Karina Krafts Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04251096

Karina Krafts Limited

Filleted Unaudited Financial Statements

31 May 2025

Karina Krafts Limited

Statement of Financial Position

31 May 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	6	27,507	38,192
Investments	7	100	100
		--------	--------
		27,607	38,292

Current assets

Stocks		355,312	314,095
Debtors	8	149,931	98,322
Cash at bank and in hand		142,472	132,179
		---------	---------
		647,715	544,596

Creditors: amounts falling due within one year	9	110,481	109,723
		---------	---------
Net current assets		537,234	434,873
		---------	---------
Total assets less current liabilities		564,841	473,165

Provisions	6,877	9,371
	---------	---------
Net assets	557,964	463,794
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	557,864	463,694
	---------	---------
Shareholders funds	557,964	463,794
	---------	---------

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 31 May 2025 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 .

Karina Krafts Limited

Statement of Financial Position (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 1 December 2025 , and are signed on behalf of the board by:

Mr A M Owen

Director

Company registration number: 04251096

Karina Krafts Limited

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Nelson Road, Ystrad Mynach, Hengoed, Caerffili, CF82 7BP, Wales.

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 principal activity of the company during the year was distribution of presentation and gift packaging. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The figures in the financial statements are rounded to the nearest whole pound.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

	Goodwill	-	10% p.a. straight line

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.

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:

Leasehold Improvements	-	Over the period of the lease
Plant and machinery	-	20% p.a. straight line
Fixtures and fittings	-	20% p.a. straight line
Equipment	-	33% and 20% p.a. straight line on computer equipment and other equipment
Website Costs	-	33% p.a. straight line

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. 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.

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2024: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 June 2024 and 31 May 2025	80,500
	--------
Amortisation
At 1 June 2024 and 31 May 2025	80,500
	--------
Carrying amount
At 31 May 2025	–
	--------
At 31 May 2024	–
	--------

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Website Costs	Total
	£	£	£	£	£	£
Cost
At 1 Jun 2024	6,600	6,194	1,797	15,047	33,857	63,495
Additions	–	1,425	–	1,416	–	2,841
	-------	-------	-------	--------	--------	--------
At 31 May 2025	6,600	7,619	1,797	16,463	33,857	66,336
	-------	-------	-------	--------	--------	--------
Depreciation
At 1 Jun 2024	6,600	3,314	1,371	9,451	4,567	25,303
Charge for the year	–	1,093	105	2,509	9,819	13,526
	-------	-------	-------	--------	--------	--------
At 31 May 2025	6,600	4,407	1,476	11,960	14,386	38,829
	-------	-------	-------	--------	--------	--------
Carrying amount
At 31 May 2025	–	3,212	321	4,503	19,471	27,507
	-------	-------	-------	--------	--------	--------
At 31 May 2024	–	2,880	426	5,596	29,290	38,192
	-------	-------	-------	--------	--------	--------

7. Investments

	Other investments other than loans
	£
Cost
At 1 June 2024 and 31 May 2025	100
	----
Impairment
At 1 June 2024 and 31 May 2025	–
	----

Carrying amount
At 31 May 2025	100
	----
At 31 May 2024	100
	----

8. Debtors

	2025	2024
	£	£
Trade debtors	97,374	75,455
Other debtors	52,557	22,867
	---------	--------
	149,931	98,322
	---------	--------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	1,322	24,728
Corporation tax	58,802	37,240
Social security and other taxes	30,355	27,956
Other creditors	20,002	19,799
	---------	---------
	110,481	109,723
	---------	---------

10. Related party transactions

The company was under the control of A M Owen throughout the current and previous year. A M Owen is the managing director and majority shareholder. At 31 May 2025 the company owed £233 (2024: £252) to the directors.