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Registration number: 02889674

K.N. Office Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

Pages for filing with Registrar

 

K.N. Office Supplies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

K.N. Office Supplies Limited

Company Information

Directors

D R Gainard

N Gainard

N G Slade

P J Gainard

Registered office

22-28 Queen Ann Road
Barton Hill
Bristol
BS5 9TX

Registered number

02889674

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

K.N. Office Supplies Limited

(Registration number: 02889674)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

315,419

361,771

Current assets

 

Stocks

6

63,563

58,056

Debtors

7

750,724

820,641

Cash at bank and in hand

 

43,865

96,702

 

858,152

975,399

Creditors: Amounts falling due within one year

8

(882,195)

(968,232)

Net current (liabilities)/assets

 

(24,043)

7,167

Total assets less current liabilities

 

291,376

368,938

Creditors: Amounts falling due after more than one year

8

(122,807)

(115,127)

Provisions for liabilities

(47,051)

(36,823)

Net assets

 

121,518

216,988

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

121,418

216,888

Total equity

 

121,518

216,988

 

K.N. Office Supplies Limited

(Registration number: 02889674)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................

P J Gainard
Director

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
22-28 Queen Ann Road
Barton Hill
Bristol
BS5 9TX

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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 assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

20% reducing balance

Plant and machinery

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

The company used a debt factoring arrangement for some of its trade debtors whereby the
company receives from a financing company, in advance of the collection of that debt, an advance
equal to an agreed percentage of the debt. The financing company takes on responsibility for the
collection of the debt and bears the risk of non-payment. Advances owing to the financing company
are therefore classified within creditors.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 34).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

47,051

   

2023

Liability
£

36,823

   
 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible fixed assets

Plant and machinery
£

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 May 2023

25,058

96,314

753,020

245,161

1,119,553

Additions

1,740

5,679

-

37,065

44,484

Disposals

(19,263)

-

-

-

(19,263)

At 30 April 2024

7,535

101,993

753,020

282,226

1,144,774

Depreciation

At 1 May 2023

21,649

76,202

516,701

143,230

757,782

Charge for the year

1,868

6,175

59,080

23,713

90,836

Eliminated on disposal

(19,263)

-

-

-

(19,263)

At 30 April 2024

4,254

82,377

575,781

166,943

829,355

Carrying amount

At 30 April 2024

3,281

19,616

177,239

115,283

315,419

At 30 April 2023

3,409

20,112

236,319

101,931

361,771

Included within the net book value of motor vehicles above is £70,268 (2023 - £116,491) in respect of assets held under hire purchase agreements.

6

Stocks

2024
£

2023
£

Inventories

63,563

58,056

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

720,952

795,336

Prepayments

21,598

18,888

Accrued income

8,174

6,417

750,724

820,641

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Note

2024
£

2023
£

Amounts falling due within one year

 

Trade creditors

 

432,654

503,234

Taxation and social security

 

116,272

157,086

Other creditors

 

-

5,400

Accruals

 

47,979

8,645

Corporation tax

 

21,073

51,563

Bank borrowings

 

10,000

30,833

Hire purchase and finance lease liabilities

 

30,010

45,409

Factored debts

224,207

166,062

 

882,195

968,232

2024
£

2023
£

Due after one year

Bank borrowings

10,833

-

Hire purchase and finance lease liabilities

75,174

105,127

Directors loan account

36,800

10,000

122,807

115,127

The total amount of guarantees not included in the balance sheet is £224,207 (2023 - £166,062). Included in creditors is an amount for factored debts with Lloyds PLC. The borrowing is secured against the book debts of the company.

 

K.N. Office Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

155,038

188,000