REGISTERED NUMBER: 10820486 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2024

FOR

KLASSE GROUP LTD

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

N M Haughton

G M Haughton

G Haughton

G D Haughton

C Haughton

Registered office:

Beacon House

Queensway

Swansea West Business Park

Swansea

SA5 4DH

Registered number:

10820486 (England and Wales)

Fixed assets

Intangible assets

4

359,160

480,543

Tangible assets

5

20,214

16,605

379,374

497,148

Current assets

Stocks

6

374,106

462,204

Debtors

7

1,004,632

797,050

Cash at bank and in hand

112,453

203,993

1,491,191

1,463,247

Creditors

Amounts falling due within one year

8

719,381

825,159

Net current assets

771,810

638,088

Total assets less current liabilities

1,151,184

1,135,236

Provisions for liabilities

10

5,100

4,000

Net assets

1,146,084

1,131,236

Capital and reserves

Called up share capital

11

130

100

Share premium

161,873

161,873

Retained earnings

984,081

969,263

1,146,084

1,131,236

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th September 2025 and were signed on its behalf by:

G Haughton - Director

1.	Statutory information

Klasse Group 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.

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.

An estimated 7% of the company's turnover related to exports.

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.

Patents & licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Plant & machinery 25% RB

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Research & development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase & 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 & 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 (including officers)

The average number of employees during the year was 9 (2023 - 9 ) .

4.	Intangible fixed assets

Patents &

licences

£

Cost

At 1st January 2024

and 31st December 2024

606,914

Amortisation

At 1st January 2024

126,371

Amortisation for year

121,383

At 31st December 2024

247,754

Net book value

At 31st December 2024

359,160

At 31st December 2023

480,543

5.	Tangible fixed assets

Plant &

machinery

£

Cost

At 1st January 2024

31,055

Additions

10,347

At 31st December 2024

41,402

Depreciation

At 1st January 2024

14,450

Charge for year

6,738

At 31st December 2024

21,188

Net book value

At 31st December 2024

20,214

At 31st December 2023

16,605

The net book value of tangible fixed assets includes £NIL (2023 - £ 11,109 ) in respect of assets held under hire purchase contracts.

6.

Stocks

31.12.24

31.12.23

£

£

Stocks

374,106

462,204

7.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade debtors

705,626

743,783

Amounts owed by related parties

255,814

15,062

Other debtors

3,297

-

Prepayments

39,895

38,205

1,004,632

797,050

8.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

-

4,937

Trade creditors

297,189

268,384

Amounts owed to related parties

378,167

512,905

Corporation tax

9,700

13,900

Social security & other tax

23,815

13,494

Accrued expenses

10,510

11,539

719,381

825,159

9.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

-

4,937

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

17,029

18,208

Between one and five years

23,452

4,552

40,481

22,760

10.	Provisions for liabilities

31.12.24

31.12.23

£

£

Deferred tax

5,100

4,000

Deferred tax

£

Balance at 1st January 2024

4,000

Provided during year

1,100

Balance at 31st December 2024

5,100

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal value:

31.12.24

31.12.23

£

£

10

Ordinary A shares

£1

10

10

10

Ordinary B shares

£1

10

10

10

Ordinary C shares

£1

10

10

10

Ordinary D shares

£1

10

10

10

Ordinary E shares

£1

10

10

10

Ordinary F shares

£1

10

10

10

Ordinary G shares

£1

10

10

10

Ordinary H shares

£1

10

10

10

Ordinary I shares

£1

10

10

10

Ordinary J shares

£1

10

10

10

Ordinary K shares

£1

10

-

10

Ordinary L shares

£1

10

-

5

Ordinary M shares

£1

5

-

5

Ordinary N shares

£1

5

-

130

100

12.	Contingent liabilities

There were no contingent liabilities as at 31st December 2024.

13.	Related party disclosures

The following transactions took place with related parties on normal commercial terms during the year:

Other related parties

£

Sales

112,598

Purchases

146,409

Recharges

243,400

Loans issued

259,209

Rent paid

12,952

Amounts owed by related parties

255,814

Amounts owed to related parties

378,167