Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr A Whitfield 20/12/2012 Mrs J Whitfield 20/12/2012 02 December 2024 The principal activity of the company continued to be that of manufacturing sports supplements. 08338423 2024-03-31 08338423 bus:Director1 2024-03-31 08338423 bus:Director2 2024-03-31 08338423 2023-03-31 08338423 core:CurrentFinancialInstruments 2024-03-31 08338423 core:CurrentFinancialInstruments 2023-03-31 08338423 core:Non-currentFinancialInstruments 2024-03-31 08338423 core:Non-currentFinancialInstruments 2023-03-31 08338423 core:ShareCapital 2024-03-31 08338423 core:ShareCapital 2023-03-31 08338423 core:RetainedEarningsAccumulatedLosses 2024-03-31 08338423 core:RetainedEarningsAccumulatedLosses 2023-03-31 08338423 core:LeaseholdImprovements 2023-03-31 08338423 core:PlantMachinery 2023-03-31 08338423 core:FurnitureFittings 2023-03-31 08338423 core:OfficeEquipment 2023-03-31 08338423 core:LeaseholdImprovements 2024-03-31 08338423 core:PlantMachinery 2024-03-31 08338423 core:FurnitureFittings 2024-03-31 08338423 core:OfficeEquipment 2024-03-31 08338423 core:WithinOneYear 2024-03-31 08338423 core:WithinOneYear 2023-03-31 08338423 core:BetweenOneFiveYears 2024-03-31 08338423 core:BetweenOneFiveYears 2023-03-31 08338423 core:MoreThanFiveYears 2024-03-31 08338423 core:MoreThanFiveYears 2023-03-31 08338423 2023-04-01 2024-03-31 08338423 bus:FilletedAccounts 2023-04-01 2024-03-31 08338423 bus:SmallEntities 2023-04-01 2024-03-31 08338423 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08338423 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08338423 bus:Director1 2023-04-01 2024-03-31 08338423 bus:Director2 2023-04-01 2024-03-31 08338423 core:LeaseholdImprovements 2023-04-01 2024-03-31 08338423 core:PlantMachinery 2023-04-01 2024-03-31 08338423 core:FurnitureFittings 2023-04-01 2024-03-31 08338423 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 08338423 2022-04-01 2023-03-31 08338423 core:OfficeEquipment 2023-04-01 2024-03-31 08338423 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 08338423 (England and Wales)

KETOLIFE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

KETOLIFE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

KETOLIFE LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
KETOLIFE LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTORS Mr A Whitfield
Mrs J Whitfield
REGISTERED OFFICE Woodside Whalley Old Road
Billington
Clitheroe
BB7 9JF
United Kingdom
COMPANY NUMBER 08338423 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
KETOLIFE LTD

BALANCE SHEET

AS AT 31 MARCH 2024
KETOLIFE LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 260,814 262,305
260,814 262,305
Current assets
Stocks 104,263 79,197
Debtors 4 123,205 257,362
Cash at bank and in hand 247,704 22,119
475,172 358,678
Creditors: amounts falling due within one year 5 ( 109,071) ( 238,781)
Net current assets 366,101 119,897
Total assets less current liabilities 626,915 382,202
Creditors: amounts falling due after more than one year 6 ( 145,209) ( 121,137)
Provision for liabilities ( 58,683) ( 56,249)
Net assets 423,023 204,816
Capital and reserves
Called-up share capital 2 2
Profit and loss account 423,021 204,814
Total shareholders' funds 423,023 204,816

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 Ketolife Ltd (registered number: 08338423) were approved and authorised for issue by the Board of Directors on 02 December 2024. They were signed on its behalf by:

Mr A Whitfield
Director
KETOLIFE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
KETOLIFE LTD

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

Ketolife Ltd (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 Woodside Whalley Old Road, Billington, Clitheroe, BB7 9JF, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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

Leasehold improvements 20 % reducing balance
Plant and machinery 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 8 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 60,033 384,283 5,154 8,382 457,852
Additions 0 54,490 6,571 846 61,907
Disposals ( 11,795) ( 10,558) ( 435) ( 1,973) ( 24,761)
At 31 March 2024 48,238 428,214 11,290 7,255 494,997
Accumulated depreciation
At 01 April 2023 21,004 165,630 2,323 6,590 195,547
Charge for the financial year 7,806 48,982 1,704 1,179 59,671
Disposals ( 10,740) ( 8,047) ( 275) ( 1,973) ( 21,035)
At 31 March 2024 18,070 206,565 3,752 5,796 234,183
Net book value
At 31 March 2024 30,168 221,649 7,538 1,459 260,814
At 31 March 2023 39,029 218,653 2,831 1,792 262,305

4. Debtors

2024 2023
£ £
Trade debtors 99,751 243,597
Other debtors 23,454 13,765
123,205 257,362

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 2,075
Trade creditors 15,398 138,783
Accruals 8,691 9,331
Taxation and social security 84,120 6,415
Obligations under finance leases and hire purchase contracts 0 388
Other creditors 862 81,789
109,071 238,781

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

2024 2023
£ £
Other creditors 145,209 121,137

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 28,750 28,750
between one and five years 57,500 57,500
after five years 28,750 86,250
115,000 172,500