| REGISTERED NUMBER: |
| Kitfix UK Limited |
| Unaudited Financial Statements |
| for the Period 6 July 2023 to 31 July 2024 |
| REGISTERED NUMBER: |
| Kitfix UK Limited |
| Unaudited Financial Statements |
| for the Period 6 July 2023 to 31 July 2024 |
| Kitfix UK Limited (Registered number: 14985519) |
| Contents of the Financial Statements |
| for the period 6 July 2023 to 31 July 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Kitfix UK Limited |
| Company Information |
| for the period 6 July 2023 to 31 July 2024 |
| Director: |
| Registered office: |
| Registered number: |
| Accountants: |
| New Derwent House |
| 69-73 Theobalds Road |
| London |
| WC1X 8TA |
| Kitfix UK Limited (Registered number: 14985519) |
| Balance Sheet |
| 31 July 2024 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) |
| Total assets less current liabilities | ( |
) |
| Capital and reserves |
| Called up share capital |
| Retained earnings | ( |
) |
| Shareholders' funds | ( |
) |
| The director acknowledges her responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Kitfix UK Limited (Registered number: 14985519) |
| Notes to the Financial Statements |
| for the period 6 July 2023 to 31 July 2024 |
| 1. | Statutory information |
| Kitfix UK Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention, and on a going concern basis as explained further within this note. |
| The financial statements are presented in Sterling (£). Amounts are rounded to the nearest £. |
| Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated). |
| Significant judgements and estimates |
| In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
| Critical judgements in applying the Company's accounting policies |
| The critical judgement that the director has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
| (i) Assessing indicators and impairment |
| In assessing whether there have been any indicators or impairment assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
| Key sources of estimation uncertainty |
| The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
| (ii) Recoverability of receivables |
| The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
| Kitfix UK Limited (Registered number: 14985519) |
| Notes to the Financial Statements - continued |
| for the period 6 July 2023 to 31 July 2024 |
| 2. | Accounting policies - continued |
| (iii) Determining residual values and useful economic lives of property, plant and equipment |
| The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. |
| Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. |
| Turnover |
| Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. |
| Tangible fixed assets |
| Plant and machinery | - |
| Impairment of assets |
| At each reporting date the Company reviews the carrying value of its assets to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. |
| Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in profit or loss. An impairment loss recognised for all assets is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply. Impairment losses are charged to profit or loss in administration expenses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
| Financial assets and liabilities - classified as basic financial instruments |
| (i) Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
| Kitfix UK Limited (Registered number: 14985519) |
| Notes to the Financial Statements - continued |
| for the period 6 July 2023 to 31 July 2024 |
| 2. | Accounting policies - continued |
| (ii) Trade and other receivables |
| Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
| At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
| (iii) Equity investments |
| Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured reliably. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss. |
| (iv) Trade and other payables and loans and borrowings |
| Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 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 period 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. |
| 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. |
| Kitfix UK Limited (Registered number: 14985519) |
| Notes to the Financial Statements - continued |
| for the period 6 July 2023 to 31 July 2024 |
| 2. | Accounting policies - continued |
| Leases |
| Lease arrangements are classified as a finance lease where the terms of the lease transfer substantially all the risks and regards of ownership to the lessee. All other lease arrangements are classified as an operating lease. |
| The Company as a lessee |
| Assets held under finance lease arrangements are recognised as assets within property plant and equipment at their fair value, or if lower at the present value of the minimum lease payments, each determined at the inception of the lease. The assets are subsequently depreciated over the shorter of the lease terms and their useful life. The corresponding finance lease liability is recognised as a finance obligation, with lease payments being apportioned between finance charges and a reduction to the lease obligation so as to achieve a constant rate of interest on the remaining amount of the liability. Finance charges are recognised within profit or loss. |
| Payments made under operating lease arrangements are charged to profit or loss on a straight line basis over the lease term. Benefits receivable as operating lease incentives are recognised within profit or loss on a straight line basis offer the lease term. |
| 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. |
| Going concern |
| These financial statements have been prepared on a going concern basis. |
| The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
| In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
| The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
| 3. | Employees and directors |
| The average number of employees during the period was |
| Kitfix UK Limited (Registered number: 14985519) |
| Notes to the Financial Statements - continued |
| for the period 6 July 2023 to 31 July 2024 |
| 4. | Tangible fixed assets |
| Plant and |
| machinery |
| £ |
| Cost |
| Additions |
| At 31 July 2024 |
| Depreciation |
| Charge for period |
| At 31 July 2024 |
| Net book value |
| At 31 July 2024 |
| 5. | Debtors: amounts falling due within one year |
| £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments |
| 6. | Creditors: amounts falling due within one year |
| £ |
| Trade creditors |
| Other creditors |
| Pension liability | 604 |
| Directors' current accounts | 16,344 |
| Accrued expenses |
| 7. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| £ |
| Within one year |
| Between one and five years |
| 8. | Ultimate controlling party |
| The ultimate controlling party is |