Company No: 03183075 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	138,076		160,038
Investments	5	314		314
		138,390		160,352
Current assets
Stocks		611,828		716,691
Debtors	6	533,726		511,441
Cash at bank and in hand		859,821		754,750
		2,005,375		1,982,882
Creditors: amounts falling due within one year	7	( 391,813)		( 419,238)
Net current assets		1,613,562		1,563,644
Total assets less current liabilities		1,751,952		1,723,996
Provision for liabilities		( 42,630)		( 39,000)
Net assets		1,709,322		1,684,996
Capital and reserves
Called-up share capital	8	1,760,100		1,760,100
Profit and loss account		( 50,778 )		( 75,104 )
Total shareholders' funds		1,709,322		1,684,996

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kit Heath Limited (registered number: 03183075) were approved and authorised for issue by the Director on 31 October 2025. They were signed on its behalf by:

K A Nickell Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kit Heath Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Millennium House, Brannam Crescent, Roundswell Business Park, EX31 3TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	5 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	5 years straight line
Office equipment	5 - 6 years straight line
Computer equipment	3 years straight line
Other property, plant and equipment	3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the directors	26		27

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 February 2024	50,000		50,000
At 31 January 2025	50,000		50,000
Accumulated amortisation
At 01 February 2024	50,000		50,000
At 31 January 2025	50,000		50,000
Net book value
At 31 January 2025	0		0
At 31 January 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£		£		£
Cost
At 01 February 2024	74,374		1,763		51,546		129,292		109,111		93,385		28,892		488,363
Additions	0		0		0		240		24,519		9,351		932		35,042
Disposals	0		0		0		0		0		( 8,665)		0		( 8,665)
At 31 January 2025	74,374		1,763		51,546		129,532		133,630		94,071		29,824		514,740
Accumulated depreciation
At 01 February 2024	74,374		1,763		12,886		92,881		39,286		80,481		26,654		328,325
Charge for the financial year	0		0		9,665		12,590		23,550		9,803		1,396		57,004
Disposals	0		0		0		0		0		( 8,665)		0		( 8,665)
At 31 January 2025	74,374		1,763		22,551		105,471		62,836		81,619		28,050		376,664
Net book value
At 31 January 2025	0		0		28,995		24,061		70,794		12,452		1,774		138,076
At 31 January 2024	0		0		38,660		36,411		69,825		12,904		2,238		160,038

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 February 2024	314
At 31 January 2025	314
Carrying value at 31 January 2025	314
Carrying value at 31 January 2024	314

6. Debtors

	2025		2024
	£		£
Trade debtors	276,162		219,165
Amounts owed by Group undertakings	103,354		83,464
Amounts owed by director	83,752		84,376
Prepayments	43,239		68,811
Corporation tax	27,219		55,625
	533,726		511,441

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	285,666		226,132
Accruals	52,432		130,291
Corporation tax	7,507		0
Other taxation and social security	46,041		62,815
Other creditors	167		0
	391,813		419,238

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each (2024: nil shares)	50		0
50 B ordinary shares of £ 1.00 each (2024: nil shares)	50		0
5,000 C ordinary shares of £ 1.00 each (2024: nil shares)	5,500		0
5,000 D ordinary shares of £ 1.00 each (2024: nil shares)	4,500		0
Nil Ordinary Shares A shares (2024: 55 shares of £ 1.00 each)	0		55
Nil Ordinary Shares B shares (2024: 45 shares of £ 1.00 each)	0		45
Nil Ordinary Shares C shares (2024: 5,500 shares of £ 1.00 each)	0		5,500
Nil Ordinary Shares D shares (2024: 4,500 shares of £ 1.00 each)	0		4,500
Nil Redeemable Preference A ordinary shares (2024: 962,500 shares of £ 1.00 each)	0		962,500
Nil Redeemable Preference B ordinary shares (2024: 787,500 shares of £ 1.00 each)	0		787,500
	10,100		1,760,100
875,000 A redeemable preference shares of £ 1.00 each (2024: nil shares)	875,000		0
875,000 B redeemable preference shares of £ 1.00 each (2024: nil shares)	875,000		0
	1,750,000		0
	1,760,100		1,760,100

The Preference A shares and the Preference B shares are redeemable shares. They may be redeemed only by the company by giving at least one month's written notice to any holder of the Preference shares where the company wishes to redeem the whole or any part of their shareholding.
The shares are redeemable at par value.

Provided and to the extend that there are available profits, redemption shall take place at the registered office of the company on the date specified in any notice. Except with the prior written arrangement of the holders of all the Preference shares in issue, no Preference shares shall be redeemed unless the same percentage of issued Preference A shares and issued Preference B shares are redeemed together.

Ordinary Shares A & B carry voting rights. On winding up, A and B shares to be paid after C and D at the nominal value together with amount equal to arrears of any dividend due but unpaid.

Ordinary Shares C & D carry no voting rights. On winding up holders C & D are paid first at the nominal value together with a sum equal to the arreas of any dividend which is due but unpaid. Second, in paying are the holders of A & B to a sum equal to the nominal value and the areas of any dividend which is due but unpaid. Third in paying to the holders of C & D shares the balance of the assets of the company.

Redeemable Shares A & B have no dividend or voting rights and have preference to capital on winding up.

9. Financial commitments

Other financial commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating lease	6,732		12,118

The Company had no material capital commitments at the year ended 31 January 2025.

10. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Advances to director 1	34,876		35,188
Advances to director 2	48,876		49,188