Kiavi Limited 07165444 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is retail and wholesale of pharmaceutical and allied products and provision of professional NHS services. Digita Accounts Production Advanced 6.30.9574.0 true 07165444 2023-05-01 2024-04-30 07165444 2024-04-30 07165444 core:RetainedEarningsAccumulatedLosses 2024-04-30 07165444 core:ShareCapital 2024-04-30 07165444 core:CurrentFinancialInstruments 2024-04-30 07165444 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 07165444 core:Non-currentFinancialInstruments 2024-04-30 07165444 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 07165444 core:Goodwill 2024-04-30 07165444 core:FurnitureFittingsToolsEquipment 2024-04-30 07165444 bus:SmallEntities 2023-05-01 2024-04-30 07165444 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07165444 bus:FilletedAccounts 2023-05-01 2024-04-30 07165444 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 07165444 bus:RegisteredOffice 2023-05-01 2024-04-30 07165444 bus:Director1 2023-05-01 2024-04-30 07165444 bus:Director2 2023-05-01 2024-04-30 07165444 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07165444 core:Goodwill 2023-05-01 2024-04-30 07165444 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 07165444 core:OtherRelatedParties 2023-05-01 2024-04-30 07165444 countries:EnglandWales 2023-05-01 2024-04-30 07165444 2023-04-30 07165444 core:Goodwill 2023-04-30 07165444 core:FurnitureFittingsToolsEquipment 2023-04-30 07165444 2022-05-01 2023-04-30 07165444 2023-04-30 07165444 core:RetainedEarningsAccumulatedLosses 2023-04-30 07165444 core:ShareCapital 2023-04-30 07165444 core:CurrentFinancialInstruments 2023-04-30 07165444 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 07165444 core:Non-currentFinancialInstruments 2023-04-30 07165444 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 07165444 core:Goodwill 2023-04-30 07165444 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 07165444

Kiavi Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Kiavi Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kiavi Limited

Company Information

Directors

Mr J P Patel

Mrs G J Patel

Registered office

110 Guildhall Street
Folkestone
Kent
CT20 1ES
 

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Kiavi Limited

(Registration number: 07165444)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

655,231

 

764,436

Tangible assets

5

 

21,822

 

24,505

   

677,053

 

788,941

Current assets

   

 

Stocks

132,450

 

154,404

 

Debtors

6

949,425

 

943,533

 

Cash at bank and in hand

 

8,845

 

93,551

 

 

1,090,720

 

1,191,488

 

Creditors: Amounts falling due within one year

7

(394,018)

 

(499,486)

 

Net current assets

   

696,702

 

692,002

Total assets less current liabilities

   

1,373,755

 

1,480,943

Creditors: Amounts falling due after more than one year

7

 

(11,667)

 

(58,826)

Provisions for liabilities

 

(5,783)

 

(4,656)

Net assets

   

1,356,305

 

1,417,461

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

1,356,205

 

1,417,361

 

Total equity

   

1,356,305

 

1,417,461

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Kiavi Limited

(Registration number: 07165444)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr J P Patel
Director

   
     
 

Kiavi Limited

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

1

General information

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

The address of its registered office is:
110 Guildhall Street
Folkestone
Kent
CT20 1ES
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “Other operating income” within profit or loss in the same period as the related expenditure. The deferred element of grants, if any, is included in creditors as deferred income.

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.

 

Kiavi Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, & equipment

25% Reducing Balance Method

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

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.

 

Kiavi Limited

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

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 21 (2023 - 21).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

2,184,104

2,184,104

At 30 April 2024

2,184,104

2,184,104

Amortisation

At 1 May 2023

1,419,668

1,419,668

Amortisation charge

109,205

109,205

At 30 April 2024

1,528,873

1,528,873

Carrying amount

At 30 April 2024

655,231

655,231

At 30 April 2023

764,436

764,436

 

Kiavi Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

107,106

107,106

Additions

8,814

8,814

Disposals

(26,924)

(26,924)

At 30 April 2024

88,996

88,996

Depreciation

At 1 May 2023

82,601

82,601

Charge for the year

8,330

8,330

Eliminated on disposal

(23,757)

(23,757)

At 30 April 2024

67,174

67,174

Carrying amount

At 30 April 2024

21,822

21,822

At 30 April 2023

24,505

24,505

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

(49,456)

71,600

Other debtors

 

431,278

389,125

Directors' current account

10

558,337

471,101

Prepayments and accrued income

 

9,266

11,707

Total current trade and other debtors

 

949,425

943,533

 

Kiavi Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

263,347

353,657

Bank loans and overdrafts

8

49,177

86,135

Corporation tax

 

42,238

29,537

Other taxes and social security

 

4,035

2,574

Other creditors

 

26,424

24,115

Accruals and deferred income

 

8,797

3,468

 

394,018

499,486

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,667

58,826

The bank loan is secured by the following:

- a standard debenture dated 5 September 2019;
- a personal Guarantee from Mr. J Patel; and
- a first legal charge over leasehold properties from which the company trades.

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,667

58,826

2024
£

2023
£

Current loans and borrowings

Bank borrowings

49,177

86,135

 

Kiavi Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £108,000 (2023 - £132,000). This relates to the outstanding commitments for future minimum lease payments under a non-cancellable operating lease for the properties which the company trades from.

10

Related party transactions

Summary of transactions with other related parties

Other transactions with directors
 Mr J P Patel and Mrs G J Patel
(Directors and Shareholders)

Mr J P Patel owns the business premises from which one of the company's pharmacy trades.The company paid rent of £12,000 during the year for the occupation of these premises.

During the year dividends totalling to £3,000 (2023:£Nil) were paid to the directors.

At the balance sheet date the amount due from Mr J P Patel and Mrs G J Patel was £558,337 (2023 - £471,101).

Interest at the HMRC Official Rate was charged to the directors in respect of the overdrawn directors current account.

Transmedica Ltd

Mr J P Patel is one of the directors and shareholders in Transmedica Ltd.

The company has provided an interest free loan to Transmedica Ltd which is repayable on demand.

At the balance sheet date, the amount due from Transmedica Ltd in respect of the loan was £219,500 (2023: £173,000).

J2RA Ltd

Mr J P Patel is one of the directors and shareholders in J2RA Ltd.

The company has provided an interest free loan to J2RA Ltd which is repayable on demand.

At the balance sheet date, the amount due from J2RA Ltd in respect of the loan was £4,915 (2023: £4,915).