Kevom Ltd 09948775 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the provision of dental practice services Digita Accounts Production Advanced 6.30.9574.0 true true 09948775 2023-02-01 2024-01-31 09948775 2024-01-31 09948775 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-01-31 09948775 bus:OrdinaryShareClass2 bus:CumulativeShares 2024-01-31 09948775 core:FinanceLeases core:CurrentFinancialInstruments 2024-01-31 09948775 core:FinanceLeases core:Non-currentFinancialInstruments 2024-01-31 09948775 core:CurrentFinancialInstruments 2024-01-31 09948775 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09948775 core:Non-currentFinancialInstruments 2024-01-31 09948775 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09948775 core:Goodwill 2024-01-31 09948775 core:OtherResidualIntangibleAssets 2024-01-31 09948775 core:FurnitureFittings 2024-01-31 09948775 core:MotorVehicles 2024-01-31 09948775 core:OfficeEquipment 2024-01-31 09948775 bus:SmallEntities 2023-02-01 2024-01-31 09948775 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09948775 bus:FilletedAccounts 2023-02-01 2024-01-31 09948775 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09948775 bus:RegisteredOffice 2023-02-01 2024-01-31 09948775 bus:Director1 2023-02-01 2024-01-31 09948775 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-02-01 2024-01-31 09948775 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-02-01 2024-01-31 09948775 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09948775 bus:Agent1 2023-02-01 2024-01-31 09948775 core:Goodwill 2023-02-01 2024-01-31 09948775 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 09948775 core:FurnitureFittings 2023-02-01 2024-01-31 09948775 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09948775 core:LeaseholdImprovements 2023-02-01 2024-01-31 09948775 core:MotorCars 2023-02-01 2024-01-31 09948775 core:MotorVehicles 2023-02-01 2024-01-31 09948775 core:OfficeEquipment 2023-02-01 2024-01-31 09948775 countries:England 2023-02-01 2024-01-31 09948775 2023-01-31 09948775 core:Goodwill 2023-01-31 09948775 core:OtherResidualIntangibleAssets 2023-01-31 09948775 core:FurnitureFittings 2023-01-31 09948775 core:MotorVehicles 2023-01-31 09948775 core:OfficeEquipment 2023-01-31 09948775 2022-02-01 2023-01-31 09948775 2023-01-31 09948775 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-31 09948775 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-01-31 09948775 core:FinanceLeases core:CurrentFinancialInstruments 2023-01-31 09948775 core:FinanceLeases core:Non-currentFinancialInstruments 2023-01-31 09948775 core:CurrentFinancialInstruments 2023-01-31 09948775 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09948775 core:Non-currentFinancialInstruments 2023-01-31 09948775 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09948775 core:Goodwill 2023-01-31 09948775 core:OtherResidualIntangibleAssets 2023-01-31 09948775 core:FurnitureFittings 2023-01-31 09948775 core:MotorVehicles 2023-01-31 09948775 core:OfficeEquipment 2023-01-31 09948775 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09948775

Kevom Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Kevom Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Kevom Ltd

Company Information

Director

Dr Kevaal Patel

Registered office

Victoria House, 2A Albert Bridge Road
Battersea Park
London
SW11 4PY

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Kevom Ltd
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kevom Ltd for the year ended 31 January 2024 as set out on pages 3 to 11 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 Kevom Ltd, as a body, in accordance with the terms of our engagement letter dated 13 January 2016. Our work has been undertaken solely to prepare for your approval the accounts of Kevom Ltd and state those matters that we have agreed to state to the Board of Directors of Kevom Ltd, 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 Kevom Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kevom Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kevom Ltd. You consider that Kevom Ltd 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 Kevom Ltd. 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.

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

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

9 September 2024

 

Kevom Ltd

(Registration number: 09948775)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,874,919

1,279,572

Tangible assets

5

462,434

587,213

 

2,337,353

1,866,785

Current assets

 

Stocks

6

43,500

32,500

Debtors

7

39,815

97,447

Cash at bank and in hand

 

1,814,247

1,270,658

 

1,897,562

1,400,605

Creditors: Amounts falling due within one year

8

(1,573,993)

(1,402,713)

Net current assets/(liabilities)

 

323,569

(2,108)

Total assets less current liabilities

 

2,660,922

1,864,677

Creditors: Amounts falling due after more than one year

8

(723,379)

(255,001)

Net assets

 

1,937,543

1,609,676

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,937,443

1,609,576

Shareholders' funds

 

1,937,543

1,609,676

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 September 2024
 

 

Kevom Ltd

(Registration number: 09948775)
Balance Sheet as at 31 January 2024

.........................................
Dr Kevaal Patel
Director

 

Kevom Ltd

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

1

General information

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

The address of its registered office is:
Victoria House, 2A Albert Bridge Road
Battersea Park
London
SW11 4PY
England

These financial statements were authorised for issue by the director on 9 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.

Tax

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.

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.

 

Kevom Ltd

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

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

Furniture & fittings

Straight Line 25%

Motor Vehicles

Straight Line 25%

Leasehold improvements

Straight Line 25%

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.

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 10%

Other intangible assets

Straight Line 25%

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.

 

Kevom Ltd

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

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Kevom Ltd

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

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 the director) during the year, was 15 (2023 - 11).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

1,570,000

2,610

1,572,610

Additions acquired separately

759,162

-

759,162

At 31 January 2024

2,329,162

2,610

2,331,772

Amortisation

At 1 February 2023

290,917

2,121

293,038

Amortisation charge

163,326

489

163,815

At 31 January 2024

454,243

2,610

456,853

Carrying amount

At 31 January 2024

1,874,919

-

1,874,919

At 31 January 2023

1,279,083

489

1,279,572

 

Kevom Ltd

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

5

Tangible assets

Fixtures & fittings
£

Leasehold improvements
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

445,877

335,602

80,729

862,208

Additions

37,464

9,528

-

46,992

At 31 January 2024

483,341

345,130

80,729

909,200

Depreciation

At 1 February 2023

200,203

17,986

56,807

274,996

Charge for the year

82,554

75,573

13,643

171,770

At 31 January 2024

282,757

93,559

70,450

446,766

Carrying amount

At 31 January 2024

200,584

251,571

10,279

462,434

At 31 January 2023

245,674

317,616

23,923

587,213

6

Stocks

2024
£

2023
£

Other inventories

43,500

32,500

7

Debtors

Current

2024
£

2023
£

Prepayments

13,530

4,379

Other debtors

26,285

93,068

 

39,815

97,447

 

Kevom Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

119,778

80,936

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

11

1,169,194

1,169,194

Taxation and social security

 

225,760

102,509

Other creditors

 

59,261

50,074

 

1,573,993

1,402,713

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

723,379

255,001

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

602,647

93,333

Finance lease liabilities

120,732

161,668

723,379

255,001

Current loans and borrowings

2024
£

2023
£

Bank borrowings

78,842

40,000

Finance lease liabilities

40,936

40,936

119,778

80,936

 

Kevom Ltd

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares - A of £1 each

50

50

100

100

Ordinary shares - B of £1 (2023 - £0) each

50

50

-

-

100

100

100

100

11

Related party transactions

During the year, the company made the following related party transactions:

Directors

During the year, the directors repaid loans amounting to £56,534 to the company, with no interest charged on these loans.

As of the balance sheet date, the amount due to the directors was £180 (2023: £56,354 due from the directors).

Company under common control

As of the balance sheet date, the amount due to a company under common control was £1,169,194 (2023: £1,169,194).