REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
KATO ENTERPRISES LIMITED |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
KATO ENTERPRISES LIMITED |
KATO ENTERPRISES LIMITED (REGISTERED NUMBER: 03257116) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KATO ENTERPRISES LIMITED |
Company Information |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditors |
73 Park Lane |
Croydon |
Surrey |
CR0 1JG |
BANKERS: |
PO Box 95 |
1 North End Road |
Croydon |
CR9 1RN |
KATO ENTERPRISES LIMITED (REGISTERED NUMBER: 03257116) |
Balance Sheet |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
KATO ENTERPRISES LIMITED (REGISTERED NUMBER: 03257116) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Kato Enterprises Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sales is recognised when goods are despatched from the warehouse to be delivered to the customer. |
Tangible fixed assets |
Plant and machinery etc | - |
Improvements to land and buildings - straight line over 15 years |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making allowances for obsolete and slow moving items. Cost is determined using the Average Cost method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.. |
KATO ENTERPRISES LIMITED (REGISTERED NUMBER: 03257116) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The Board of Directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The directors will not ask for their loan to be repaid until such time that the company can afford to repay them, and will continue to support the company. For this reason, they still adopt the going concern basis in producing the accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Exchange differences |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Exchange differences |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Other debtor includes the cash cover security bond of £680,000 (2023: £812,000) invested by the company at Barclays bank as trading securities to enable them to provide a bank guarantee to the suppliers. |
KATO ENTERPRISES LIMITED (REGISTERED NUMBER: 03257116) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 8) |
Hire purchase contracts |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
IWOCA Loan |
Merchant Money | 40,219 | 33,020 |
CIBLS Loan - less than 1yr | 65,981 | 60,383 |
Recovery Loan - Market finance | 102,666 | 94,311 |
Amounts falling due between one and two years: |
Merchant money - 1-2 years |
CIBLS Loan - 1-2 yrs | 59,634 | 65,981 |
Recovery loan 1-2 years | 73,449 | 102,666 |
IWOCA Loan - 1-2 years | 51,734 | - |
Amounts falling due between two and five years: |
Merchant Money - 2-5 years |
CIBLS Loan - 2-5 yrs | - | 59,634 |
Recovery loan 2-5 years | - | 73,449 |
KATO ENTERPRISES LIMITED (REGISTERED NUMBER: 03257116) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | LOANS - continued |
The Merchant Money loan bears interest at 19.8% per annum, repayable over three years. |
The CBILS loan carries an interest rate of 8.9% per annum, with repayment over four years. |
The Recovery Loan has an interest rate of 8.49% per annum, repayable over four years. |
The IWOCA loan accrues interest at 8.9% per annum, with repayment over two years. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
During the year, the company has paid rent of £44,500 (2023- £42,289) to the Directors, Mr KS Toyinbo & Mrs L Mann, who own the building, Endurance House. |
As at 30 June 2024, the directors, Mr KS Toyinbo and Mrs L Mann, were owed £318,776 (2023- £362,669) by the company. The loan is interest-free and will be repaid as and when the company is able to repay the money. |
Mr K S Toyinbo and Mrs L Mann have provided personal guarantees to the value of £170,000 (2023: £170,000) secured against their properties for the guarantee provided by bank. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |