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Registration number: 13054879

Kimchee Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Kimchee Company Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Kimchee Company Limited

(Registration number: 13054879)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,500

4,000

Tangible assets

5

72,800

83,764

 

76,300

87,764

Current assets

 

Stocks

6

27,650

25,113

Debtors

7

805,296

537,039

Cash at bank and in hand

 

177,019

241,078

 

1,009,965

803,230

Creditors: Amounts falling due within one year

8

(966,453)

(1,165,449)

Net current assets/(liabilities)

 

43,512

(362,219)

Net assets/(liabilities)

 

119,812

(274,455)

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

119,712

(274,555)

Shareholders' funds/(deficit)

 

119,812

(274,455)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2025
 

.........................................
D H Kim
Director

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
First Floor 1
Chancery Lane
London
WC2A 1LF
England

These financial statements were authorised for issue by the director on 11 March 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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 corporation 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.

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvement

Over the lease term

Fixture and fittings

25% Straight line

Plant and machinery

25% Straight line

Office equipment

30% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 68 (2023 - 79).

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

5,000

5,000

At 31 July 2024

5,000

5,000

Amortisation

At 1 August 2023

1,000

1,000

Amortisation charge

500

500

At 31 July 2024

1,500

1,500

Carrying amount

At 31 July 2024

3,500

3,500

At 31 July 2023

4,000

4,000

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

85,444

51,118

18,945

5,453

160,960

Additions

16,814

-

14,684

-

31,498

At 31 July 2024

102,258

51,118

33,629

5,453

192,458

Depreciation

At 1 August 2023

33,990

33,367

4,931

4,908

77,196

Charge for the year

24,283

12,768

4,866

545

42,462

At 31 July 2024

58,273

46,135

9,797

5,453

119,658

Carrying amount

At 31 July 2024

43,985

4,983

23,832

-

72,800

At 31 July 2023

51,454

17,751

14,014

545

83,764

Included within the net book value of land and buildings above is £43,985 (2023 - £51,454) in respect of short leasehold land and buildings.
 

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Other inventories

27,650

25,113

7

Debtors

Current

2024
£

2023
£

Trade debtors

19,597

10,932

Prepayments

83,383

72,126

Other debtors

702,316

453,981

 

805,296

537,039

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

286,447

303,430

Taxation and social security

411,983

455,111

Accruals and deferred income

71,715

163,508

Other creditors

196,308

243,400

966,453

1,165,449

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

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 £318,442 (2023 - £587,500).

 

Kimchee Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

11

Related party transactions

Included in other debtors is an amount of £463,175 (2023: £285,978) owed by companies under common control. During the year, a provision of £101,718 (2023: £137,793) was made against these related party debtors and recognised in the profit and loss account.

Included in trade creditors is an amount of £Nil (2023: £4,300) owed to a company under common control for equipment purchased.

Included in other creditors is an amount of £Nil (2023: £131,352) owed to a company under common control.

Included in other debtors is an amount of £178,799 (2023: £125,610) owed by the director.

All amounts due from and to related parties are interest-free and repayable on demand.