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Financial Statements for the Year Ended 31 March 2022 |
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The Kingsland Engineering Company |
Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2022 |
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for |
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The Kingsland Engineering Company |
Limited |
The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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The Kingsland Engineering Company |
Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITOR: |
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Statutory Auditor |
The Old Forge |
The Street |
Pulham St Mary |
Diss |
Norfolk |
IP21 4RD |
The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Balance Sheet - continued |
31 March 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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The Kingsland Engineering Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Sale of goods |
Turnover from the sale of parts and machines is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred. |
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Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investments in associates |
Investments in associate undertakings are recognised at cost less amounts written off for impairment. |
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Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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Derivatives |
Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. |
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The company enters into foreign currency forward contracts to mitigate exchange rate losses on trade payables. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated and is amortised evenly over the period of time that the company is expected to benefit. |
The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing 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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Impairment |
Assets which are not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Included in cost or valuation of land and buildings is freehold land of £ 147,824 (2021 - £ 147,824 ) which is not depreciated. |
The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 March 2022 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 1991 | 301,000 | - | 301,000 |
Cost | 588,416 | 2,031,622 | 2,620,038 |
889,416 | 2,031,622 | 2,921,038 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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31.3.22 | 31.3.21 |
£ | £ |
Cost | 588,416 | 588,416 |
Aggregate depreciation | 162,236 | 150,847 |
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Value of land in freehold land and buildings | 147,824 | 147,824 |
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Freehold land and buildings were valued on an open market basis on 31 March 1991 by professional valuers . |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST OR VALUATION |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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6. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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7. | DEBTORS |
31.3.22 | 31.3.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts |
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Payments on account |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts |
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The Kingsland Engineering Company |
Limited (Registered number: 01772496) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts | 6,667 | 54,204 |
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The hire purchase liabilities are secured on the assets financed. |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2021 |
and 31 March 2022 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditor was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of the exemption granted to wholly owned subsidiaries not to disclose transactions with group companies. |
The consolidated group accounts are prepared by Haco NV, registered office Oekensestraat 120, B-8800 Roeselare, Belgium. |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is International Machine Tools Holding BV. |
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The ultimate controlling party is
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