Company registration number 07076607 (England and Wales)
K2 MANAGEMENT RENEWABLES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
K2 MANAGEMENT RENEWABLES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
K2 MANAGEMENT RENEWABLES LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,872
41,671
Current assets
Debtors
4
1,511,443
1,329,249
Cash at bank and in hand
32,989
29,635
1,544,432
1,358,884
Creditors: amounts falling due within one year
5
(1,030,289)
(983,370)
Net current assets
514,143
375,514
Total assets less current liabilities
537,015
417,185
Provisions for liabilities
(5,718)
(10,418)
Net assets
531,297
406,767
Capital and reserves
Called up share capital
6
2,500
2,500
Profit and loss reserves
528,797
404,267
Total equity
531,297
406,767
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 4 April 2025 and are signed on its behalf by:
S Bán Versteeg
Director
Company Registration No. 07076607
K2 MANAGEMENT RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
K2 Management Renewables Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Brunswick Square, Bristol, BS2 8PE.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Fixtures and fittings
25% straight line
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.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
K2 MANAGEMENT RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
56
50
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 October 2023
166,946
Additions
6,982
At 30 September 2024
173,928
Depreciation and impairment
At 1 October 2023
125,275
Depreciation charged in the year
25,781
At 30 September 2024
151,056
Carrying amount
At 30 September 2024
22,872
At 30 September 2023
41,671
K2 MANAGEMENT RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,349,666
1,163,657
Corporation tax recoverable
24,825
30,325
Prepayments and accrued income
136,952
135,267
1,511,443
1,329,249
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
568,790
505,588
Corporation tax
52,883
111,788
Other taxation and social security
301,344
204,968
Accruals and deferred income
107,272
161,026
1,030,289
983,370
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,500
2,500
2,500
2,500
7
Events after the reporting date
At the balance sheet date K2 Management Renewables Ltd was in dispute with HMRC regarding R&D claims made for the years 2020 and 2021. The potential liability which HMRC were pursuing was £34,530 with interest accruing. The directors were of the opinion that no liability exists and that the company is in a strong position to defend any challenge successfully.
As at the date of signing, the HMRC dispute has been fully resolved and no liability is due to HMRC in relation to this.