K.N.M. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03121385 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

K.N.M. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K N Mort

Ms J Mort

D O Mort

SECRETARY:

Ms J Mort

REGISTERED OFFICE:

9 Heol Mostyn,

Village Farm Industrial Estate

Pyle

Bridgend

Mid Glamorgan

CF33 6BJ

REGISTERED NUMBER:

03121385 (England and Wales)

ACCOUNTANTS:

Baker Knoyle Chartered Accountants

Orbit Business Centre

Merthyr Tydfil

CF48 1DL

FIXED ASSETS

Tangible assets

4

111,055

95,878

Investments

5

10,000

-

121,055

95,878

CURRENT ASSETS

Stocks

6,500

3,300

Debtors

6

378,680

110,002

Cash at bank and in hand

258,552

177,632

643,732

290,934

CREDITORS

Amounts falling due within one year

7

434,174

241,634

NET CURRENT ASSETS

209,558

49,300

TOTAL ASSETS LESS CURRENT LIABILITIES

330,613

145,178

CREDITORS

Amounts falling due after more than one year

8

(194,569

)

-

PROVISIONS FOR LIABILITIES

(21,100

)

(18,217

)

NET ASSETS

114,944

126,961

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

114,844

126,861

114,944

126,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2021 and were signed on its behalf by:

K N Mort - Director

1.	STATUTORY INFORMATION

K.n.m. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

379,053

Additions

34,929

At 31 December 2020

413,982

DEPRECIATION

At 1 January 2020

283,175

Charge for year

19,752

At 31 December 2020

302,927

NET BOOK VALUE

At 31 December 2020

111,055

At 31 December 2019

95,878

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

10,000

At 31 December 2020

10,000

NET BOOK VALUE

At 31 December 2020

10,000

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

50,269

21,550

Other debtors

16,451

88,452

66,720

110,002

2020

2019

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

311,960

-

Aggregate amounts

378,680

110,002

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 9)

2,715

-

Hire purchase contracts

-

14,486

Trade creditors

212,010

138,752

Taxation and social security

47,570

38,356

Other creditors

171,879

50,040

434,174

241,634

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 9)

194,569

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

34,792

-

9.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

2,715

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

159,777

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

34,792

-

The bank borrowings are secured on various charges held by Lloyds Bank plc:

An unlimited debenture dated 14/08/2018 from K.N.M Limited

An omnibus guarantee and set off dated 20/08/2018 agreement among the Bank and K.N.M Limited and K.N.M. Properties (Bridgend) Limited together with such other security as the Bank may from time to time hold in respect of debts and liabilities of any guarantor to the Bank.

An all moneys guarantee dated 07/10/2015 from K.N.M Properties (Bridgend) Limited for a principal amount of £200,000 plus interest and other costs as detailed in the guarantee together with such other security as the Bank may from time to time hold in respect of the debts and liabilities of the guarantor to the Bank.

10.

RESERVES

Retained

earnings

£

At 1 January 2020

126,861

Profit for the year

97,983

Dividends

(110,000

)

At 31 December 2020

114,844

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

K N Mort and Ms J Mort

Balance outstanding at start of year

34,598

34,598

Amounts advanced

170,900

-

Amounts repaid

(56,015

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

149,483

34,598

D O Mort

Balance outstanding at start of year

11,941

11,941

Amounts advanced

11,100

-

Amounts repaid

(6,460

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,581

11,941