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Registration number: 03901337

KM Business Solutions Limited

trading as KM

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

KM Business Solutions Limited

trading as KM

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

KM Business Solutions Limited

trading as KM

(Registration number: 03901337)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,979

15,979

Tangible assets

5

7,174

2,815

 

14,153

18,794

Current assets

 

Stocks

80,000

70,750

Debtors

6

153,651

149,551

 

233,651

220,301

Creditors: Amounts falling due within one year

7

(149,737)

(165,700)

Net current assets

 

83,914

54,601

Total assets less current liabilities

 

98,067

73,395

Creditors: Amounts falling due after more than one year

7

(38,942)

(41,501)

Net assets

 

59,125

31,894

Capital and reserves

 

Called up share capital

8

2

2

Capital redemption reserve

2

2

Retained earnings

59,121

31,890

Shareholders' funds

 

59,125

31,894

 

KM Business Solutions Limited

trading as KM

(Registration number: 03901337)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 and 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 3 March 2025 and signed on its behalf by:
 

.........................................
Mr M R Heaton
Director

 

KM Business Solutions Limited

trading as KM

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

These financial statements were authorised for issue by the Board on 3 March 2025.

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.

Turnover 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 turnover when:
The amount of turnover 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.

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.

 

KM Business Solutions Limited

trading as KM

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

Over 5 years straight line basis

Office equipment

20% to 35% per annum

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years straight line basis

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.

 

KM Business Solutions Limited

trading as KM

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 16).

 

KM Business Solutions Limited

trading as KM

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

982,978

982,978

At 30 September 2024

982,978

982,978

Amortisation

At 1 October 2023

966,999

966,999

Amortisation charge

9,000

9,000

At 30 September 2024

975,999

975,999

Carrying amount

At 30 September 2024

6,979

6,979

At 30 September 2023

15,979

15,979

5

Tangible assets

Land and buildings
£

Office equipment
 £

Total
£

Cost

At 1 October 2023

62,571

199,254

261,825

Additions

-

11,359

11,359

At 30 September 2024

62,571

210,613

273,184

Depreciation

At 1 October 2023

62,570

196,440

259,010

Charge for the year

-

7,000

7,000

At 30 September 2024

62,570

203,440

266,010

Carrying amount

At 30 September 2024

1

7,173

7,174

At 30 September 2023

1

2,814

2,815

 

KM Business Solutions Limited

trading as KM

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

6

Debtors

2024
£

2023
£

Trade debtors

113,088

104,207

Other debtors

34,540

21,432

Prepayments

6,023

23,912

153,651

149,551

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

13,742

14,272

Trade creditors

 

4,104

6,303

Taxation and social security

 

127,347

131,732

Accruals and deferred income

 

4,544

11,110

Other creditors

 

-

2,283

 

149,737

165,700

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

38,942

41,501

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

20

2

20

2

       
 

KM Business Solutions Limited

trading as KM

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

38,942

41,501

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

13,742

14,272