K2 Performance Systems (UK) Limited
Registered number: 05806626
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 576,499 115,343
Cash at bank and in hand 471,273 538,584
1,047,772 653,927
Creditors: amounts falling due within one year 4 (1,046,884) (653,039)
Net current assets 888 888
Net assets 888 888
Capital and reserves
Called up share capital 879 879
Share premium (150,000) (150,000)
Profit and loss account 150,009 150,009
Shareholders' funds 888 888
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs K Cullen
Director
Approved by the board on 6 February 2025
K2 Performance Systems (UK) Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 18% straight line
Fixtures, fittings, tools and equipment 18% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 17
3 Debtors 2024 2023
£ £
Trade debtors 51,543 43,452
Amounts owed by group undertakings and undertakings in which the company has a participating interest 510,042 60,961
Prepayments 9,584 -
Directors' loan 4,400 10,000
Other debtors 930 930
576,499 115,343
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 128,348 103,948
Trade creditors 23,721 31,429
Invoiced in advance 453,465 220,280
Corporation tax 263,860 149,345
VAT 122,751 42,238
Paye/NIC 28,351 35,796
Accruals 8,015 65,890
Directors' loan 13,750 -
Wages, healthcare and pensions 4,623 4,113
1,046,884 653,039
5 Controlling party
PlanetK2 Limited, registered office address; 46 Brookbank Close, Cheltenham, GL50 3NB.
Owns 100% of the share capital.
6 Other information
K2 Performance Systems (UK) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
46 Brookbank Close
Cheltenham
Gloucestershire
GL50 3NB
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