REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
KEISER UK LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
KEISER UK LIMITED |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
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 |
KEISER UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
(Statutory Auditor) |
Court House |
Court Road |
Bridgend |
CF31 1BE |
BANKERS: |
8 Canada Square |
London |
E14 5HQ |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Keiser UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements are prepared on a going concern basis. |
The directors have reviewed the position for the next 12 months. |
The company relies on its parent company, Keiser Corporation in The United States of America for the majority of its stock which is then resold. |
The directors have considered the effect of the present uncertainty surrounding the economy. While the company relies primarily on sales of goods to the leisure market, the uncertainty has not adversely effected business to date. |
The company has generated sufficient reserves over previous periods to be able to continue trading for 12 months should circumstances restrict sales for whatever reason. Accordingly the directors consider that the company will be able to meet its liabilities as they fall due in the next 12 months and the going concern basis of preparation is appropriate. |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, based on delivery date. Where work is undertaken on contracts over a period of time, income is recognised in proportion to the work done in each period. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price plus any costs directly attributable to making the asset capable of operating as and where intended. |
Depreciation is provided at the following annual rates in order to write off the cost, less estimated residual value, of each asset on a systematic basis over its estimated useful life, or if held under a finance lease, over the lease term, whichever is shorter: |
Leasehold buildings - over the life of the lease |
Plant and machinery etc - 33% on cost. |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. Cost includes all direct expenditure. |
Stocks are recognised as an expense in the period in which the related revenue is recognised. |
At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock item is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. |
Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a group personal pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Warranty |
Repairs for goods sold under warranties are charged to the profit and loss account as incurred. Warranty for goods is provided by Keiser US Inc., the original manufacturer. |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgement and key sources of estimation uncertainty |
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or the period of the revision and future periods if the revision affects both current and future periods. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimate. |
(ii) Stock provisioning. |
The company holds stock at various locations in order to fulfill future orders. The directors consider the recoverability of the cost of inventory and the associated provisioning required on a regular basis. When calculating the inventory provision, management consider the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods. |
(iii) Bad Debt Provision |
The company has trade debtors at each year end. The directors consider the recoverability of the debtors and the associated provisioning. When calculating the bad debt provision management consider the age of the debt, the trading history of the client and the post year end receipts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
KEISER UK LIMITED (REGISTERED NUMBER: 04264117) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 2 | 2 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
11. | ULTIMATE HOLDING COMPANY |
Keiser Corporation is the ultimate parent company of Keiser UK Limited. |
The address of Keiser Inc is 2470 S.Cherry Avenue, Fresno, California, 93706, United States of America. |