102,224
Corporation tax
100,262
-
0
Other taxation and social security
106,312
97,607
Other creditors
194,804
196,329
545,679
396,160

Included above is a bank loan amount of £14,832 secured on the company's freehold property.

 

Included in other creditors above is a hire purchase liability of £93,000 (2023: £100,273) secured on the company's motor vehicles.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
387,716
-
0
Other creditors
209,250
302,250
596,966
302,250

Included above is a bank loan amount of £387,716 secured on the company's freehold property.

 

Included in other creditors above is a hire purchase liability of £209,250 (2023: £302,250) secured on the company's motor vehicles.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
315,944
-
K1 LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
100
100
100
100
300
300
300
300
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
746,567
614,347
Deferred tax on revaluation of tangible assets
(86,518)
-
Transfer to retained earnings
(15,554)
132,220
At the end of the year
644,495
746,567
10
Related party transactions

As at 31 March 2024, the balance owed to the company by JLS Electrical Services (Wales) Limited. a company under common ownership and directorship, was £64,428 (2023: £34,428), this amount being included in debtors amounts falling due within one year.

 

As at 31 March 2024, the balance owed to the company by K1 Estates Limited. a company under common ownership and directorship, was £624,137 (2023: £664,137), this amount being included in debtors amounts falling due within one year.

 

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