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2 Degrees Kelvin Ltd

Financial Statements for the Year Ended 31 May 2024






2 Degrees Kelvin Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: S W Davies
J C Davies





REGISTERED OFFICE: Oldgate Lisvane Road
Llanishen
Cardiff
CF14 0SB





REGISTERED NUMBER: 11928535 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
2 Degrees Kelvin Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 2 Degrees Kelvin Ltd for the year ended 31 May 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of 2 Degrees Kelvin Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 2 Degrees Kelvin Ltd and state those matters that we have agreed to state to the Board of Directors of 2 Degrees Kelvin Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 2 Degrees Kelvin Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 2 Degrees Kelvin Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 2 Degrees Kelvin Ltd. You consider that 2 Degrees Kelvin 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 financial statements of 2 Degrees Kelvin 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 financial statements.






BPU Limited
Chartered Accountants


18 October 2024

2 Degrees Kelvin Ltd (Registered number: 11928535)

Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 3 1,665 2,745
Tangible assets 4 387,668 234,653
389,333 237,398

CURRENT ASSETS
Debtors 5 704,885 224,103
Cash at bank 333,649 126,203
1,038,534 350,306
CREDITORS
Amounts falling due within one year 6 1,098,991 365,038
NET CURRENT LIABILITIES (60,457 ) (14,732 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

328,876

222,666

CREDITORS
Amounts falling due after more than
one year

7

(46,338

)

(20,000

)

PROVISIONS FOR LIABILITIES (97,300 ) (42,700 )
NET ASSETS 185,238 159,966

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 185,236 159,964
SHAREHOLDERS' FUNDS 185,238 159,966

2 Degrees Kelvin Ltd (Registered number: 11928535)

Balance Sheet - continued
31 May 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





J C Davies - Director


2 Degrees Kelvin Ltd (Registered number: 11928535)

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


1. 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% straight line, 10% straight line and straight line over 7 years
Fixtures and fittings - 25% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 25% straight line and straight line over 7 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

2 Degrees Kelvin Ltd (Registered number: 11928535)

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


1. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 5 ) .

3. INTANGIBLE FIXED ASSETS
Website
£
COST
At 1 June 2023
and 31 May 2024 5,400
AMORTISATION
At 1 June 2023 2,655
Amortisation for year 1,080
At 31 May 2024 3,735
NET BOOK VALUE
At 31 May 2024 1,665
At 31 May 2023 2,745

2 Degrees Kelvin Ltd (Registered number: 11928535)

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


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 June 2023 235,373 2,038 31,049 40,181 308,641
Additions 153,797 - 46,000 4,030 203,827
At 31 May 2024 389,170 2,038 77,049 44,211 512,468
DEPRECIATION
At 1 June 2023 50,405 1,265 5,822 16,496 73,988
Charge for year 35,030 457 9,182 6,143 50,812
At 31 May 2024 85,435 1,722 15,004 22,639 124,800
NET BOOK VALUE
At 31 May 2024 303,735 316 62,045 21,572 387,668
At 31 May 2023 184,968 773 25,227 23,685 234,653

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 592,646 208,154
Other debtors & prepayments 112,239 15,949
704,885 224,103

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 7,580 -
Trade creditors 520,837 93,052
Amounts owed to group undertakings 208,502 -
Taxes & social security costs 96,115 5,732
Other creditors & accruals 255,957 256,254
1,098,991 365,038

2 Degrees Kelvin Ltd (Registered number: 11928535)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£ £
Bank loans 10,000 20,000
Hire purchase contracts 36,338 -
46,338 20,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 43,918 -

The hire purchase contracts are secured over the assets to which they relate.