K2 Drives and Controls Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04689599

K2 Drives and Controls Limited

Filleted Unaudited Financial Statements

31 March 2025

K2 Drives and Controls Limited

Officers and Professional Advisers

Director	P Golebiowski

Registered office	3a The Wenta Business Centre
	Colne Way
	Watford
	Herts
	WD24 7ND

Accountants	Warners
	Chartered Accountants
	3a The Wenta Business Centre
	Colne Way
	Watford
	WD24 7ND

K2 Drives and Controls Limited

Balance Sheet

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		25,249	18,639

Current assets

Stocks		229,400	276,980
Debtors	6	309,463	317,897
Cash at bank and in hand		349,862	378,929
		---------	---------
		888,725	973,806

Creditors: amounts falling due within one year	7	332,292		398,351
		---------		---------
Net current assets			556,433	575,455
			---------	---------
Total assets less current liabilities			581,682	594,094

Creditors: amounts falling due after more than one year	8		2,500	12,500

Provisions

Taxation including deferred tax	4,675	2,801
	---------	---------
Net assets	574,507	578,793
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	574,505	578,791
	---------	---------
Shareholders funds	574,507	578,793
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 March 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 year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

K2 Drives and Controls Limited

Balance Sheet (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 12 January 2026 , and are signed on behalf of the board by:

P Golebiowski _______________ Director

Company registration number: 04689599

K2 Drives and Controls Limited

Notes to the Financial Statements

Year ended 31 March 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 3a The Wenta Business Centre, Colne Way, Watford, Herts, WD24 7ND.

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 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.

Revenue recognition

Turnover represents the amount earned for work carried out during the year.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Computers	-	30% straight line
Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

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 balance sheet 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 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2024: 12 ).

5. Tangible assets

	Computer equipment	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024	23,512	9,666	38,049	71,227
Additions	4,410	6,500	2,860	13,770
	--------	--------	--------	--------
At 31 March 2025	27,922	16,166	40,909	84,997
	--------	--------	--------	--------
Depreciation
At 1 April 2024	17,816	7,801	26,971	52,588
Charge for the year	3,438	736	2,986	7,160
	--------	--------	--------	--------
At 31 March 2025	21,254	8,537	29,957	59,748
	--------	--------	--------	--------
Carrying amount
At 31 March 2025	6,668	7,629	10,952	25,249
	--------	--------	--------	--------
At 31 March 2024	5,696	1,865	11,078	18,639
	--------	--------	--------	--------

6. Debtors

	2025	2024
	£	£
Trade debtors	298,551	314,331
Prepayments and accrued income	10,912	3,566
	---------	---------
	309,463	317,897
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,032	10,032
Trade creditors	204,470	229,135
Accruals and deferred income	13,452	14,754
Corporation tax	48,874	73,919
Social security and other taxes	46,153	60,955
Director loan accounts	5,133	5,051
Other creditors	4,178	4,505
	---------	---------
	332,292	398,351
	---------	---------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	2,500	12,500
	-------	--------

Creditors include a bank loan with interest fixed at 2.5%pa repayable by monthly instalments expiring in June 2026.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	–	33,066
Later than 1 year and not later than 5 years	142,198	–
	---------	--------
	142,198	33,066
	---------	--------

10. Transactions with directors

During the year dividends of £177,000 (2024: £162,000) were paid to the director.