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REGISTERED NUMBER: 00580836 (England and Wales)















Financial Statements

for the Year Ended 31 December 2024

for

KENT MODULAR ELECTRONICS LIMITED

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KENT MODULAR ELECTRONICS LIMITED

Company Information
for the year ended 31 December 2024







Directors: S A Richards
N Roche
M A Richards





Secretary: S A Richards





Registered office: 621 Maidstone Road
Rochester
Kent
ME1 3QJ





Registered number: 00580836 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
Aissela
46 High Street
Esher
Surrey
KT10 9QY

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 743,493 441,262
Tangible assets 5 60,432 60,352
Investments 6 2 2
803,927 501,616

Current assets
Stocks 7 938,323 856,185
Debtors 8 1,085,153 1,506,100
Cash at bank 223,534 -
2,247,010 2,362,285
Creditors
Amounts falling due within one year 9 1,645,332 2,003,288
Net current assets 601,678 358,997
Total assets less current liabilities 1,405,605 860,613

Creditors
Amounts falling due after more than one
year

10

4,946

15,000
Net assets 1,400,659 845,613

Capital and reserves
Called up share capital 12 858,360 858,360
Share premium 305,610 305,610
Retained earnings 236,689 (318,357 )
Shareholders' funds 1,400,659 845,613

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:




S A Richards - Director



N Roche - Director


KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Notes to the Financial Statements
for the year ended 31 December 2024


1. Statutory information

Kent Modular Electronics 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
The Financial Statements have been prepared on a going concern basis. This basis is considered appropriate by the directors.

The financial statements do not include any adjustments to the value of the balance sheet which would result should the going concern basis not be valid.

Preparation of consolidated financial statements
The financial statements contain information about Kent Modular Electronics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating amortisation of intangible assets. The directors undertake a detailed review of development costs that are capitalised on a project by project basis. Whilst every attempt is made by the directors to ensure that the amortisation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets concerned.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. Management review stock provisions on a regular basis to ensure that the stock provisions accurately reflect obsolescence and other potential causes of impairment.

Turnover
The turnover shown in the profit and loss account represents amounts received or receivable for orders completed during the year exclusive of discounts and Value Added Tax.

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvements - 10% on cost
Plant and machinery - 10% - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost in the case of manufactured goods and work in progress comprises direct materials and labour costs and overhead expenses attributable to manufacture.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

The company is a beneficiary of Research & Development (R&D) tax relief in the form of reductions in its annual tax liability, as well as repayable tax credits. Current tax assets of reductions in current tax liabilities for R&D claims are only recognised when the amount can be reliably determined and the probability of HM Revenue & Customs accepting the claim is considered high.

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.

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. Accounting policies - continued

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid and receivable under operating leases are charged to the profit and loss account on a straight line basis.

Intangible assets
Intangible assets are measured at cost. Cost represents development expenditure capitalised during the period. The directors make an assessment of the following in deciding amounts to be capitalised:

(a) The technical feasibility of completing the intangible asset so that it will be available for use or sale;

(b) Its intention to complete the intangible asset and use or sell it;

(c) Its ability to use or sell the intangible asset;

(d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;

(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;

(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised in accordance with the expected sale of units.

Amortisation begins when the intangible asset is available for use, ie when it is in the location and condition necessary for it to be usable in the manner intended by management. Amortisation ceases when the asset is derecognised. The director choose an amortisation method that reflects the pattern in which it expects to consume the asset's future economic benefits. If the entity cannot determine that pattern reliably, it shall use the straight-line method.

3. Employees and directors

The average number of employees during the year was 27 (2023 - 28 ) .

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


4. Intangible fixed assets
Development
costs
£
Cost
At 1 January 2024 1,632,482
Additions 464,353
Disposals (210,647 )
At 31 December 2024 1,886,188
Amortisation
At 1 January 2024 1,191,220
Amortisation for year 162,122
Eliminated on disposal (210,647 )
At 31 December 2024 1,142,695
Net book value
At 31 December 2024 743,493
At 31 December 2023 441,262

5. Tangible fixed assets
Leasehold
property Plant and
improvements machinery Totals
£ £ £
Cost
At 1 January 2024 35,677 636,865 672,542
Additions - 30,808 30,808
At 31 December 2024 35,677 667,673 703,350
Depreciation
At 1 January 2024 35,677 576,513 612,190
Charge for year - 30,728 30,728
At 31 December 2024 35,677 607,241 642,918
Net book value
At 31 December 2024 - 60,432 60,432
At 31 December 2023 - 60,352 60,352

6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 January 2024
and 31 December 2024 2
Net book value
At 31 December 2024 2
At 31 December 2023 2

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


6. Fixed asset investments - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Simiot Limited
Registered office: 621 Maidstone Road, Rochester, Kent, United Kingdom, ME1 3QJ
Nature of business: Business and domestic software development
%
Class of shares: holding
Ordinary 83.33

7. Stocks
2024 2023
£ £
Raw materials, components and sub
assemblies

557,124

450,315
Work-in-progress 381,199 405,870
938,323 856,185

8. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 623,137 884,504
Other debtors 13,788 103,403
Directors' current accounts 44,964 79,664
Tax - 230,000
VAT - 25,143
Deferred tax asset 293,000 56,000
Prepayments and accrued income 110,264 127,386
1,085,153 1,506,100

Deferred tax asset
£   
Balance at 1 January 202356,000
Charge for Year-
Balance at 31 December 202356,000
Charge for Year237,000
Balance at 31 December 2024293,000
The deferred tax asset relates to trading losses available to be carried forward.

9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 132,426
Hire purchase contracts 36,220 -
Trade creditors 457,643 650,363
Amounts owed to group undertakings 353,135 486,425
Social security and other taxes 96,494 125,512
VAT 165,110 -
Other creditors 5,718 17,445
Accruals and deferred income 521,012 591,117
1,645,332 2,003,288

KENT MODULAR ELECTRONICS LIMITED (REGISTERED NUMBER: 00580836)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years 4,946 10,000
Bank loans - 2-5 years - 5,000
4,946 15,000

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Amounts due group undertakings 353,135 486,425

Sidebell Limited, a fellow subsidiary, has a fixed and floating charge over the company's assets.

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
858,360 Ordinary £1 858,360 858,360

13. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Lorraine Clark ACCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

14. Related party disclosures

As at 31 December 2024, the company owed Sidebell Limited, a fellow subsidiary, £353,135 (2023: £486,425). The loan bears interest at 4% per annum. Loan interest incurred in the year to 31 December 2023 was £21,234 (2023: £17,827).

As at 31 December 2024, N Roche, a director and shareholder, owed £44,964 (2023: £79,664) to the company. This balance is repayable on demand.

15. Ultimate parent company

The ultimate parent company is Sidebell Capital Partners Limited. the company's registered is The Coach House, Bill Hill Park, Wokingham, Berkshire, RG40 5QT. The company is included in the group accounts, copies of which can be obtained from Companies House, Cardiff.