Silverfin false false 31/03/2024 01/04/2023 31/03/2024 S Randall 15/08/2017 B Randall 10/03/2010 12 November 2024 The principal activity of the company is that of designing and producing customised and production components. 07185440 2024-03-31 07185440 bus:Director1 2024-03-31 07185440 bus:Director2 2024-03-31 07185440 2023-03-31 07185440 core:CurrentFinancialInstruments 2024-03-31 07185440 core:CurrentFinancialInstruments 2023-03-31 07185440 core:ShareCapital 2024-03-31 07185440 core:ShareCapital 2023-03-31 07185440 core:CapitalRedemptionReserve 2024-03-31 07185440 core:CapitalRedemptionReserve 2023-03-31 07185440 core:RetainedEarningsAccumulatedLosses 2024-03-31 07185440 core:RetainedEarningsAccumulatedLosses 2023-03-31 07185440 core:LeaseholdImprovements 2023-03-31 07185440 core:PlantMachinery 2023-03-31 07185440 core:Vehicles 2023-03-31 07185440 core:FurnitureFittings 2023-03-31 07185440 core:OfficeEquipment 2023-03-31 07185440 core:LeaseholdImprovements 2024-03-31 07185440 core:PlantMachinery 2024-03-31 07185440 core:Vehicles 2024-03-31 07185440 core:FurnitureFittings 2024-03-31 07185440 core:OfficeEquipment 2024-03-31 07185440 2023-04-01 2024-03-31 07185440 bus:FilletedAccounts 2023-04-01 2024-03-31 07185440 bus:SmallEntities 2023-04-01 2024-03-31 07185440 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07185440 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07185440 bus:Director1 2023-04-01 2024-03-31 07185440 bus:Director2 2023-04-01 2024-03-31 07185440 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 07185440 core:PlantMachinery 2023-04-01 2024-03-31 07185440 core:Vehicles 2023-04-01 2024-03-31 07185440 core:FurnitureFittings 2023-04-01 2024-03-31 07185440 core:OfficeEquipment 2023-04-01 2024-03-31 07185440 2022-04-01 2023-03-31 07185440 core:LeaseholdImprovements 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 07185440 (England and Wales)

KIROLITE LIMITED

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

KIROLITE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KIROLITE LIMITED

BALANCE SHEET

As at 31 March 2024
KIROLITE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 178,161 183,671
178,161 183,671
Current assets
Stocks 4 146,788 115,259
Debtors 5 1,181,102 838,198
Cash at bank and in hand 170,045 5,811
1,497,935 959,268
Creditors: amounts falling due within one year 6 ( 805,929) ( 656,265)
Net current assets 692,006 303,003
Total assets less current liabilities 870,167 486,674
Provision for liabilities ( 41,065) ( 29,619)
Net assets 829,102 457,055
Capital and reserves
Called-up share capital 100 100
Capital redemption reserve 4 4
Profit and loss account 828,998 456,951
Total shareholders' funds 829,102 457,055

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.

Directors' responsibilities:

The financial statements of Kirolite Limited (registered number: 07185440) were approved and authorised for issue by the Board of Directors on 12 November 2024. They were signed on its behalf by:

B Randall
Director
KIROLITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KIROLITE 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

Kirolite 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 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.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognisedas other comprehensiveincome is alsorecogniseddirectlyinothercomprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 and reducing balance basis over its expected useful life, as follows:

Leasehold improvements 15 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 15 % 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost (AVCO) method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced toits sellingprice less costs to complete andsell;the impairment loss is recognised immediately in profit or loss.

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.

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 directors 34 31

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 12,680 649,107 17,946 47,022 7,130 733,885
Additions 0 23,800 0 0 192 23,992
At 31 March 2024 12,680 672,907 17,946 47,022 7,322 757,877
Accumulated depreciation
At 01 April 2023 10,988 480,270 15,085 42,858 1,013 550,214
Charge for the financial year 845 25,979 715 1,041 922 29,502
At 31 March 2024 11,833 506,249 15,800 43,899 1,935 579,716
Net book value
At 31 March 2024 847 166,658 2,146 3,123 5,387 178,161
At 31 March 2023 1,692 168,837 2,861 4,164 6,117 183,671

4. Stocks

2024 2023
£ £
Stocks 146,788 115,259

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2024 2023
£ £
Trade debtors 1,089,465 752,319
Other debtors 91,637 85,879
1,181,102 838,198

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 15,625
Trade creditors 285,563 196,370
Taxation and social security 259,702 123,497
Other creditors 260,664 320,773
805,929 656,265

7. Financial commitments

Other financial commitments

2024 2023
£ £
Rental lease 150,000 300,000

The company paid a security deposit of £75,000 for the rental lease for the period 2010 - 2025