ACCOUNTS - Final Accounts preparation



	KIT Technologies Ltd












	Unaudited
	Financial statements

	For the year ended 31 December 2024

	Registered number: 13479973


KIT Technologies Ltd - Registered number: 13479973

Statement of financial position

As at 31 December 2024

	2024	2024	2023	2023
Note	£	£	£	£


Current assets
Debtors	4	30,658		66,000
Cash at bank and in hand		439		30,268
		31,097		96,268
Creditors: amounts falling due within one year	5	(693,206)		(491,983)
Net current liabilities			(662,109)		(395,715)
Total assets less current liabilities			(662,109)		(395,715)

Net liabilities			(662,109)		(395,715)

Capital and reserves
Share capital	100	100
Profit and loss account	(662,209)	(395,815)
	(662,109)	(395,715)

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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KIT Technologies Ltd - Registered number: 13479973

Statement of financial position (continued)

As at 31 December 2024

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G Saftoiu

Director

Date: 15 December 2025

The notes on pages 3 to 6 form part of these financial statements.

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KIT Technologies Ltd

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is 2nd Floor College House, 17 King Edwards Road, Ruislip, London, HA4 7AE. Its company registration number is 13479973.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from its immediate parent company that it will continue to give financial support to the company for a period of at least twelve months from the date of signing of these financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amounts and to provide for any further liabilities which might be necessary should the basis not continue to be appropriate.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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KIT Technologies Ltd

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.4

Research and development

Expenditure on research activities is recognised as an expense in the period in which it is incurred. In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met:

∙An asset is created that can be identified;

∙The project from which the asset arises meets the company's criteria for assessing technical feasibility;

∙It is probable that the asset created will generate future economic benefits; and

∙The development cost of the asset can be measured reliably.

Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a rate on the principal amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

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KIT Technologies Ltd

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Employees

The average monthly number of employees, including the director, during the year was 1 (2023 - 1).

Debtors

					2024	2023
					£	£


Other debtors	10,658	46,000
Prepayments	20,000	20,000
	30,658	66,000

5.	Creditors: amounts falling due within one year
		2024	2023
		£	£

Other loans	27,986	26,688
Trade creditors	2,364	2,294
Amounts owed to group undertakings	652,746	424,701
Other taxation and social security	4,676	-
Accruals	5,434	38,300
	693,206	491,983

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KIT Technologies Ltd

Notes to the financial statements

For the year ended 31 December 2024

6.	Pension commitments

The company contributes to defined contribution plans for director. The assets of the plans are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,321 (2023: £1,358). Contributions totaling £Nil (2023: £Nil) were payable to the fund at 31 December 2024.

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