L.K. Performance Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06742290

L.K. Performance Ltd

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 November 2024

L.K. Performance Ltd

STATEMENT OF FINANCIAL POSITION

30 November 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Intangible assets	5	29,000	35,000
Tangible assets	6	1,134,386	1,152,958
Investments	7	178,096	120,000
		------------	------------
		1,341,482	1,307,958

CURRENT ASSETS

Stocks		319,304	340,676
Debtors	8	691,088	704,866
Cash at bank and in hand		308,907	214,654
		------------	------------
		1,319,299	1,260,196

CREDITORS: amounts falling due within one year	9	1,587,533		1,427,147
		------------		------------
NET CURRENT LIABILITIES			268,234	166,951
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,073,248	1,141,007

CREDITORS: amounts falling due after more than one year	10	285,439	438,310
		------------	------------
NET ASSETS		787,809	702,697
		------------	------------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	787,709	702,597
	---------	---------
SHAREHOLDERS FUNDS	787,809	702,697
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

L.K. Performance Ltd

STATEMENT OF FINANCIAL POSITION (continued)

30 November 2024

These financial statements were approved by the board of directors and authorised for issue on 8 August 2025 , and are signed on behalf of the board by:

Mr T Mahmood	Mr J Mahmood
Director	Director

Company registration number: 06742290

L.K. Performance Ltd

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 November 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B 1, Spenbeck Business Park, Balme Road, Cleckheaton, West Yorkshire, B19 4EW.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

INCOME TAX

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

FOREIGN CURRENCIES

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

INTANGIBLE ASSETS

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

AMORTISATION

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	Over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

TANGIBLE ASSETS

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

DEPRECIATION

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	Over 50 years
Plant and machinery	-	20% reducing balance
Fixtures, fitting and equipment	-	20% reducing balance
I.T. equipment	-	20% reducing balance

INVESTMENTS

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

INVESTMENTS IN ASSOCIATES

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

INVESTMENTS IN JOINT VENTURES

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

IMPAIRMENT OF FIXED ASSETS

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

STOCKS

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 15 (2023: 13 ).

5. INTANGIBLE ASSETS

	Patents, trademarks and licences
	£
Cost
At 1 December 2023 and 30 November 2024	120,000
	---------
Amortisation
At 1 December 2023	85,000
Charge for the year	6,000
	---------
At 30 November 2024	91,000
	---------
Carrying amount
At 30 November 2024	29,000
	---------
At 30 November 2023	35,000
	---------

6. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 December 2023	1,330,700	124,085	50,000	16,788	1,521,573
Additions	–	11,719	–	–	11,719
	------------	---------	--------	--------	------------
At 30 November 2024	1,330,700	135,804	50,000	16,788	1,533,292
	------------	---------	--------	--------	------------
Depreciation
At 1 December 2023	204,901	107,158	42,450	14,106	368,615
Charge for the year	22,516	5,729	1,510	536	30,291
	------------	---------	--------	--------	------------
At 30 November 2024	227,417	112,887	43,960	14,642	398,906
	------------	---------	--------	--------	------------
Carrying amount
At 30 November 2024	1,103,283	22,917	6,040	2,146	1,134,386
	------------	---------	--------	--------	------------
At 30 November 2023	1,125,799	16,927	7,550	2,682	1,152,958
	------------	---------	--------	--------	------------

7. INVESTMENTS

	Loans to participating interests
	£
Cost
At 1 December 2023	120,000
Additions	58,096
	---------
At 30 November 2024	178,096
	---------
Impairment
At 1 December 2023 and 30 November 2024	–
	---------

Carrying amount
At 30 November 2024	178,096
	---------
At 30 November 2023	120,000
	---------

8. DEBTORS

	2024	2023
	£	£
Trade debtors	691,088	703,339
Other debtors	–	1,527
	---------	---------
	691,088	704,866
	---------	---------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	56,957	55,386
Trade creditors	1,423,450	1,287,685
Corporation tax	69,403	50,443
Social security and other taxes	35,341	31,358
Other creditors	2,382	2,275
	------------	------------
	1,587,533	1,427,147
	------------	------------

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	285,439	438,310
	---------	---------

11. RELATED PARTY TRANSACTIONS

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Diamond Properties Holdings Limited	58,096	120,000	178,096	120,000
	--------	---------	---------	---------

During the year company has invested into an associate company, a company under common control, an amount of £178,096 (2023: £120,000). There are no fixed payment terms, and no interest is chargeable by the Company in respect of this balance.