REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
FOR |
GEORGE KILLOUGHERY LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
FOR |
GEORGE KILLOUGHERY LIMITED |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
GEORGE KILLOUGHERY LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Registered Auditors |
162-164 High Street |
Rayleigh |
Essex |
SS6 7BS |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
STRATEGIC REPORT |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
The director presents his strategic report for the period 1st April 2021 to 30th September 2022. |
REVIEW OF BUSINESS |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit margin and liquidity. |
For the purposes of this review we have made comparison to the prior year based on a pro-rata basis, by grossing up prior year figures from 12 to 18 months. |
As noted in our prior years review, the market remained very challenging, regard having to be made to general major national economic considerations including inflation. |
In light of the prevailing conditions, the company approach was one of adopting aggressive pricing policies, in an attempt to maintain market share, whilst waiting for a better economic atmosphere, which would then enable us to capitalise on the results of this approach. |
The results of the above policy can be seen from the increase in gross profit by £420k during the period. Which arose from the resultant increase in turnover which on a pro-rata basis, exceeded £3m, an increase of over 32%. |
The net results of the business were only marginally affected by bad debt considerations, despite the number of insolvencies occurring in the market. The net profits were affected by ar £587k loss on disposal of fixed assets, arising from the necessity to update our commercial vehicles in order to be ULEZ compliant for the future. Despite the influence of the above factors net profits still exceeded those of the prior year on a pro-rata basis. |
In regard to liquidity, the company managed to increase its' net current asset position by some 16% |
The company intends to carry on trading into next year using the same policies and will be targeting an increase in the gross profit percentages. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The performance of the business is linked to the overall state of the economy but in particular to the activities within the sectors of the market in which we operate. As well as economic risks the waste industry has additional environmental legislative and compliance risks. We try to minimise these risks by employing highly skilled management, by training and by engaging specialist consultants so that we keep up with statutory regulations and comply with the conditions of our operating licences and permits at all times. Landfill charges and fuel prices are monitored on a weekly basis, thus ensuring that operating increases therein are recognised at an early state. |
ON BEHALF OF THE BOARD: |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
The director presents his report with the financial statements of the company for the period 1st April 2021 to 30th September 2022. |
PRINCIPAL ACTIVITY |
The principal activities of the company continued to be that of building and civil engineering contractors, plant hire, haulage and waste management. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the period ended 30th September 2022 will be £ |
DIRECTOR |
FINANCIAL INSTRUMENTS |
Financial risk management |
The company's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. |
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. |
Liquidity risk |
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned extensions. |
Interest rate cash flow risk |
The company has interest bearing liabilities. |
Credit risk |
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. |
Price risk |
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations paid during the year amounted to £10,102, none of which related to political organisations. |
EMPLOYMENT OF DISABLED PERSONS |
The company continues its policy regarding the employment of disabled persons and fair consideration is given to applications for employment by disabled persons having regard to their particular aptitudes and abilities. |
HEALTH AND SAFETY AT WORK |
Our yard managers are responsible for the health, safety and welfare of employees. We also continue to support the health and safety policies of our customers and the industry generally. |
EMPLOYEE INVOLVEMENT |
Our workforce are our most important and valuable asset. They operate at the heart of our operations and the forefront of our activities and developments on a day to day basis. In addition regular meetings are held to discuss activity and performance and opportunity is given for management to be questioned on all areas that affect our employees. We encourage an open door policy of involvement and close cooperation. |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has 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 director must not approve the financial statements unless he is 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 director is required to: |
- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GEORGE KILLOUGHERY LIMITED |
Opinion |
We have audited the financial statements of George Killoughery Limited (the 'company') for the period ended 30th September 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 30th September 2022 and of its profit for the period 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 Auditors' 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 financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GEORGE KILLOUGHERY LIMITED |
Matters on which we are required to report by exception |
In the light of the 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 Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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: |
The company is subject to numerous laws and regulations that could reasonably be expected to have a material effect on the financial statements. From our general commercial experience and discussion with management, we identified the following laws and regulations; waste carrier licences, environmental regulations, employment laws and regulations, health and safety, employment taxes, financial reporting and distributable profits. |
Our audit procedures to address potential fraud and non-compliance with laws and regulations included: |
- Enquiry of management regarding compliance with relevant laws and regulations, and any litigation or claims |
- Review of legal correspondence and documentation |
- Performance of analytical review to identify unexpected account movements and investigation of variances |
- Assessment of potential management override by review of journals and unusual accounting entries |
- Inspection of third-party supporting documentation |
- Identification and review of transactions with related parties |
- Review of year end cut-off and after date transactions |
- Reconciliation of intercompany balances |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GEORGE KILLOUGHERY LIMITED |
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 a Report of the Auditors 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 |
Chartered Accountants |
& Registered Auditors |
162-164 High Street |
Rayleigh |
Essex |
SS6 7BS |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
INCOME STATEMENT |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
Notes | £ | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
BALANCE SHEET |
30TH SEPTEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st April 2020 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st March 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30th September 2022 |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
George Killoughery Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
- Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, from contract income, plant hire, haulage and waste management during the year. |
Tangible fixed assets and depreciation |
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows |
Plant and machinery | - | 12.5% reducing balance |
Fixtures, fittings and equipment | - | 25% reducing balance |
Motor vehicles | - | 25% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Stocks of raw materials, consumables, recycled aggregates and land for development are valued at the lower of cost and net realisable value. |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated party. |
Classification of financial liabilities |
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 company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
Leasing and hire purchase commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pensions |
The pension costs charged in the financial statements represent the contributions paid by the company during the period. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
Directors | 1 | 2 |
Direct labour | 19 | 22 |
Administration | 2 | 2 |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Government grants and furlough claims | ( |
) |
Depreciation of tangible fixed assets includes £559,765 (2021 - £348,174) relating to assets held under finance lease agreements. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Hire purchase interest and finance lease charges |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Current tax: |
UK corporation tax |
Over provision prior year | - | (573 | ) |
Total current tax |
Deferred tax |
Tax on profit |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Loss on disposal of fixed assets | 111,684 | 50,535 |
Deferred tax | 599,455 | 49,917 |
Tax losses surrendered to group | 79,744 | - |
Tax losses carried forward | 142,522 | - |
Total tax charge | 599,455 | 252,369 |
8. | DIVIDENDS |
Period |
1.4.21 |
to | Year Ended |
30.9.22 | 31.3.21 |
£ | £ |
Ordinary shares of £1 each |
Interim |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30th September 2022 |
DEPRECIATION |
At 1st April 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30th September 2022 |
NET BOOK VALUE |
At 30th September 2022 |
At 31st March 2021 |
Included above are assets held under hire purchase contracts and finance leases whose net book value at the balance sheet date amounted to £4,171,172 (2021 - £2,654,404). |
10. | STOCKS |
2022 | 2021 |
£ | £ |
Consumables |
11. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Other debtors (See note 16) |
Aggregate amounts |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts | 2,906,547 | 1,093,550 |
The company's bank facilities are secured by a debenture over the whole of the group's assets, and cross guarantees by all of the group members. |
The company's invoice discounting facility is secured by a fixed and floating charge over the trade debts to which it relates. |
Hire purchase agreements are secured on the assets to which they relate. |
16. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 1,375,345 | 775,890 |
Other provisions | 1,700,000 | 1,700,000 |
Deferred |
tax |
£ |
Balance at 1st April 2021 |
Accelerated capital allowances | 599,455 |
Balance at 30th September 2022 |
In March 2011 the company entered into a lease in respect of land situated at Purfleet, Essex. |
As part of the agreement, the company paid a security deposit of £1,700,000 to the landlord relating to the estimated costs of clearing the company's materials from the site comprising aggregates, waste, building materials etc. The deposit will be released upon the company vacating the site and removing the materials, and is included within Other Debtors falling due after more than one year. |
In recognition of the company's future commitment for costs to clear the site, a similar provision of £1,700,000 is included within Provisions for Liabilities. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST APRIL 2021 TO 30TH SEPTEMBER 2022 |
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st April 2021 | 7,954,002 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 30th September 2022 | 7,832,491 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme in respect of employees, including the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions paid by the company during the period and amounted to £23,613 (2021 : £12,775). At the balance sheet date £3,222 (2021 : £Nil) was owed to the fund. |
20. | PARENT COMPANY |
The company's immediate and ultimate parent undertaking is Killoughery Holdings Limited, a company incorporated in England and Wales which is the smallest and largest group for which consolidated accounts including George Killoughery Limited are prepared. The consolidated accounts of Killoughery Holdings Limited are available from its registered office 43a Willow Lane, Mitcham, Surrey, England, CR4 4NA. |
21. | CONTINGENT LIABILITIES |
The company has given a guarantee against the bank advance to another group member. |
22. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year the company was related to The George Killoughery Limited Executive Retirement Benefits Scheme, Tearman Limited, Tearman LLP, Waterwise Limited, G.J. Killoughery Limited and Argricultural Holdings Limited by virtue of all being under the control of the Killoughery family. |
It is also related to Killoughery Holdings Limited and Killoughery Properties Limited by virtue of being group companies. |
During the period the company undertook the following transactions with its related undertakings. |
Company | Nature of transaction | 2022 | 2021 |
Waterwise Limited | Sales | 31,919 | 12,662 |
Waterwise Limited | Purchases | 720,000 | 480,000 |
Tearman Limited | Sales | 4,450 | 64,390 |
Agricultural Holdings Limited | Sales | 1,450 | 3,525 |
G.J. Killoughery Limited | Sales | 906,723 | 399,042 |
G.J. Killoughery Limited | Purchase of assets | - | 57,272 |
G.J. Killoughery Limited | Purchases | 1,867,433 | 1,056,667 |
There were no outstanding balances with related undertakings at the year end. |