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Registered number: 10338438
Kit Keeper Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10338438
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 29,096 32,212
Tangible Assets 5 586 543
29,682 32,755
CURRENT ASSETS
Stocks 6 2,396 2,461
Debtors 7 14,109 846
Cash at bank and in hand 47,533 26,115
64,038 29,422
Creditors: Amounts Falling Due Within One Year 8 (76,258 ) (75,710 )
NET CURRENT ASSETS (LIABILITIES) (12,220 ) (46,288 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,462 (13,533 )
Creditors: Amounts Falling Due After More Than One Year 9 (53,975 ) (54,791 )
NET LIABILITIES (36,513 ) (68,324 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Share premium account 626,204 293,954
Advanced Share Subscriptions - 110,000
Profit and Loss Account (662,718 ) (472,279 )
SHAREHOLDERS' FUNDS (36,513) (68,324)
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael McCreadie
Director
5 March 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kit Keeper Ltd is a private company,  limited by shares, incorporated in England & Wales, registered number 10338438 . The registered office is 124 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director believes that notwithstanding net current liabilities of £12,220 and net liabilities of £36,513, the company's financial statements should be prepared on a going concern basis. The company prepares cashflow forecasts for periods of longer than 12 months. Based on forecasts prepared by the director, which include expected future funding, the director considers that the company will have adequate resources to meet the company's needs for a period of at least 12 months from the date of approval of these financial statements. The financial statements do not include any adjustments that may arise from any significant changes in the assumptions used in preparing the forecasts.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated  contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs. These are amortised to profit and loss account over their estimated economic life of 3 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.  Depreciation  is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.   Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 
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2.7. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable  in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate  manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2023: 4)
4 4
4. Intangible Assets
Other
£
Cost
As at 1 September 2023 77,263
Additions 20,779
Disposals (225 )
As at 31 August 2024 97,817
Amortisation
As at 1 September 2023 45,051
Provided during the period 23,819
Disposals (149 )
As at 31 August 2024 68,721
...CONTINUED
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Net Book Value
As at 31 August 2024 29,096
As at 1 September 2023 32,212
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 565 1,379 1,944
Additions - 874 874
Disposals - (116 ) (116 )
As at 31 August 2024 565 2,137 2,702
Depreciation
As at 1 September 2023 374 1,027 1,401
Provided during the period 189 604 793
Disposals - (78 ) (78 )
As at 31 August 2024 563 1,553 2,116
Net Book Value
As at 31 August 2024 2 584 586
As at 1 September 2023 191 352 543
6. Stocks
2024 2023
£ £
Stock 2,396 2,461
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 14,109 846
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 20,430 25,740
Bank loans and overdrafts 2,550 2,055
Other creditors 14,459 13,075
Taxation and social security 38,819 34,840
76,258 75,710
Included in other creditors are outstanding pension contributions of £464 (2023: £366).
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 33,975 34,791
Other loans 20,000 20,000
53,975 54,791
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 7,604 12,835
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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