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Registration number: 02654897

Kentmaster Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Kentmaster Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Kentmaster Limited

(Registration number: 02654897)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,943

36,437

Current assets

 

Stocks

5

417,711

457,593

Debtors

6

166,730

189,223

Cash at bank and in hand

 

78,436

66,288

 

662,877

713,104

Creditors: Amounts falling due within one year

7

(1,083,797)

(1,173,689)

Net current liabilities

 

(420,920)

(460,585)

Net liabilities

 

(396,977)

(424,148)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(396,979)

(424,150)

Shareholders' deficit

 

(396,977)

(424,148)

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:

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.

Approved and authorised by the director on 5 March 2025
 

R Karubian
Director

   
     
 

Kentmaster Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
Unit 301 Hartlebury Trading Estate
Hartlebury
Kidderminster
Worcestershire
DY10 4JB

These financial statements were authorised for issue by the director on 5 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 - '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

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 6 (2023 - 5).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

7,312

10,051

4,871

57,160

79,394

Additions

-

409

1,858

-

2,267

Disposals

-

-

(1,066)

-

(1,066)

At 30 June 2024

7,312

10,460

5,663

57,160

80,595

Depreciation

At 1 July 2023

4,721

9,012

3,515

25,709

42,957

Charge for the year

1,303

903

1,123

11,432

14,761

Eliminated on disposal

-

-

(1,066)

-

(1,066)

At 30 June 2024

6,024

9,915

3,572

37,141

56,652

Carrying amount

At 30 June 2024

1,288

545

2,091

20,019

23,943

At 30 June 2023

2,591

1,039

1,356

31,451

36,437

 

Kentmaster Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Stocks

2024
£

2023
£

Stocks

417,711

457,593

6

Debtors

2024
£

2023
£

Trade debtors

150,269

175,666

Prepayments

16,461

13,557

166,730

189,223

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

14,791

41,420

Amounts due to related parties

9

1,034,730

1,097,296

Social security and other taxes

 

28,600

6,289

Other creditors

 

2,106

2,506

Accruals

 

3,570

26,178

 

1,083,797

1,173,689

8

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 £105,000 (2023 - £126,000).

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

9

Related party transactions

Summary of transactions with companies under common control

During the year the company made sales to and purchases from companies under common control. The company also maintains a loan with some of the companies under common control. The loans are interest free and repayable on demand.
 

Income and receivables from related parties

2024

Parent
£

Companies under common control
£

Sale of goods

7,909

63,926

2023

Companies under common control
£

Sale of goods

64,125

Expenditure with and payables to related parties

2024

Parent
£

Companies under common control
£

Purchase of goods

183,177

164,851

2023

Parent
£

Purchase of goods

256,138

Rendering of services

5,222

261,360

 

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

27,759

Repaid

(27,759)

At end of period

-

Loans from related parties

2024

Companies under common control
£

At start of period

1,097,296

Repaid

(62,566)

At end of period

1,034,730

2023

Companies under common control
£

At start of period

1,045,508

Advanced

51,788

At end of period

1,097,296

10

Parent and ultimate parent undertaking

The ultimate controlling party is the Director, R Karubian.