Registered number
04047223
P K Trading ( UK ) Ltd
Filleted Accounts
31 January 2024
P K Trading ( UK ) Ltd
Registered number: 04047223
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 42,557 57,084
Current assets
Stocks 545,250 445,358
Debtors 4 1,403,381 847,529
Cash at bank and in hand 1,000,754 201,291
2,949,385 1,494,178
Creditors: amounts falling due within one year 5 (1,807,793) (1,218,019)
Net current assets 1,141,592 276,159
Total assets less current liabilities 1,184,149 333,243
Creditors: amounts falling due after more than one year 6 (68,439) (137,364)
Net assets 1,115,710 195,879
Capital and reserves
Called up share capital 6 6
Profit and loss account 1,115,704 195,873
Shareholders' funds 1,115,710 195,879
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H S Shokar
Director
Approved by the board on 15 October 2024
P K Trading ( UK ) Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Short leasehold property over the lease term
Motor vehicles over 4 years
Plant and fixtures over 4 years
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 11
3 Tangible fixed assets
Short leasehold property Plant, IT equipment and fixtures Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 43,337 348,044 53,795 445,176
Additions - 11,211 9,250 20,461
Disposals - - (16,295) (16,295)
At 31 January 2024 43,337 359,255 46,750 449,342
Depreciation
At 1 February 2023 21,669 317,389 49,034 388,092
Charge for the year 7,223 22,233 1,458 30,914
On disposals - - (12,221) (12,221)
At 31 January 2024 28,892 339,622 38,271 406,785
Net book value
At 31 January 2024 14,445 19,633 8,479 42,557
At 31 January 2023 21,668 30,655 4,761 57,084
4 Debtors 2024 2023
£ £
Trade debtors 981,538 562,836
Deferred tax asset 1,288 1,215
Other debtors 420,555 283,478
1,403,381 847,529
Trade debtors of £981,538 represent factored debts (2023 £580,421). As shown in note 5 there is a loan due to the factors amounting to £628,066 which remain secured against these factored debts (2023 £223,526).
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 28,319 69,696
Factoring account 628,066 223,526
Obligations under finance lease and hire purchase contracts - 4,058
Trade creditors 684,069 698,579
Taxation and social security costs 401,044 152,879
Other creditors 66,295 69,281
1,807,793 1,218,019
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 68,439 136,289
Obligations under finance lease and hire purchase contracts - 1,075
68,439 137,364
7 Loans 2024 2023
£ £
Creditors include:
Secured HP and Fiance Leases included in creditors - 5,133
Secured factoring included in creditors 628,066 223,526
HP finance lease creditor is secured on the assets it relates to. Factoring agreement is secured on the book debt of the company.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 184,281 263,384
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan 1
2.25% interest, payable on demand 230,006 2,715,139 (2,624,303) 320,842
230,006 2,715,139 (2,624,303) 320,842
10 Other information
P K Trading ( UK ) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1/2 Ashford Business Complex
158 - 166 Feltham Road
Ashford
Middlesex
TW15 1YQ
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