Company registration number 03039624 (England and Wales)
KADFIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KADFIRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
KADFIRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
516,009
511,739
Current assets
Debtors
5
1,064,000
1,020,261
Cash at bank and in hand
261,029
176,214
1,325,029
1,196,475
Creditors: amounts falling due within one year
6
(667,432)
(501,735)
Net current assets
657,597
694,740
Total assets less current liabilities
1,173,606
1,206,479
Creditors: amounts falling due after more than one year
7
(21,696)
(71,624)
Net assets
1,151,910
1,134,855
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,151,810
1,134,755
Total equity
1,151,910
1,134,855
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr PA Newsom
Director
Company registration number 03039624 (England and Wales)
KADFIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Kadfire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Richmond Road, Twickenham, Middlesex, TW1 3AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% on cost
Leasehold land and buildings
Over the lease term
Leasehold improvements
Over the lease term
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KADFIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
KADFIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
22
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
242,000
182,218
KADFIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
104,279
137,005
59,509
579,739
40,118
69,318
989,968
Additions
14,880
91,376
6,000
112,256
Disposals
(43,360)
(43,360)
At 31 March 2024
104,279
137,005
74,389
627,755
40,118
75,318
1,058,864
Depreciation and impairment
At 1 April 2023
6,708
8,719
17,851
347,731
36,691
60,529
478,229
Depreciation charged in the year
1,043
1,246
7,439
63,339
857
2,626
76,550
Eliminated in respect of disposals
(11,924)
(11,924)
At 31 March 2024
7,751
9,965
25,290
399,146
37,548
63,155
542,855
Carrying amount
At 31 March 2024
96,528
127,040
49,099
228,609
2,570
12,163
516,009
At 31 March 2023
97,571
128,286
41,658
232,008
3,427
8,789
511,739
KADFIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 6 -
Included within the net book value of £511,740 is £138,273 relating to assets held under hire purchase agreements.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
612,548
536,397
Other debtors
331,905
291,905
Prepayments and accrued income
119,547
191,959
1,064,000
1,020,261
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,963
Obligations under finance leases
36,882
55,988
Trade creditors
225,835
227,713
Taxation and social security
180,434
66,780
Other creditors
9,495
13,279
Accruals and deferred income
198,823
137,975
667,432
501,735
Hire purchase creditors payable within and after more than one year are secured over the asset bought under hire purchase agreement.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
21,696
71,624
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
KADFIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Pankaj Patel
Statutory Auditor:
Aequitas Accountants Ltd
Date of audit report:
26 March 2025
9
Related party transactions
Included within other debtors is balance of £320,405 receivable from Kadfire Property Ltd ('KPL') a company incorporated in England and Wales. Mr CC Blane and Mr PA Newsom are the codirectors and shareholders of KPL
10
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.