Company registration number 07475102 (England and Wales)
KB ASSOCIATES (EUROPE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
KB ASSOCIATES (EUROPE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
KB ASSOCIATES (EUROPE) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
309,996
320,194
Current assets
Stocks
6,327
6,327
Debtors
4
136,172
169,471
Cash at bank and in hand
402,208
546,791
544,707
722,589
Creditors: amounts falling due within one year
5
(196,332)
(355,762)
Net current assets
348,375
366,827
Total assets less current liabilities
658,371
687,021
Creditors: amounts falling due after more than one year
6
(70,656)
(135,190)
Provisions for liabilities
(2,100)
(2,569)
Net assets
585,615
549,262
Capital and reserves
Called up share capital
250,100
250,100
Profit and loss reserves
335,515
299,162
Total equity
585,615
549,262
KB ASSOCIATES (EUROPE) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
Mr B P Kearns
Director
Company registration number 07475102 (England and Wales)
KB ASSOCIATES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
KB Associates (Europe) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Dains, Charles House, Beam Heath Way, Nantwich, Cheshire, CW5 6PQ.
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.
1.2
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.
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 land and buildings
2% on cost
Plant and equipment
15% on cost
Fixtures and fittings
15% on cost
Computers
33% on cost
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
1.5
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.
KB ASSOCIATES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
418,053
18,482
15,211
32,608
484,354
Additions
1,026
1,357
2,383
At 30 June 2024
418,053
19,508
15,211
33,965
486,737
Depreciation and impairment
At 1 July 2023
108,136
12,831
14,908
28,285
164,160
Depreciation charged in the year
8,361
1,573
107
2,540
12,581
At 30 June 2024
116,497
14,404
15,015
30,825
176,741
Carrying amount
At 30 June 2024
301,556
5,104
196
3,140
309,996
At 30 June 2023
309,917
5,651
303
4,323
320,194
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,982
106,910
Other debtors
38,190
62,561
136,172
169,471
KB ASSOCIATES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
53,043
31,199
Trade creditors
87,321
202,251
Taxation and social security
45,091
65,002
Other creditors
10,877
57,310
196,332
355,762
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
70,656
135,190
7
Loans and overdrafts
2024
2023
£
£
Bank loans
123,699
166,389
Payable within one year
53,043
31,199
Payable after one year
70,656
135,190
The long-term loans are secured against the property in the company. The company has a loan with the Bank of Scotland £83,532 as at 30 June 2024. The loan is repayable over 150 months from March 2022 at a variable/base rate at 3% of interest.