Company registration number 04952609 (England and Wales)
T K ASSET MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
T K ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr T J King
Mrs S K King
(Appointed 1 December 2023)
Company number
04952609
Registered office
Pedmore Road
Dudley
West Midlands
DY2 0RF
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Caxton Gate
3 Corporation Street
Birmingham
B2 4LP
T K ASSET MANAGEMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
T K ASSET MANAGEMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF T K ASSET MANAGEMENT LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T K Asset Management Limited for the year ended 31 May 2024 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of T K Asset Management Limited, 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 T K Asset Management Limited and state those matters that we have agreed to state to the board of directors of T K Asset Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T K Asset Management Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that T K Asset Management Limited 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 T K Asset Management Limited. You consider that T K Asset Management Limited 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 T K Asset Management Limited. 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.
Ormerod Rutter Limited
11 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
T K ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,058,398
901,517
Investment property
4
250,000
250,000
Investments
5
8,987
8,987
1,317,385
1,160,504
Current assets
Debtors
6
561,831
544,059
Cash at bank and in hand
51,505
14,871
613,336
558,930
Creditors: amounts falling due within one year
7
(539,417)
(275,586)
Net current assets
73,919
283,344
Total assets less current liabilities
1,391,304
1,443,848
Creditors: amounts falling due after more than one year
8
(535,789)
(609,427)
Provisions for liabilities
10
(28,281)
(20,943)
Net assets
827,234
813,478
Capital and reserves
Called up share capital
11
300
300
Capital redemption reserve
39
39
Non-distributable reserve
12
71,742
71,742
Distributable profit and loss reserves
755,153
741,397
Total equity
827,234
813,478
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
T K ASSET MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Mr T J King
Director
Company registration number 04952609 (England and Wales)
T K ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
T K Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pedmore Road, Dudley, West Midlands, United Kingdom, DY2 0RF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
5% on cost
Plant and machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
T K ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
T K ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
1,494,507
183,039
33,424
1,710,970
Additions
226,777
2,521
52,500
281,798
Disposals
(33,424)
(33,424)
At 31 May 2024
1,721,284
185,560
52,500
1,959,344
Depreciation and impairment
At 1 June 2023
655,449
139,381
14,623
809,453
Depreciation charged in the year
86,065
6,926
13,125
106,116
Eliminated in respect of disposals
(14,623)
(14,623)
At 31 May 2024
741,514
146,307
13,125
900,946
Carrying amount
At 31 May 2024
979,770
39,253
39,375
1,058,398
At 31 May 2023
839,058
43,658
18,801
901,517
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
250,000
The directors have assessed the market value of the properties and consider that there has been no significant change in the marker value at the year end.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
8,987
8,987
T K ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,809
Amounts owed by group undertakings
554,022
543,059
Other debtors
1,000
561,831
544,059
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
80,475
85,582
Trade creditors
4,679
3,265
Taxation and social security
75,171
88,572
Other creditors
379,092
98,167
539,417
275,586
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
535,789
609,427
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
616,264
695,009
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
28,281
20,943
T K ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
270
270
270
270
Ordinary B of £1 each
30
30
30
30
300
300
300
300
12
Non-distributable reserve
2024
2023
£
£
At the beginning and end of the year
71,742
71,742
13
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
14
Ultimate controlling party
The ultimate controlling party is Mr T J King.
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