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Registration number: 05839416

KL Commercial Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

KL Commercial Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

KL Commercial Limited

Company Information

Directors

Mr MJ Keller

Mrs TE Keller

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

KL Commercial Limited

(Registration number: 05839416)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

-

560,500

Debtors

5

2,501,678

1,393,703

Cash at bank and in hand

 

68,320

554,805

 

2,569,998

2,509,008

Creditors: Amounts falling due within one year

6

(19,384)

(21,364)

Net assets

 

2,550,614

2,487,644

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,550,514

2,487,544

Shareholders' funds

 

2,550,614

2,487,644

 

KL Commercial Limited

(Registration number: 05839416)
Balance Sheet as at 30 November 2024 (continued)

For the financial year ending 30 November 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 31 March 2025 and signed on its behalf by:
 

.........................................
Mr MJ Keller
Director

   
     
 

KL Commercial Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

KL Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

KL Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Stocks

2024
£

2023
£

Other inventories

-

560,500

5

Debtors

Current

2024
£

2023
£

Prepayments

2,009

740

Other debtors

2,499,669

1,392,963

 

2,501,678

1,393,703

 

KL Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

398

Taxation and social security

 

17,601

18,260

Accruals and deferred income

 

-

115

Other creditors

 

1,783

2,591

 

19,384

21,364

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

-

398

8

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,390,000

1,390,000

Advanced

1,130,602

1,130,602

Repaid

(21,000)

(21,000)

At end of period

2,499,602

2,499,602

2023

Other related parties
£

Total
£

At start of period

1,300,000

1,300,000

Advanced

129,000

129,000

Repaid

(39,000)

(39,000)

At end of period

1,390,000

1,390,000

Terms of loans to related parties

 

KL Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

8

Related party transactions (continued)


During thr year KL Commercial Limited provided a loan to Mercatura Developments Limited a Company under the joint control of Mr M J Keller, there are no fixed repayment terms attached to this loan.

 

KL Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

8

Related party transactions (continued)

Loans from related parties

2024

Key management
£

Total
£

At start of period

398

398

Advanced

96,000

96,000

Repaid

(441,000)

(441,000)

At end of period

(344,602)

(344,602)

2023

Key management
£

Total
£

At start of period

3,600

3,600

Advanced

398

398

Repaid

(3,600)

(3,600)

At end of period

398

398

Terms of loans from related parties

There are no terms of repayment or interest charged on loans owed to key management.