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Registered number: 04987372
K Martin & Son Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04987372
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,888,044 1,936,569
Investments 6 1 1
1,888,045 1,936,570
CURRENT ASSETS
Stocks 224,600 238,928
Debtors 7 393,697 332,895
Cash at bank and in hand 471,626 294,212
1,089,923 866,035
Creditors: Amounts Falling Due Within One Year 8 (585,074 ) (371,983 )
NET CURRENT ASSETS (LIABILITIES) 504,849 494,052
TOTAL ASSETS LESS CURRENT LIABILITIES 2,392,894 2,430,622
Creditors: Amounts Falling Due After More Than One Year 9 (252,372 ) (305,542 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (305,946 ) (241,910 )
NET ASSETS 1,834,576 1,883,170
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,834,476 1,883,070
SHAREHOLDERS' FUNDS 1,834,576 1,883,170
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr C K Martin
Director
3 April 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
K Martin & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04987372 . The registered office is The Chilterns Roman Bank, Holbeach Bank, Holbeach, Spalding, Lincolnshire, PE12 8BX.  The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value 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 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 to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Entitlements have been measured at cost less amortisation. They have been amortised over two years.
2.5. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold Nil depreciation
Improvements Nil depreciation
Plant & Machinery 20% on reducing balance
Motor Vehicles and tractors 20% on reducing balance
Fixtures & Fittings 20% on reducing balance
No depreciation is provided on the company's freehold properties since in the opinion of the directors the
expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such
depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.7. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
...CONTINUED
Page 3
Page 4
2.7. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.8. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2.9. Pensions
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:  33 (2023: 30)
33 30
4. Intangible Assets
Entitlements
£
Cost
As at 1 January 2024 5,022
As at 31 December 2024 5,022
Amortisation
As at 1 January 2024 5,022
As at 31 December 2024 5,022
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Improvements Plant & Machinery Motor Vehicles and tractors
£ £ £ £
Cost
As at 1 January 2024 576,546 27,445 1,690,295 1,505,793
Additions - - 142,006 161,809
Disposals - - - (119,500 )
As at 31 December 2024 576,546 27,445 1,832,301 1,548,102
Depreciation
As at 1 January 2024 - - 1,120,292 752,859
Provided during the period - - 142,403 176,683
Disposals - - - (88,174 )
As at 31 December 2024 - - 1,262,695 841,368
Net Book Value
As at 31 December 2024 576,546 27,445 569,606 706,734
As at 1 January 2024 576,546 27,445 570,003 752,934
Fixtures & Fittings Total
£ £
Cost
As at 1 January 2024 19,411 3,819,490
Additions - 303,815
Disposals - (119,500 )
As at 31 December 2024 19,411 4,003,805
Depreciation
As at 1 January 2024 9,770 1,882,921
Provided during the period 1,928 321,014
Disposals - (88,174 )
As at 31 December 2024 11,698 2,115,761
Net Book Value
As at 31 December 2024 7,713 1,888,044
As at 1 January 2024 9,641 1,936,569
Page 5
Page 6
6. Investments
Unlisted
£
Cost
As at 1 January 2024 1
As at 31 December 2024 1
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 1
As at 1 January 2024 1
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 164,254 25,355
Amounts owed by participating interests 38,060 37,510
Other debtors 191,383 270,030
393,697 332,895
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 172,763 222,212
Trade creditors 126,631 73,072
Bank loans and overdrafts 17,067 24,117
Other creditors 58,145 41,024
Taxation and social security 210,468 11,558
585,074 371,983
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,352 54,348
Bank loans 249,020 251,194
252,372 305,542
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Page 7
10. Secured Creditors
The following secured debts are included within creditors:
On 27 February 2020 a charge was created securing a mortgage over the property known as Delaune, situated at Watergate, Quadring Eaudyke, Spalding, Lincolnshire.
2024 2023
£ £
Bank loans and overdrafts 266,087 275,311
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Long Term Liabilities
On 21 April 2004 a debenture charge was created securing all monies and liabilities owed to the bank on all
freehold and leasehold land owned by the K Martin & Son Ltd, together with all building fixtures, fittings and fixed
plant and machinery.
Page 7