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K M Elite Products Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 May 2025
Registration number: 04763484

K M Elite Products Ltd

Contents

Statement of financial position | 1
Notes to the Unaudited Financial Statements | 2 to 8

K M Elite Products Ltd

(Registration number: 04763484)
Statement of financial position as at 31 May 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 153,758 | 180,073
Other financial assets | 6 | 200 | 250
|  | 153,958 | 180,323
Current assets |  |  |
Stocks | 7 | 875,123 | 855,730
Debtors | 8 | 962,464 | 954,356
Cash at bank and in hand |  | 792,868 | 681,367
|  | 2,630,455 | 2,491,453
Creditors: Amounts falling due within one year | 9 | (327,560) | (327,677)
Net current assets |  | 2,302,895 | 2,163,776
Total assets less current liabilities |  | 2,456,853 | 2,344,099
Creditors: Amounts falling due after more than one year | 9 | - | (55,771)
Provisions for liabilities |  | (21,156) | (25,256)
Net assets |  | 2,435,697 | 2,263,072
Capital and reserves |  |  |
Called up share capital | 10 | 100 | 100
Retained earnings |  | 2,435,597 | 2,262,972
Shareholders' funds |  | 2,435,697 | 2,263,072

For the financial 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.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 21 August 2025

......................................... Mr K Middleton Director

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 21 August 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 25% reducing balance
Equipment | 25% reducing balance
Motor vehicles | 25% reducing balance
Leasehold improvements | 5% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Trademarks, patents and licenses | 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2024 - 13).

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

4 | Intangible assets

| Goodwill £ | Trademarks, patents and licenses £ | Total £
Cost or valuation
At 1 June 2024 | 100,000 | 22,500 | 122,500
At 31 May 2025 | 100,000 | 22,500 | 122,500
Amortisation
At 1 June 2024 | 100,000 | 22,500 | 122,500
At 31 May 2025 | 100,000 | 22,500 | 122,500
Carrying amount
At 31 May 2025 | - | - | -

5 | Tangible assets

| Leasehold improvements £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 June 2024 | 344,614 | 79,583 | 131,329 | 555,526
Additions | - | 2,221 | - | 2,221
At 31 May 2025 | 344,614 | 81,804 | 131,329 | 557,747
Depreciation
At 1 June 2024 | 249,549 | 66,561 | 59,343 | 375,453
Charge for the year | 6,729 | 3,810 | 17,997 | 28,536
At 31 May 2025 | 256,278 | 70,371 | 77,340 | 403,989
Carrying amount
At 31 May 2025 | 88,336 | 11,433 | 53,989 | 153,758
At 31 May 2024 | 95,065 | 13,022 | 71,986 | 180,073

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

6 | Other financial assets (current and non-current)

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 June 2024 | 250 | 250
Disposals | (50) | (50)
At 31 May 2025 | 200 | 200
Impairment
Carrying amount
At 31 May 2025 | 200 | 200

7 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 875,123 | 855,730

8 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 378,178 | 456,026
Amounts owed by related parties | 12 | 503,000 | 488,500
Prepayments |  | 14,112 | 9,050
Other debtors |  | 67,174 | 780
|  | 962,464 | 954,356

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 11 | 55,610 | 8,685
Trade creditors |  | 151,208 | 165,393
Taxation and social security |  | 110,681 | 140,212
Accruals and deferred income |  | 10,000 | 11,500
Other creditors |  | 61 | 1,887
|  | 327,560 | 327,677

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | - | 55,771

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | - | 55,771

Current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 55,610 | 8,685

K M Elite Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

12 | Related party transactions

Transactions with the director

2025 | At 1 June 2024 £ | Advances to director £ | Repayments by director £ | At 31 May 2025 £
Mr K Middleton
Loan at 2.25% per annum | (1,887) | 145,768 | (80,000) | 63,881

2024 | At 1 June 2023 £ | Advances to director £ | Repayments by director £ | At 31 May 2024 £
Mr K Middleton
Loan at 2.25% per annum | (595) | 84,708 | (86,000) | (1,887)