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REGISTERED NUMBER: 05555450 (England and Wales)















10K USED GEAR LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






10K USED GEAR LIMITED (REGISTERED NUMBER: 05555450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


10K USED GEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: B Reavley
T Hogg





REGISTERED OFFICE: Unit 163 Maple Leaf Business Park
Manston
Ramsgate
CT12 5GY





REGISTERED NUMBER: 05555450 (England and Wales)





AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

10K USED GEAR LIMITED (REGISTERED NUMBER: 05555450)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,947 1,252
Tangible assets 5 143,240 152,668
146,187 153,920

CURRENT ASSETS
Stocks 683,716 1,113,028
Debtors 6 2,716,915 491,164
Cash at bank 678,278 2,853,782
4,078,909 4,457,974
CREDITORS
Amounts falling due within one year 7 (205,059 ) (955,316 )
NET CURRENT ASSETS 3,873,850 3,502,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,020,037

3,656,578

PROVISIONS FOR LIABILITIES (2,100 ) (2,100 )
NET ASSETS 4,017,937 3,654,478

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 4,016,937 3,653,478
4,017,937 3,654,478

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 16 June 2025 and were signed on its behalf by:




B Reavley - Director



T Hogg - Director


10K USED GEAR LIMITED (REGISTERED NUMBER: 05555450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

10k Used Gear Limited 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The Directors have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Long leasehold - Straight line over 5 years
Fixture & Fittings - 25% on reducing balance

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

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 balance sheet date.


10K USED GEAR LIMITED (REGISTERED NUMBER: 05555450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 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 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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023 22,468
Additions 2,101
At 31 August 2024 24,569
AMORTISATION
At 1 September 2023 21,216
Charge for year 406
At 31 August 2024 21,622
NET BOOK VALUE
At 31 August 2024 2,947
At 31 August 2023 1,252

10K USED GEAR LIMITED (REGISTERED NUMBER: 05555450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. TANGIBLE FIXED ASSETS
Freehold Long Fixture &
property leasehold Fittings Totals
£    £    £    £   
COST
At 1 September 2023 137,304 46,576 26,344 210,224
Additions - - 505 505
At 31 August 2024 137,304 46,576 26,849 210,729
DEPRECIATION
At 1 September 2023 768 39,220 17,568 57,556
Charge for year 384 7,355 2,194 9,933
At 31 August 2024 1,152 46,575 19,762 67,489
NET BOOK VALUE
At 31 August 2024 136,152 1 7,087 143,240
At 31 August 2023 136,536 7,356 8,776 152,668

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,562 278,329
Amounts owed by group undertakings 2,602,640 -
Sundry debtors 400 1,400
VAT 81,764 196,577
Prepayments and accrued income 15,549 14,858
2,716,915 491,164

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 228,831 578,691
Corporation Tax (73,906 ) 214,329
Social security and other taxes 11,483 940
Sundry creditors 1,542 4,558
Directors' current accounts - 1,507
Accruals and deferred income 19,009 120,774
Accrued expenses 18,100 34,517
205,059 955,316

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 12,600

10K USED GEAR LIMITED (REGISTERED NUMBER: 05555450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Spurling (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited

10. RELATED PARTY DISCLOSURES

The company Ultimate holding entity is Montadale Limited, and company immediate parent which hold 100% of the share capital is 10K Limited. The transactions between these companies qualify as related party transactions. The list of related parties, their relationships, and the balances due to and from related parties with transactions are detailed below:

Name Relationship
Montadale Limited Ultimate Holdings Company
10k Limited Immediate Parent Company
Merino Management Limited Associate Company

Amount Owed to Group Undertakings Amount (£)
10k Used Gear Limited 29,937
Montadale Limited 2,572,684
2,602,640

The company has an amount owed by 10k Limited and Montadale Limite which relates to intercompany transactions. All transactions were conducted on an arm's length basis.

11. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Montadale Limited (Company No. 15509011) & Registered Office Address:
Milestone House, Millbrook, Guildford, United Kingdom, GU1 3YA.

The Immediate Parent Company is 10k Limited (Company No. 04506869) & Registered Office Address:
Unit 163 Maple Leaf Business Park, Manston, Ramsgate, England, CT12 5GY. 10K Limited holds 100% of the issued share capital of the 10K Used Gear Limited.