12 9 Kite Miller Ltd 09090975 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is payroll services Digita Accounts Production Advanced 6.30.9574.0 true 09090975 2023-07-01 2024-06-30 09090975 2024-06-30 09090975 core:CurrentFinancialInstruments 2024-06-30 09090975 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09090975 core:Non-currentFinancialInstruments 2024-06-30 09090975 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09090975 core:OfficeEquipment 2024-06-30 09090975 bus:SmallEntities 2023-07-01 2024-06-30 09090975 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09090975 bus:FilletedAccounts 2023-07-01 2024-06-30 09090975 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09090975 bus:RegisteredOffice 2023-07-01 2024-06-30 09090975 bus:Director1 2023-07-01 2024-06-30 09090975 bus:Director2 2023-07-01 2024-06-30 09090975 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09090975 bus:Agent1 2023-07-01 2024-06-30 09090975 core:OfficeEquipment 2023-07-01 2024-06-30 09090975 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-01 2024-06-30 09090975 countries:England 2023-07-01 2024-06-30 09090975 2023-06-30 09090975 core:OfficeEquipment 2023-06-30 09090975 2022-07-01 2023-06-30 09090975 2023-06-30 09090975 core:CurrentFinancialInstruments 2023-06-30 09090975 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09090975 core:Non-currentFinancialInstruments 2023-06-30 09090975 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09090975 core:OfficeEquipment 2023-06-30 xbrli:pure iso4217:GBP

Registration number: 09090975

Kite Miller Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Kite Miller Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Kite Miller Ltd

Company Information

Directors

R Miller

J Miller

Registered office

Suite 112, Westthorpe Innovation Centre
Westthorpe Fields Road
Killamarsh
Sheffield
S21 1TZ

Accountants

Wickersham Limited Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

 

Kite Miller Ltd

(Registration number: 09090975)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,690

10,689

Current assets

 

Debtors

5

5,056

13,422

Cash at bank and in hand

 

17,734

18,816

 

22,790

32,238

Creditors: Amounts falling due within one year

6

(23,547)

(17,279)

Net current (liabilities)/assets

 

(757)

14,959

Total assets less current liabilities

 

7,933

25,648

Creditors: Amounts falling due after more than one year

6

(5,756)

(10,936)

Net assets

 

2,177

14,712

Capital and reserves

 

Called up share capital

90

90

Retained earnings

2,087

14,622

Shareholders' funds

 

2,177

14,712

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.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 

.........................................
J Miller
Director

 

Kite Miller Ltd

Notes to the Unaudited 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.

The address of its registered office is:
Suite 112, Westthorpe Innovation Centre
Westthorpe Fields Road
Killamarsh
Sheffield
S21 1TZ

These financial statements were authorised for issue by the Board on 17 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.

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 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.

 

Kite Miller Ltd

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

Office equipment

33% on cost

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Kite Miller Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 12 (2023 - 9).

 

Kite Miller Ltd

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

30,221

30,221

Additions

6,197

6,197

At 30 June 2024

36,418

36,418

Depreciation

At 1 July 2023

19,532

19,532

Charge for the year

8,196

8,196

At 30 June 2024

27,728

27,728

Carrying amount

At 30 June 2024

8,690

8,690

At 30 June 2023

10,689

10,689

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,508

3,743

Amounts owed by related parties

8

198

6,173

Prepayments

 

2,350

2,371

Other debtors

 

-

1,135

   

5,056

13,422

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,575

7,840

Taxation and social security

17,013

8,889

Accruals and deferred income

550

550

Other creditors

2,409

-

23,547

17,279

 

Kite Miller Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

5,756

10,936

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

5,756

10,936

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

42,285

Contributions paid to money purchase schemes

1,426

1,156

26,566

43,441

Summary of transactions with all entities with joint control or significant interest

Xcelpay Ltd (a company of which J Miller and R Miller and directors and shareholders)
Included within debtors is an amount of £198 (2023 - £6,173) owed from Xcelpay Ltd.