Company Registration No. 08454900 (England and Wales)
KELBIE ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
KELBIE ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr L A Bilbie
Mr J Kelly
Company number
08454900
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Colmore Row
Birmingham
West Midlands
BX1 1LT
KELBIE ENGINEERING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
KELBIE ENGINEERING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KELBIE ENGINEERING LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KelBie Engineering Limited for the year ended 30 November 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of KelBie Engineering Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KelBie Engineering Limited
and state those matters that we have agreed to state to the Board of Directors of KelBie Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KelBie Engineering Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that KelBie Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of KelBie Engineering Limited. You consider that KelBie Engineering Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KelBie Engineering Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
30 May 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
KELBIE ENGINEERING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
346,448
220,619
Current assets
Stocks
132,608
84,337
Debtors
4
1,010,342
769,300
Cash at bank and in hand
187,475
151,817
1,330,425
1,005,454
Creditors: amounts falling due within one year
5
(802,947)
(586,353)
Net current assets
527,478
419,101
Total assets less current liabilities
873,926
639,720
Creditors: amounts falling due after more than one year
6
(45,365)
(60,649)
Provisions for liabilities
(65,825)
(41,918)
Net assets
762,736
537,153
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
762,636
537,053
Total equity
762,736
537,153
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KELBIE ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2021
30 November 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2022 and are signed on its behalf by:
Mr L A Bilbie
Mr J Kelly
Director
Director
Company Registration No. 08454900
KELBIE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 4 -
1
Accounting policies
Company information
KelBie Engineering Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on cost
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 or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KELBIE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
KELBIE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 21
(2020 - 19).
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2020
455,683
11,268
7,000
473,951
Additions
177,106
2,594
37,255
216,955
At 30 November 2021
632,789
13,862
44,255
690,906
Depreciation and impairment
At 1 December 2020
239,814
8,179
5,339
253,332
Depreciation charged in the year
79,471
1,927
9,728
91,126
At 30 November 2021
319,285
10,106
15,067
344,458
Carrying amount
At 30 November 2021
313,504
3,756
29,188
346,448
At 30 November 2020
215,869
3,089
1,661
220,619
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and machinery
74,456
93,071
Motor vehicles
27,941
102,397
93,071
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,003,909
763,644
Other debtors
6,433
5,656
1,010,342
769,300
KELBIE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 7 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
647,813
415,572
Taxation and social security
68,879
99,647
Other creditors
86,255
71,134
802,947
586,353
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
45,365
60,649
7
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Hire purchase contracts
91,203
95,947
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
65,825
41,918
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100
100
10
Ultimate controlling party
There is no ultimate controlling party.