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REGISTERED NUMBER: 09357871 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Karma Electrical & Fire Systems Ltd

Karma Electrical & Fire Systems Ltd (Registered number: 09357871)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Karma Electrical & Fire Systems Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: K P Sharman
Mrs K L Sharman



REGISTERED OFFICE: Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ



BUSINESS ADDRESS: Unit 6 Opus Park
Exchange Place, Old Ipswich Road
Claydon
Ipswich
Suffolk
IP6 0FU



REGISTERED NUMBER: 09357871 (England and Wales)



ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ



BANKERS: NatWest
2 Tavern Street
Ipswich
Suffolk
IP1 3BD

Karma Electrical & Fire Systems Ltd (Registered number: 09357871)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 150,726 87,132

CURRENT ASSETS
Stocks 121,578 94,230
Debtors 5 392,766 246,043
Cash at bank 61,341 115,243
575,685 455,516
CREDITORS
Amounts falling due within one year 6 260,387 185,958
NET CURRENT ASSETS 315,298 269,558
TOTAL ASSETS LESS CURRENT LIABILITIES 466,024 356,690

CREDITORS
Amounts falling due after more than one
year

7

(34,589

)

(19,083

)

PROVISIONS FOR LIABILITIES (37,682 ) (16,555 )
NET ASSETS 393,753 321,052

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 393,653 320,952
SHAREHOLDERS' FUNDS 393,753 321,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Karma Electrical & Fire Systems Ltd (Registered number: 09357871)

Statement of Financial Position - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:




K P Sharman - Director



Mrs K L Sharman - Director


Karma Electrical & Fire Systems Ltd (Registered number: 09357871)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Karma Electrical & Fire Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation
Taxation for the year 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 statement of financial position date.

Karma Electrical & Fire Systems Ltd (Registered number: 09357871)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

Karma Electrical & Fire Systems Ltd (Registered number: 09357871)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 9,133 249,381 7,409 265,923
Additions - 106,394 3,723 110,117
Disposals (9,133 ) (35,520 ) (1,263 ) (45,916 )
At 31 December 2024 - 320,255 9,869 330,124
DEPRECIATION
At 1 January 2024 9,133 165,205 4,453 178,791
Charge for year - 37,696 1,557 39,253
Eliminated on disposal (9,133 ) (28,250 ) (1,263 ) (38,646 )
At 31 December 2024 - 174,651 4,747 179,398
NET BOOK VALUE
At 31 December 2024 - 145,604 5,122 150,726
At 31 December 2023 - 84,176 2,956 87,132

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 171,810
Additions 70,482
Transfer to ownership (89,575 )
At 31 December 2024 152,717
DEPRECIATION
At 1 January 2024 103,404
Charge for year 25,493
Transfer to ownership (61,233 )
At 31 December 2024 67,664
NET BOOK VALUE
At 31 December 2024 85,053
At 31 December 2023 68,406

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 392,766 238,911
Other debtors - 7,132
392,766 246,043

Karma Electrical & Fire Systems Ltd (Registered number: 09357871)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 26,882 23,088
Trade creditors 74,079 85,520
Taxation and social security 153,586 71,494
Other creditors 5,840 5,856
260,387 185,958

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 34,589 19,083

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 61,471 42,171

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100