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COMPANY REGISTRATION NUMBER: 04689599
K2 Drives and Controls Limited
Filleted Unaudited Financial Statements
31 March 2024
K2 Drives and Controls Limited
Officers and Professional Advisers
Director
P Golebiowski
Registered office
3a The Wenta Business Centre
Colne Way
Watford
Herts
WD24 7ND
Accountants
Warners
Chartered Accountants
3a The Wenta Business Centre
Colne Way
Watford
WD24 7ND
K2 Drives and Controls Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,639
15,400
Current assets
Stocks
276,980
252,996
Debtors
6
317,897
183,720
Cash at bank and in hand
378,929
326,780
---------
---------
973,806
763,496
Creditors: amounts falling due within one year
7
398,351
259,284
---------
---------
Net current assets
575,455
504,212
---------
---------
Total assets less current liabilities
594,094
519,612
Creditors: amounts falling due after more than one year
8
12,500
22,498
Provisions
Taxation including deferred tax
2,801
1,726
---------
---------
Net assets
578,793
495,388
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
578,791
495,386
---------
---------
Shareholders funds
578,793
495,388
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K2 Drives and Controls Limited
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 9 May 2025 , and are signed on behalf of the board by:
P Golebiowski _______________ Director
Company registration number: 04689599
K2 Drives and Controls Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3a The Wenta Business Centre, Colne Way, Watford, Herts, WD24 7ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amount earned for work carried out during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computers
-
30% straight line
Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 11 ).
5. Tangible assets
Computer equipment
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
18,226
9,666
34,521
62,413
Additions
5,286
3,528
8,814
--------
-------
--------
--------
At 31 March 2024
23,512
9,666
38,049
71,227
--------
-------
--------
--------
Depreciation
At 1 April 2023
15,595
7,180
24,238
47,013
Charge for the year
2,221
621
2,733
5,575
--------
-------
--------
--------
At 31 March 2024
17,816
7,801
26,971
52,588
--------
-------
--------
--------
Carrying amount
At 31 March 2024
5,696
1,865
11,078
18,639
--------
-------
--------
--------
At 31 March 2023
2,631
2,486
10,283
15,400
--------
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
314,331
179,615
Prepayments and accrued income
3,566
4,105
---------
---------
317,897
183,720
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,032
10,000
Trade creditors
229,135
151,641
Accruals and deferred income
14,754
8,037
Corporation tax
73,919
25,093
Social security and other taxes
60,955
52,577
Director loan accounts
5,051
6,059
Other creditors
4,505
5,877
---------
---------
398,351
259,284
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,498
--------
--------
Creditors include a bank loan with interest fixed at 2.5%pa repayable by monthly instalments expiring in June 2026.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
33,066
Later than 1 year and not later than 5 years
56,833
--------
--------
33,066
56,833
--------
--------
10. Transactions with directors
During the year dividends of £175,000 (2024: £162,000) were paid to the director.