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Company No: 03183075 (England and Wales)

KIT HEATH LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

KIT HEATH LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

KIT HEATH LIMITED

BALANCE SHEET

As at 31 January 2024
KIT HEATH LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 160,038 122,633
Investments 5 314 314
160,352 122,947
Current assets
Stocks 716,691 682,561
Debtors 6 511,441 511,381
Cash at bank and in hand 754,750 976,174
1,982,882 2,170,116
Creditors: amounts falling due within one year 7 ( 419,238) ( 483,226)
Net current assets 1,563,644 1,686,890
Total assets less current liabilities 1,723,996 1,809,837
Provision for liabilities ( 39,000) ( 29,400)
Net assets 1,684,996 1,780,437
Capital and reserves
Called-up share capital 8 1,760,100 1,760,100
Profit and loss account ( 75,104 ) 20,337
Total shareholders' funds 1,684,996 1,780,437

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.

Directors' responsibilities:

The financial statements of Kit Heath Limited (registered number: 03183075) were approved and authorised for issue by the Board of Directors on 28 October 2024. They were signed on its behalf by:

C J Heath
Director
KIT HEATH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
KIT HEATH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kit Heath Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Millennium House, Brannam Crescent, Roundswell Business Park, EX31 3TD, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
The company operates a defined contribution pension scheme for some staff. Contributions are charged in profit and loss account as they become payable in accordance with the rules of the scheme.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Computer equipment 3 years straight line
Other property, plant and equipment 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Investment in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard of obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 26

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 50,000 50,000
At 31 January 2024 50,000 50,000
Accumulated amortisation
At 01 February 2023 50,000 50,000
At 31 January 2024 50,000 50,000
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £ £
Cost
At 01 February 2023 74,374 1,763 0 123,831 191,706 89,803 35,471 516,948
Additions 0 0 51,546 5,461 31,964 9,001 0 97,972
Disposals 0 0 0 0 ( 114,559) ( 5,419) ( 6,579) ( 126,557)
At 31 January 2024 74,374 1,763 51,546 129,292 109,111 93,385 28,892 488,363
Accumulated depreciation
At 01 February 2023 74,374 1,763 0 80,149 130,335 75,692 32,002 394,315
Charge for the financial year 0 0 12,886 12,732 19,470 10,208 1,231 56,527
Disposals 0 0 0 0 ( 110,519) ( 5,419) ( 6,579) ( 122,517)
At 31 January 2024 74,374 1,763 12,886 92,881 39,286 80,481 26,654 328,325
Net book value
At 31 January 2024 0 0 38,660 36,411 69,825 12,904 2,238 160,038
At 31 January 2023 0 0 0 43,682 61,371 14,111 3,469 122,633

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 314
At 31 January 2024 314
Carrying value at 31 January 2024 314
Carrying value at 31 January 2023 314

6. Debtors

2024 2023
£ £
Trade debtors 219,165 182,195
Amounts owed by Group undertakings 83,464 108,304
Corporation tax 55,625 27,625
Other debtors 153,187 193,257
511,441 511,381

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 226,132 260,485
Corporation tax 0 43,500
Other taxation and social security 62,815 62,717
Other creditors 130,291 116,524
419,238 483,226

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
55 Ordinary Shares A shares of £ 1.00 each 55 55
45 Ordinary Shares B shares of £ 1.00 each 45 45
5,500 Ordinary Shares C shares of £ 1.00 each 5,500 5,500
4,500 Ordinary Shares D shares of £ 1.00 each 4,500 4,500
962,500 Redeemable Preference A ordinary shares of £ 1.00 each 962,500 962,500
787,500 Redeemable Preference B ordinary shares of £ 1.00 each 787,500 787,500
1,760,100 1,760,100

The Preference A shares and the Preference B shares are redeemable shares. They may be redeemed only by the company by giving at least one month's written notice to any holder of the Preference shares where the company wishes to redeem the whole or any part of their shareholding.
The shares are redeemable at par value.

Provided and to the extend that there are available profits, redemption shall take place at the registered office of the company on the date specified in any notice. Except with the prior written arrangement of the holders of all the Preference shares in issue, no Preference shares shall be redeemed unless the same percentage of issued Preference A shares and issued Preference B shares are redeemed together.

Ordinary Shares A & B carry voting rights. On winding up, A and B shares to be paid after C and D at the nominal value together with amount equal to arrears of any dividend due but unpaid.

Ordinary Shares C & D carry no voting rights. On winding up holders C & D are paid first at the nominal value together with a sum equal to the arreas of any dividend which is due but unpaid. Second, in paying are the holders of A & B to a sum equal to the nominal value and the areas of any dividend which is due but unpaid. Third in paying to the holders of C & D shares the balance of the assets of the company.

Redeemable Shares A & B have no dividend or voting rights and have preference to capital on winding up.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 12,118 0

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Advances to director 1 35,188 35,500
Advances to director 2 49,188 49,500