Ki Martial Arts Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Ki Martial Arts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04262026 . The registered office is 6 Houndiscombe Road, Plymouth, Devon, PL4 6HH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Website costs are amortised to the income and retained earnings statement over its estimated economic life of 3 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20 year straight line
Plant & equipment	25% reducing balance
Motor vehicles	25% reducing balance
Computer equipment	33.3% straight line

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Ki Martial Arts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or asumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2.9. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2023: 12)

4. Intangible Assets

	Goodwill	Website	Total
	£	£	£
Cost
As at 1 January 2024	40,000	11,085	51,085

As at 31 December 2024	40,000	11,085	51,085

Amortisation
As at 1 January 2024	40,000	11,085	51,085

As at 31 December 2024	40,000	11,085	51,085

Net Book Value
As at 31 December 2024	-	-	-

As at 1 January 2024	-	-	-

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Ki Martial Arts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Land & Property
	Leasehold	Plant & equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	74,271	45,236	16,649	7,515	143,671
Additions	-	-	-	4,659	4,659

As at 31 December 2024	74,271	45,236	16,649	12,174	148,330

Depreciation
As at 1 January 2024	55,804	41,561	12,698	7,289	117,352
Provided during the period	3,714	918	988	1,664	7,284

As at 31 December 2024	59,518	42,479	13,686	8,953	124,636

Net Book Value
As at 31 December 2024	14,753	2,757	2,963	3,221	23,694

As at 1 January 2024	18,467	3,675	3,951	226	26,319

6. Investments

	Subsidiaries
	£
Cost
As at 1 January 2024	87
Revaluations	(4 )

As at 31 December 2024	83

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	83

As at 1 January 2024	87

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2024	2023
Subsidiary undertakings
Tusah Europe	2 Route de Baougnac 31590 Lavalette France	Ordinary	100%	100%

Subsidiary undertakings

Tusah Europe

The principal activity of Tusah Europe is supply of martial arts equipment and clothing, and the provision of martial arts training. Its financial period end is 31 December.

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Ki Martial Arts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Stocks

	2024	2023
	£	£
Stock	134,978	143,359

8. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	18,094	17,140
Amounts owed by group undertakings	47,197	67,120
Other debtors	261,943	221,236

	327,234	305,496

9. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	14,650	7,226
Bank loans and overdrafts	84,998	23,851
Other creditors	33,659	22,708
Taxation and social security	61,260	82,578

	194,567	136,363

10. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans - over 1 yr	17,566	39,483

11. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	24	24

12. Related Party Transactions

During the year the company made advances totalling £125,977 (2023: £148,720) to the directors. The directors made repayments during the year of £150,525 (2023: £85,397). The balance outstanding as at 31 December 2024 was £125,888 (2023: £147,507). Interest is charged at HMRC standard rate and is calculated on a monthly basis. Interest of £2,929 (2023: £2,343) was charged on the outstanding balance during the year. This loan is repaybale on demand.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		23,694		26,319
Investments	6		83		87

			23,777		26,406
CURRENT ASSETS
Stocks	7	134,978		143,359
Debtors	8	327,234		305,496
Cash at bank and in hand		4,721		5,915

		466,933		454,770
Creditors: Amounts Falling Due Within One Year	9	(194,567 )		(136,363 )

NET CURRENT ASSETS (LIABILITIES)			272,366		318,407

TOTAL ASSETS LESS CURRENT LIABILITIES			296,143		344,813

Creditors: Amounts Falling Due After More Than One Year	10		(17,566 )		(39,483 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,146 )		(1,963 )

NET ASSETS			276,431		303,367

CAPITAL AND RESERVES
Called up share capital	11		24		24
Share premium account			3,998		3,998
Profit and Loss Account			272,409		299,345

SHAREHOLDERS' FUNDS			276,431		303,367