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REGISTERED NUMBER: NI049376 (Northern Ireland)













KHC Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024






KHC Limited (Registered number: NI049376)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 8


KHC Limited

Company Information
for the Year Ended 31 January 2024







Directors: Mr B McKinney
Mr K McKinney





Registered office: 44 Davis Street
Keady
Co Armagh
BT60 3RS





Registered number: NI049376 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

KHC Limited (Registered number: NI049376)

Statement of Financial Position
31 January 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 448,335 446,091

Current assets
Inventories 5 169,707 169,775
Receivables 6 86,434 81,857
Cash at bank 23,979 25,078
280,120 276,710
Payables
Amounts falling due within one year 7 (194,931 ) (222,703 )
Net current assets 85,189 54,007
Total assets less current liabilities 533,524 500,098

Payables
Amounts falling due after more than one
year

8

(29,192

)

(59,532

)

Provisions for liabilities 10 (74,084 ) (73,494 )
Net assets 430,248 367,072

Capital and reserves
Called up share capital 11 40,020 40,020
Retained earnings 390,228 327,052
Shareholders' funds 430,248 367,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:



Mr K McKinney - Director


KHC Limited (Registered number: NI049376)

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


1. Statutory information

KHC Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

KHC Limited (Registered number: NI049376)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. Accounting policies - continued

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See property, plant and equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of assets.

3. Employees and directors

The average number of employees during the year was 8 (2023 - 10 ) .

KHC Limited (Registered number: NI049376)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. Property, plant and equipment
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Cost
At 1 February 2023 107,563 752,490 7,673
Additions - 69,969 2,000
Disposals - (31,689 ) -
At 31 January 2024 107,563 790,770 9,673
Depreciation
At 1 February 2023 - 439,067 6,892
Charge for year - 49,700 317
Eliminated on disposal - (18,563 ) -
At 31 January 2024 - 470,204 7,209
Net book value
At 31 January 2024 107,563 320,566 2,464
At 31 January 2023 107,563 313,423 781

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 February 2023 64,299 5,865 937,890
Additions - 16 71,985
Disposals (9,000 ) - (40,689 )
At 31 January 2024 55,299 5,881 969,186
Depreciation
At 1 February 2023 41,278 4,562 491,799
Charge for year 4,604 326 54,947
Eliminated on disposal (7,332 ) - (25,895 )
At 31 January 2024 38,550 4,888 520,851
Net book value
At 31 January 2024 16,749 993 448,335
At 31 January 2023 23,021 1,303 446,091

KHC Limited (Registered number: NI049376)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. Property, plant and equipment - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
Cost
At 1 February 2023 123,763
Transfer to ownership (16,500 )
At 31 January 2024 107,263
Depreciation
At 1 February 2023 33,442
Charge for year 9,471
Transfer to ownership (5,175 )
At 31 January 2024 37,738
Net book value
At 31 January 2024 69,525
At 31 January 2023 90,321

5. Inventories
2024 2023
£ £
Finished goods 169,707 169,775

6. Receivables less than one year
2024 2023
£ £
Trade receivables 74,256 70,305
Other receivables 12,178 11,552
86,434 81,857

7. Payables less than one year
2024 2023
£ £
Bank loans and overdrafts 15,680 15,342
Hire purchase contracts (see note 9) 15,115 28,795
Trade payables 77,648 54,064
Taxation and social security 21,801 11,129
Other payables 64,687 113,373
194,931 222,703

Bank loans and overdrafts provided by Danske Bank are secured by a joint & several letter of guarantee for £110,000 completed by Mr K McKinney, Mr B McKinney, Mrs S Ogle (all directors or former directors of KHC) and Mrs M McKinney (wife of Mr B McKinney and previous director of KHC), supported by Equitable deposit over property at Davis Street Keady.

KHC Limited (Registered number: NI049376)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


8. Payables more than one year
2024 2023
£ £
Bank loans 22,204 37,430
Hire purchase contracts (see note 9) 6,988 22,102
29,192 59,532

9. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 15,115 28,795
Between one and five years 6,988 22,102
22,103 50,897

10. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 74,084 73,494

Deferred tax
£
Balance at 1 February 2023 73,494
Provided during year 590
Balance at 31 January 2024 74,084

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
40,020 Ordinary Shares 1 40,020 40,020

12. Directors' advances, credits and guarantees

The following loans to the company from the directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£ £
Mr B McKinney
Balance outstanding at start of year 5,511 7,471
Amounts advanced 1,000 2,000
Amounts repaid (3,960 ) (3,960 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,551 5,511

KHC Limited (Registered number: NI049376)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


12. Directors' advances, credits and guarantees - continued

Mr K McKinney
Balance outstanding at start of year 19,752 17,752
Amounts advanced 21,772 2,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 41,524 19,752

Mrs S Ogle
Balance outstanding at start of year 19,772 17,772
Amounts advanced 1,000 2,000
Amounts repaid (20,772 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 19,772

The loan is interest free and repayable on demand.