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REGISTERED NUMBER: 09498191 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KORLING LTD

KORLING LTD (REGISTERED NUMBER: 09498191)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KORLING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Ms R Korling
Mr J M Korling





REGISTERED OFFICE: 5 Brayford Square
London
E1 0SG





REGISTERED NUMBER: 09498191 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

KORLING LTD (REGISTERED NUMBER: 09498191)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,223 1,427
Tangible assets 5 4,126 4,653
5,349 6,080

CURRENT ASSETS
Stocks 6 281,859 586,972
Debtors 7 58,539 48,784
Cash at bank 6,938 237,613
347,336 873,369
CREDITORS
Amounts falling due within one year 8 304,917 620,375
NET CURRENT ASSETS 42,419 252,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,768

259,074

CREDITORS
Amounts falling due after more than one
year

9

(82,700

)

(40,998

)

PROVISIONS FOR LIABILITIES (1,031 ) (1,163 )
NET (LIABILITIES)/ASSETS (35,963 ) 216,913

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (35,965 ) 216,911
(35,963 ) 216,913

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:



Mr J M Korling - Director


KORLING LTD (REGISTERED NUMBER: 09498191)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Korling Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks 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 Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

KORLING LTD (REGISTERED NUMBER: 09498191)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 2,039
AMORTISATION
At 1 April 2023 612
Amortisation for year 204
At 31 March 2024 816
NET BOOK VALUE
At 31 March 2024 1,223
At 31 March 2023 1,427

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 3,283 7,213 10,496
Additions 897 1,382 2,279
At 31 March 2024 4,180 8,595 12,775
DEPRECIATION
At 1 April 2023 1,394 4,449 5,843
Charge for year 940 1,866 2,806
At 31 March 2024 2,334 6,315 8,649
NET BOOK VALUE
At 31 March 2024 1,846 2,280 4,126
At 31 March 2023 1,889 2,764 4,653

6. STOCKS
2024 2023
£    £   
Finished goods 281,859 586,972

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 54,594 43,526
Other debtors 3,194 900
Prepayments 751 4,358
58,539 48,784

KORLING LTD (REGISTERED NUMBER: 09498191)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 127,765 385,383
Trade creditors 45,850 51,081
Tax - 17,732
Social security and other taxes 4,503 5,791
VAT 3,372 20,282
Other creditors 84,034 75,076
Directors' current accounts 39,393 65,030
304,917 620,375

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 73,092 24,445
Bank loans - 2-5 years 9,608 16,553
82,700 40,998

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Ms R Korling maintained her loan to the company. As at 31 March 2024, the company owed her £10,800 (2023: £10,800). This balance represented the maximum amount outstanding during the year and interest is charged at the commercial rate of 10%.

Also, during the year, J M Korling decreased his loan to the company. As at 31 March 2024, the company owed him £28,593 (2023: £54,230). This balance represented the maximum amount outstanding during the year and interest is charged at the commercial rate of 10%.

Also, during the year the company paid Ms R Korling and J M Korling £2,100 in rent for utilising office space within their home.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J M Korling & Ms R Korling.

This was by virtue of their 100% holding of the issued share capital.