Registration number:
Kentmaster Limited
for the Year Ended 30 June 2024
Kentmaster Limited
(Registration number: 02654897)
Balance Sheet as at 30 June 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
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Shareholders' deficit |
( |
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For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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.
Approved and authorised by the
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Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The results and financial position of the company are expressed in pounds sterling, rounded to the nearest pound, which is the functional currency of the company.
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 prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The company's balance sheet at 30 June 2024 shows that liabilities exceed assets by £396,977 (2023 - £424,148). The company's debt to Kentmaster MFG. CO., Inc., a company under common control, totals £1,012,503 (2023 - £1,081,484). Kentmaster MFG. CO., Inc. has indicated it's willingness to continue to support the company for the foreseeable future.
The director has also reviewed the supply chain, key customers and the capital resources available and considered that the company has adequate resources in place to continue trading for the next twelve months. Therefore the director considers it appropriate to prepare the financial statements on a going concern basis.
Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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;
- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably; and
- specific criteria have been met for each of the company's activities.
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
Foreign currency transactions and balances
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 is recognised in respect of all timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised to the extent of probable profits to utilise against.
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 |
Fixtures and fittings |
20 - 25% straight line |
Motor vehicles |
20% straight line |
Plant and machinery |
20% straight line |
Office equipment |
20% straight line |
Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the 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.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
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.
Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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Disposals |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Stocks |
2024 |
2023 |
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Stocks |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Creditors |
Due within one year |
Note |
2024 |
2023 |
Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accruals |
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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 £
The company holds assets which are secured by way of fixed and floating charges.
Amounts disclosed in the balance sheet
Included in the balance sheet are outstanding pension liabilities of £889 (2023 - £817).
Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Related party transactions |
Summary of transactions with companies under common control
Income and receivables from related parties
2024 |
Parent |
Companies under common control |
Sale of goods |
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2023 |
Companies under common control |
Sale of goods |
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Expenditure with and payables to related parties
2024 |
Parent |
Companies under common control |
Purchase of goods |
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2023 |
Parent |
Purchase of goods |
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Rendering of services |
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Kentmaster Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Loans to related parties
2023 |
Companies under common control |
At start of period |
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Repaid |
( |
At end of period |
- |
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Loans from related parties
2024 |
Companies under common control |
At start of period |
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Repaid |
( |
At end of period |
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2023 |
Companies under common control |
At start of period |
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Advanced |
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At end of period |
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Parent and ultimate parent undertaking |
The ultimate controlling party is