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Company No: 04278153 (England and Wales)

M & K (UK) LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

M & K (UK) LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

M & K (UK) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
M & K (UK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,466,463 1,175,278
Investment property 4 550,000 550,000
2,016,463 1,725,278
Current assets
Debtors 5 2,791,405 1,653,886
Cash at bank and in hand 210,411 1,228,019
3,001,816 2,881,905
Creditors: amounts falling due within one year 6 ( 461,751) ( 386,790)
Net current assets 2,540,065 2,495,115
Total assets less current liabilities 4,556,528 4,220,393
Creditors: amounts falling due after more than one year 7 0 ( 3,045)
Provision for liabilities ( 340,212) ( 251,502)
Net assets 4,216,316 3,965,846
Capital and reserves
Called-up share capital 1,053 1,053
Profit and loss account 4,215,263 3,964,793
Total shareholders' funds 4,216,316 3,965,846

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M & K (UK) LTD (registered number: 04278153) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr M Allison
Director

27 May 2025

M & K (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
M & K (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M & K (UK) LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hill Farm Watton Road, Barford, Norwich, NR9 4AR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 89,441 5,831,485 542,020 74,028 6,536,974
Additions 0 621,653 21,478 4,490 647,621
Disposals 0 ( 188,158) 23,501 ( 9,437) ( 174,094)
At 31 August 2024 89,441 6,264,979 586,999 69,081 7,010,500
Accumulated depreciation
At 01 September 2023 89,441 4,784,578 424,045 63,632 5,361,696
Charge for the financial year 0 331,720 12,318 5,590 349,628
Disposals 0 ( 181,351) 23,501 ( 9,437) ( 167,287)
At 31 August 2024 89,441 4,934,947 459,864 59,785 5,544,037
Net book value
At 31 August 2024 0 1,330,032 127,135 9,296 1,466,463
At 31 August 2023 0 1,046,907 117,975 10,396 1,175,278
Leased assets included above:
Net book value
At 31 August 2024 0 46,615 0 0 46,615
At 31 August 2023 0 111,809 0 0 111,809

4. Investment property

Investment property
£
Valuation
As at 01 September 2023 550,000
As at 31 August 2024 550,000

The 2024 valuations were made by the Directors, on an open market value existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 363,988 363,988

5. Debtors

2024 2023
£ £
Trade debtors 672,828 556,199
Amounts owed by connected companies 2,076,880 1,070,933
Other debtors 41,697 26,754
2,791,405 1,653,886

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 113,256 103,395
Amounts owed to connected companies 221,578 0
Accruals 24,280 10,457
Corporation tax 26,757 126,607
Other taxation and social security 72,268 101,748
Obligations under finance leases and hire purchase contracts (secured) 3,045 42,589
Other creditors 567 1,994
461,751 386,790

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 3,045

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 70,500 135,500
between one and five years 230,000 243,000
300,500 378,500

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 567 1,994

9. Contingencies

Contingent liabilities

The company's bankers hold a cross guarantee on the assets of the company for a connected company. At 31 August 2024 the connected part had bank borrowing of £653,903 (2023 - £1,656,025)

10. Related party transactions

The company has a loan account with another company also under the control of the directors. Various sums have been expended by each company on behalf of the other during the year. At 31 August 2024 the was owed by the company £221,578 (2023 - £67,003 owed to the company). No interest was charged.

The company has another loan account with a separate company under the control of the directors. At 31 August 2024 the company was owed £2,076,880 (2023 - £1,003,930). No interest was charged.