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Company No: 04353701 (England and Wales)

KENMART LIMITED

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

KENMART LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KENMART LIMITED

BALANCE SHEET

As at 31 March 2024
KENMART LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 164,918 163,513
164,919 163,514
Current assets
Stocks 5 614,187 642,382
Debtors 6 270,049 324,797
Cash at bank and in hand 61,749 31,645
945,985 998,824
Creditors: amounts falling due within one year 7 ( 652,756) ( 657,099)
Net current assets 293,229 341,725
Total assets less current liabilities 458,148 505,239
Creditors: amounts falling due after more than one year 8 ( 28,611) ( 26,580)
Provision for liabilities ( 40,064) ( 39,545)
Net assets 389,473 439,114
Capital and reserves
Called-up share capital 9 2,000 2,000
Profit and loss account 387,473 437,114
Total shareholder's funds 389,473 439,114

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Kenmart Limited (registered number: 04353701) were approved and authorised for issue by the Director on 08 November 2024. They were signed on its behalf by:

Mr A S Wills
Director
KENMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KENMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Kenmart 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 Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, 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.

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

Turnover

Turnover comprises the fair value of the consideration received or receivable from the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is stated net of VAT, returns, rebates, trade discounts and after eliminating sales within the company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 on a straight-line / reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 30,000 30,000
At 31 March 2024 30,000 30,000
Accumulated amortisation
At 01 April 2023 29,999 29,999
At 31 March 2024 29,999 29,999
Net book value
At 31 March 2024 1 1
At 31 March 2023 1 1

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 4,594 71,639 232,724 27,057 336,014
Additions 0 750 91,300 715 92,765
Disposals 0 0 ( 60,294) 0 ( 60,294)
At 31 March 2024 4,594 72,389 263,730 27,772 368,485
Accumulated depreciation
At 01 April 2023 2,755 54,927 96,617 18,202 172,501
Charge for the financial year 459 4,367 47,754 2,393 54,973
Disposals 0 0 ( 23,907) 0 ( 23,907)
At 31 March 2024 3,214 59,294 120,464 20,595 203,567
Net book value
At 31 March 2024 1,380 13,095 143,266 7,177 164,918
At 31 March 2023 1,839 16,712 136,107 8,855 163,513

5. Stocks

2024 2023
£ £
Stocks 614,187 642,382

6. Debtors

2024 2023
£ £
Trade debtors 184,910 242,239
Amounts owed by connected companies 65,977 63,964
Prepayments 19,162 18,594
270,049 324,797

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,920
Trade creditors 165,689 187,732
Other loans 310,000 285,000
Accruals 9,801 9,448
Taxation and social security 131,271 154,648
Obligations under finance leases and hire purchase contracts 6,667 5,318
Other creditors 19,328 4,033
652,756 657,099

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 17,500 26,580
Obligations under finance leases and hire purchase contracts 11,111 0
28,611 26,580

Hire purchase agreements are secured on the individual assets taken out on hire purchase.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary A shares of £ 1.00 each 1,000 1,000
1,000 Ordinary B shares of £ 1.00 each 1,000 1,000
2,000 2,000

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 210,000 240,000

11. Ultimate controlling party

Parent Company:

A S Wills Limited
Sigma House, Oak View Close, Edginswell Park, Torquay, Devon, United Kingdom, TQ2 7FF.