K7X Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC235840 (Scotland)

Financial Statements

for the Year Ended 31 March 2023

for

K7X Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Kelly

P D Kelly

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

REGISTERED NUMBER:

SC235840 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

4

2,145,266

2,200,000

CURRENT ASSETS

Inventories

10,000

5,000

Debtors

5

52,491

10,563

Cash at bank and in hand

42,830

224,361

105,321

239,924

CREDITORS

Amounts falling due within one year

6

185,065

390,666

NET CURRENT LIABILITIES

(79,744

)

(150,742

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,065,522

2,049,258

CREDITORS

Amounts falling due after more than one year

7

(728,985

)

(744,766

)

PROVISIONS FOR LIABILITIES

(134,453

)

(78,976

)

NET ASSETS

1,202,084

1,225,516

CAPITAL AND RESERVES

Called up share capital

9

65,100

65,100

Revaluation reserve

10

524,072

524,072

Retained earnings

612,912

636,344

SHAREHOLDERS' FUNDS

1,202,084

1,225,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 19 December 2023 and were signed on its behalf by:

P D Kelly - Director

1.	STATUTORY INFORMATION

K7X Ltd. is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Turnover represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets

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

Leasehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Inventories

Inventories 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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 16 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Leasehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2022

2,938,263

732,757

-

91,123

3,762,143

Additions

(2,681

)

6,628

11,491

1,548

16,986

At 31 March 2023

2,935,582

739,385

11,491

92,671

3,779,129

DEPRECIATION

At 1 April 2022

966,912

505,972

-

89,259

1,562,143

Charge for year

58,920

11,696

-

1,104

71,720

At 31 March 2023

1,025,832

517,668

-

90,363

1,633,863

NET BOOK VALUE

At 31 March 2023

1,909,750

221,717

11,491

2,308

2,145,266

At 31 March 2022

1,971,351

226,785

-

1,864

2,200,000

The leasehold property at Rouken Glen was valued by the directors in March 2022.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

52,491

10,563

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

128,329

113,094

Hire purchase contracts

1,476

2,409

Trade creditors

21,523

162,372

Amounts owed to group undertakings

-

105,751

Taxation and social security

27,007

1,689

Other creditors

6,730

5,351

185,065

390,666

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

728,985

743,025

Hire purchase contracts

-

1,741

728,985

744,766

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

825,647

824,363

The bank loans are secured by a first charge over the leasehold properties and by a floating charge over all the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

65,100

Ordinary

£1

65,100

65,100

10.

RESERVES

Revaluation

reserve

£

At 1 April 2022

and 31 March 2023

524,072