Registration number:
KI (UK) Ltd
for the Year Ended 31 December 2025
KI (UK) Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
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Non-statutory pages |
KI (UK) Ltd
Company Information
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Directors |
J Hindle B Krenke |
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Company secretary |
J Hindle |
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Registered office |
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Auditors |
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KI (UK) Ltd
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the Company is the sale of contract furniture to the Workplace, Education, Healthcare and Government markets, manufactured by KI’s global network of factories and partners.
Fair review of the business
KI (UK) continues its growth as a leading systems furniture and seating provider, improving productivity through the design and manufacture of furniture solutions. 2025 was another successful year with a net profit before tax of £0.9m (2024 - £1.2m), excluding amortisation.
This is the ninth year of a 10 year straight line amortisation schedule for the intangible Distributor Relationships and so the £40,736 annual amortisation charge has been excluded within this report to present comparable figures.
Reconciliation to audited accounts
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2025 |
2024 |
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|
£ |
£ |
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|
Net Profit before Tax and Amortisation (Strategic Report) |
810,062 |
1,242,307 |
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Annual Amortisation |
(40,736) |
(40,736) |
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Profit Before tax (Audited Accounts) |
769,326 |
1,201,571 |
Operational performance can be analysed by;
Sales Income
There was a 1% decrease in sales to £16.3m (2024 - £16.5m).
82% of sales were seating, however, the largest individual projects were of systems furniture; sales to a social media client were £0.8m (2024 - £0.7m), sales to an insurance company were £0.4m (2024 - £0.2m), whilst sales to a Formula One team were £0.2m (2024 - nil) and sales to a professional services firm were £0.2m (2024 - £0.2m). These four customers produced 10% of total sales (2024 - 2%).
Gross Profit
A gross profit of 36.3% was achieved in 2025 (2024 - 37.7%). The gross profit margin decreased from 2023 primarily as a result of movements in polypropylene prices.
Net Profit
Overheads were 11% under budget whilst sales were 16% under budget.
KI (UK) Ltd
Strategic Report for the Year Ended 31 December 2025
KPI's
The Company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Sales growth on prior year |
% |
(1.00) |
(4.70) |
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Gross profit percentage |
% |
36.30 |
37.60 |
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Net profit percentage (excluding amortisation) |
% |
5.36 |
7.54 |
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Current ratio |
4.68 |
4.42 |
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Human capital value added (HCVA) |
£ |
107,221.00 |
123,304.00 |
|
Average employee tenure |
years |
6.60 |
7.10 |
Principal risks and uncertainties
As with all companies in the contract furnishing industry, KI (UK) faces varying types and degrees of risk. The nature of providing large project-based jobs involves a degree of uncertainty with respect to sales income, however, KI (UK) is confident of winning these larger projects in the years to come.
The educational sector is subject to cyclical sales with the vast majority of projects being delivered in the summer months. This sector is also largely dependent upon government spending.
KI (UK) has a substantial asset base and the support of our parent in the form of the intercompany loan facility as detailed in point 4 below. Regardless, management are confident of continued profitable and cash generative trading for the foreseeable future and therefore the going concern assessment remains unchanged.
The Directors believe that they have mitigated risks, as far as reasonably practicable, by implementing internal controls and continually reviewing and seeking to improve such controls as well as business processes and procedures.
Financial Risk Management Objectives & Policies
KI (UK) continues to operate a stringent credit policy. There were 3 bad debts in 2025 with a net charge to the P&L of £3,588. KI (UK) continues to use credit insurance to insure credit extended to customers.
Short term cash flow risk is mitigated by an intercompany loan facility with KI (UK)’s parent KI Inc. Similarly, liquidity risk is mitigated by the support of KI Inc.
Credit risk is all but eliminated for projects in higher risk countries with the vast majority of orders placed on a payment up front basis or through a Letter of Credit.
While KI (UK) faces such risks, ultimately these cannot be completely avoided, transferred or reduced within an effective cost-benefit environment, however, all risks have been mitigated as far as reasonably practicable. KI (UK) will continue to scan the environment for potential risks and respond accordingly with reference to the company’s strategy and risk appetite.
KI (UK) Ltd
Strategic Report for the Year Ended 31 December 2025
Likely Future Developments
KI (UK) continues to scan for acquisition opportunities to provide economies of scale and increased market share within the furnishing industry.
KI (UK) is reviewing potential partnerships with companies that have complimentary product portfolios.
Approved by the
.........................................
Company secretary and director
KI (UK) Ltd
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the Company
The directors who held office during the year were as follows:
The company’s business activities, together with the factors likely to affect its financial position, financial risk management objectives, and its exposures to price, credit, liquidity and cash flow risk are described in the Strategic Report.
Going concern
The Company has accumulated considerable reserves in the year and sales and profit growth is forecast such that these reserves will be further bolstered within the coming year. The Company also has long-term contracts, a revolving intercompany loan account and the financial support of its parent KI Inc. Therefore the directors have a high expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Bourner Bullock as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the
.........................................
Company secretary and director
KI (UK) Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
KI (UK) Ltd
Independent Auditor's Report to the Members of KI (UK) Ltd
Opinion
We have audited the financial statements of KI (UK) Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
KI (UK) Ltd
Independent Auditor's Report to the Members of KI (UK) Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include manufacturing regulations.
KI (UK) Ltd
Independent Auditor's Report to the Members of KI (UK) Ltd
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
KI (UK) Ltd
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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|
|
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Retained earnings brought forward |
5,803,756 |
4,917,151 |
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Retained earnings carried forward |
6,340,894 |
5,803,756 |
KI (UK) Ltd
(Registration number: 03000594)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,970,470 |
2,970,470 |
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Share premium reserve |
150,000 |
150,000 |
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Retained earnings |
6,340,894 |
5,803,756 |
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Shareholders' funds |
9,461,364 |
8,924,226 |
Approved and authorised by the
.........................................
J Hindle
Company secretary and director
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the Company is the sale of contract furniture to the Workplace, Education, Healthcare and Government markets, manufactured by KI’s global network of factories and partners.
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.
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.
Summary of disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure exemptions if certain conditions have been complied with, including notification of and no objection to, the use of exemptions by the Company's shareholders. A qualifying entity is defined as a member of a group that prepares publicly available financial statements, which give a true and fair view, in which that member is consolidated. KI (UK) Ltd is a qualifying entity as its results are consolidated into the financial statements of Krueger International Inc. which are publicly available.
As a qualifying entity, the Company has taken advantage of the following exemptions:
(i) from the requirement to present a statement of cash flows as required by paragraph 3.17 (d) of FRS 102;
(ii) from the requirement to present financial instrument disclosures, as required by FRS 102 paragraphs 11.39 to 11.48A, 12.26 and 12.29;
(iii) from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of the period as required by paragraph 4.12(a)(iv); and
(iv) from the requirement to present key management personnel compensation as required by paragraph 33.6.
Name of parent of group
These financial statements are consolidated in the financial statements of Krueger International Inc.
The financial statements of Krueger International Inc may be obtained from 1330 Bellevue Street, Green Bay, Wisconsin, 54302, USA.
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Exemption from preparing group accounts
The financial statements contain information about KI (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the basis that all subsidiaries are dormant and therefore have an immaterial impact on the group accounts.
Turnover 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 and after eliminating sales within the company.
The Company recognises turnover when:
The amount of turnover 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
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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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.
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings, tools and equipment |
10 - 33% straight line |
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Leasehold improvements |
Over the term of the lease |
Intangible assets
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. Separately acquired trademarks, distributor relationships and licences are shown at historical cost.
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:
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Asset class |
Amortisation method and rate |
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Distributor relationships |
10% straight line |
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Software |
20% straight line |
Investments
Investments in subsidiaries are stated in the balance sheet at cost less any impairment.
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 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.
Financial instruments
The Company only enters into basic financial instruments 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, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement of the creditor for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at amortised costs using the effective interest rate method.
Borrowings
The company has a loan facility with KI Inc. This is recognised at its cash value given that at any point in time, the balance is repayable within one year.
Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions for the expected costs of maintenance under guarantees are charged to profit or loss when products have been invoiced. The effect of the time value of money is not material and therefore the provisions are not discounted.
Leases
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the group, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset’s useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Lease incentives received to enter into an operating lease are credited to profit and loss, to reduce the lease expense, on a straight line basis over the period of the lease.
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
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Significant judgements and key sources of estimation uncertainty |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are two significant judgements, one relating to the amortisation of intangible fixed assets and the other relating to the recoverability of amounts in other debtors. |
The annual amortisation charge for intangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount is £67,371 (2024 - £91,723) |
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Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Sale of goods |
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The analysis of the Company's Turnover for the year by class of business is as follows:
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2025 |
2024 |
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Seating |
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Systems furniture |
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The analysis of the Company's Turnover for the year by market is as follows:
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2025 |
2024 |
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UK |
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Europe |
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Rest of world |
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KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Amortisation expense |
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Other interest receivable and similar income |
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2025 |
2024 |
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Interest income on bank deposits |
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Other finance income |
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- |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Other short-term employee benefits |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales, marketing and distribution |
|
|
|
|
|
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
508,989 |
591,305 |
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Corporation tax liability |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
|
Total tax charge |
|
|
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
|
Distributor relationships |
Software |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2025 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Tangible assets |
|
Long leasehold land and buildings |
Fixtures and fittings |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Investments in subsidiaries |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
ordinary |
|
|
|
|
England and Wales |
ordinary |
|
|
|
|
England and Wales |
ordinary |
|
|
All subsidiaries were dormant during the year (2024 - dormant).
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Stocks |
|
2025 |
2024 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
- |
109,448 |
|
|
Deferred income |
|
|
|
|
|
|
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Issued, allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,770,470 |
|
2,770,470 |
|
|
|
200,000 |
|
200,000 |
|
|
|
|
|
|
Redeemable preference shares
|
The |
|
Dividends |
Final dividends paid
|
2025 |
2024 |
|||
|
Final dividend of £Nil per each |
- |
- |
||
Final dividends paid
|
2025 |
2024 |
|||
|
Final dividend of £Nil per each |
- |
- |
||
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
KI (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Deferred tax and other provisions |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Increase (decrease) in existing provisions |
|
- |
|
|
Provisions used |
- |
( |
( |
|
Unused provision reversed |
- |
( |
( |
|
At 31 December 2025 |
|
- |
|
|
|
|||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Related party transactions |
Summary of transactions with parent
|
Parent and ultimate parent undertaking |
The Company's immediate and ultimate parent undertaking is
These financial statements are available upon request from test
Krueger International Inc. is the parent of the smallest and largest group in which these financial statements are consolidated. Consolidated accounts can be obtained from Krueger International Inc., 1330 Bellevue Street, Green Bay, Wisconsin 54302, USA.
KI (UK) Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Turnover (analysed below) |
16,302,200 |
16,466,789 |
|
Cost of sales (analysed below) |
(10,400,178) |
(10,267,105) |
|
Gross profit |
5,902,022 |
6,199,684 |
|
Gross profit (%) |
36.2% |
37.65% |
|
Administrative expenses |
||
|
General administrative expenses (analysed below) |
(5,250,119) |
(5,182,977) |
|
Operating profit |
651,903 |
1,016,707 |
|
Other interest receivable and similar income (analysed below) |
117,423 |
184,864 |
|
Profit before tax |
769,326 |
1,201,571 |
KI (UK) Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2025
|
2025 |
2024 |
|
Turnover |
||
|
Sales (Seating) - UK |
10,642,852 |
10,348,876 |
|
Sales (Systems furniture) - UK |
2,231,842 |
3,161,590 |
|
Sales (Seating) - Europe |
2,453,795 |
2,206,835 |
|
Sales (Systems furniture) - Europe |
442,658 |
592,630 |
|
Sales (Seating) - Rest of world |
241,069 |
143,749 |
|
Sales (Systems furniture) - Rest of world |
289,984 |
13,109 |
|
16,302,200 |
16,466,789 |
|
Cost of sales |
||
|
Opening stock |
(2,208,016) |
(2,338,403) |
|
Purchases |
(7,900,699) |
(7,226,284) |
|
Closing stock |
2,710,828 |
2,208,016 |
|
Freight and carriage |
(1,372,952) |
(1,258,246) |
|
Commissions payable |
(283,065) |
(248,238) |
|
Sundry expenses |
(743,879) |
(800,007) |
|
Royalties payable |
(10,740) |
(3,468) |
|
Storage |
(399,999) |
(383,275) |
|
Installation |
(65,713) |
(102,053) |
|
Mock up |
(31,610) |
(34,809) |
|
Cost of quality |
(94,333) |
(80,338) |
|
(10,400,178) |
(10,267,105) |
|
General administrative expenses |
||
|
Wages and salaries (excluding directors) |
(2,284,113) |
(2,220,323) |
|
Staff NIC (Employers) |
(382,376) |
(346,065) |
|
Directors remuneration |
(422,400) |
(489,820) |
|
Staff pensions (Defined contribution) |
(109,935) |
(100,243) |
|
Directors pensions (Defined contribution) |
(47,520) |
(60,336) |
|
Private health insurance |
(56,808) |
(57,945) |
|
Temporary staff |
(11,890) |
(8,685) |
|
Staff training |
(5,529) |
(2,247) |
|
Recruitment fees |
(50,640) |
(34,180) |
|
Rent |
(449,180) |
(315,833) |
|
Rates |
(90,124) |
(166,250) |
|
Light, heat and power |
(25,441) |
(12,027) |
|
Insurance |
(103,213) |
(94,660) |
|
Repairs and maintenance |
(126,354) |
(118,006) |
|
Telephone and fax |
(31,386) |
(25,508) |
|
Office expenses |
(54,419) |
(49,850) |
|
Computer software and maintenance costs |
(104,148) |
(89,810) |
|
Printing, postage and stationery |
(30,106) |
(134,156) |
KI (UK) Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2025
|
2025 |
2024 |
|
Trade subscriptions |
(33,533) |
(42,405) |
|
Motor expenses |
(34,328) |
(29,027) |
|
Travel and subsistence |
(143,071) |
(129,463) |
|
Advertising |
(181,065) |
(175,780) |
|
Staff entertaining (allowable for tax) |
(3,430) |
(3,176) |
|
Customer entertaining (disallowable for tax) |
(52,352) |
(61,754) |
|
Auditor's remuneration - The audit of the company's annual accounts |
(16,000) |
(15,250) |
|
Auditors' remuneration - non audit work |
(2,218) |
(3,750) |
|
Consultancy fees |
(124,603) |
(117,163) |
|
Legal and professional fees |
(1,246) |
- |
|
Bad debts written off |
(3,588) |
(1,434) |
|
Bank charges |
(4,319) |
(7,400) |
|
Foreign currency gains/(losses) - admin |
47,705 |
(75,630) |
|
Amortisation of goodwill |
(47,952) |
(42,214) |
|
Depreciation of plant and machinery (owned) |
(264,537) |
(152,587) |
|
(5,250,119) |
(5,182,977) |
|
Other interest receivable and similar income |
||
|
Bank interest receivable |
116,234 |
184,864 |
|
Other interest receivable |
1,189 |
- |
|
117,423 |
184,864 |