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REGISTERED NUMBER: 03257116 (England and Wales)















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: K S Toyinbo
L Mann
D N D Mann-Toyinbo
D A C Mann-Toyinbo
D A D Mann-Toyinbo



SECRETARY: K S Toyinbo



REGISTERED OFFICE: Endurance House
71 Sumner Road
Croydon
Surrey
CR0 3LN



REGISTERED NUMBER: 03257116 (England and Wales)



AUDITORS: Owadally & King
Chartered Certified Accountants
& Statutory Auditors
73 Park Lane
Croydon
Surrey
CR0 1JG



BANKERS: Barclays Bank Plc
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 4 114,345 137,910

CURRENT ASSETS
Stocks 1,030,617 931,298
Debtors 5 2,275,277 2,746,910
Cash at bank 1,114,314 948,667
4,420,208 4,626,875
CREDITORS
Amounts falling due within one year 6 2,301,339 2,568,535
NET CURRENT ASSETS 2,118,869 2,058,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,233,214

2,196,250

CREDITORS
Amounts falling due after more than one
year

7

208,276

387,845
NET ASSETS 2,024,938 1,808,405

CAPITAL AND RESERVES
Called up share capital 500,300 500,300
Retained earnings 9 1,524,638 1,308,105
SHAREHOLDERS' FUNDS 2,024,938 1,808,405

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





K S Toyinbo - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

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 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 25,560 281,350 306,910
Additions - 11,145 11,145
Exchange differences - 119 119
At 30 June 2024 25,560 292,614 318,174
DEPRECIATION
At 1 July 2023 11,307 157,693 169,000
Charge for year 1,704 33,077 34,781
Exchange differences - 48 48
At 30 June 2024 13,011 190,818 203,829
NET BOOK VALUE
At 30 June 2024 12,549 101,796 114,345
At 30 June 2023 14,253 123,657 137,910

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,492,188 1,774,683
Other debtors 783,089 972,227
2,275,277 2,746,910

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) 341,867 187,714
Hire purchase contracts 22,405 26,895
Trade creditors 790,245 1,053,785
Taxation and social security 476,457 389,961
Other creditors 670,365 910,180
2,301,339 2,568,535

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 192,324 349,456
Hire purchase contracts 15,952 38,389
208,276 387,845

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 133,001 -
Merchant Money 40,219 33,020
CIBLS Loan - less than 1yr 65,981 60,383
Recovery Loan - Market finance 102,666 94,311
341,867 187,714

Amounts falling due between one and two years:
Merchant money - 1-2 years 7,507 40,219
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 -
192,324 208,866

Amounts falling due between two and five years:
Merchant Money - 2-5 years - 7,507
CIBLS Loan - 2-5 yrs - 59,634
Recovery loan 2-5 years - 73,449
- 140,590

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 1,308,105
Profit for the year 216,533
At 30 June 2024 1,524,638

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Mohammed Yousouf F Owadally (Senior Statutory Auditor)
for and on behalf of Owadally & King

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 Mr K S Toyinbo and Mrs L Mann.