Caseware UK (AP4) 2016.0.181 2016.0.181 2018-02-282018-02-28The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-03-01 05874673 2017-03-01 2018-02-28 05874673 2016-03-01 2017-02-28 05874673 2018-02-28 05874673 2017-02-28 05874673 c:CompanySecretary1 2017-03-01 2018-02-28 05874673 c:Director1 2017-03-01 2018-02-28 05874673 c:Director2 2017-03-01 2018-02-28 05874673 c:Director3 2017-03-01 2018-02-28 05874673 c:Director5 2017-03-01 2018-02-28 05874673 c:RegisteredOffice 2017-03-01 2018-02-28 05874673 d:Buildings 2017-03-01 2018-02-28 05874673 d:Buildings 2018-02-28 05874673 d:Buildings 2017-02-28 05874673 d:Buildings d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 05874673 d:PlantMachinery 2017-03-01 2018-02-28 05874673 d:MotorVehicles 2017-03-01 2018-02-28 05874673 d:FurnitureFittings 2017-03-01 2018-02-28 05874673 d:OtherPropertyPlantEquipment 2017-03-01 2018-02-28 05874673 d:OtherPropertyPlantEquipment 2018-02-28 05874673 d:OtherPropertyPlantEquipment 2017-02-28 05874673 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 05874673 d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 05874673 d:CurrentFinancialInstruments 2018-02-28 05874673 d:CurrentFinancialInstruments 2017-02-28 05874673 d:CurrentFinancialInstruments d:WithinOneYear 2018-02-28 05874673 d:CurrentFinancialInstruments d:WithinOneYear 2017-02-28 05874673 d:ShareCapital 2018-02-28 05874673 d:ShareCapital 2017-02-28 05874673 d:RetainedEarningsAccumulatedLosses 2018-02-28 05874673 d:RetainedEarningsAccumulatedLosses 2017-02-28 05874673 d:AcceleratedTaxDepreciationDeferredTax 2018-02-28 05874673 c:OrdinaryShareClass1 2017-03-01 2018-02-28 05874673 c:OrdinaryShareClass1 2018-02-28 05874673 c:FRS102 2017-03-01 2018-02-28 05874673 c:AuditExempt-NoAccountantsReport 2017-03-01 2018-02-28 05874673 c:FullAccounts 2017-03-01 2018-02-28 05874673 c:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05874673


 

KILWORTH MACHINERY LIMITED
 
UNAUDITED
 
FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 28 FEBRUARY 2018

 
KILWORTH MACHINERY LIMITED
 

COMPANY INFORMATION


Directors
Mr M A Parnham 
Mrs C Parnham 
Mr A T Parnham 
Mr A Finch 




Company secretary
Mrs C Parnham



Registered number
05874673



Registered office
Kilworth Machinery Limited
Annwell Lane

Ashby De La Zouch

Leicester

LE65 2TA




Accountants
PKF Cooper Parry Group Limited
Chartered Accountants

Sky View

Argosy Road

East Midlands Airport

Castle Donington

Derby

DE74 2SA





 
KILWORTH MACHINERY LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 8


 
KILWORTH MACHINERY LIMITED
REGISTERED NUMBER: 05874673

BALANCE SHEET
AS AT 28 FEBRUARY 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 4 
266,815
271,052

Current assets
  

Stocks
  
1,490,392
1,237,949

Debtors
 5 
400,308
386,826

Cash at bank and in hand
  
1,072,842
934,947

  
2,963,542
2,559,722

Creditors: amounts falling due within one year
 6 
(776,823)
(741,474)

Net current assets
  
 
 
2,186,719
 
 
1,818,248

Total assets less current liabilities
  
2,453,534
2,089,300

Provisions for liabilities
  

Deferred tax
 7 
(4,568)
(5,771)

Net assets
  
2,448,966
2,083,529


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,448,866
2,083,429

  
2,448,966
2,083,529
















 
Page 1

 
KILWORTH MACHINERY LIMITED
REGISTERED NUMBER: 05874673

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2018

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr M A Parnham
Director

Date: 12 November 2018
 
The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
KILWORTH MACHINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

1.


General information

Kilworth Machinery Limited is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is disclosed on the company information page.
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for a period of 52 weeks ended 28 February 2018 (2017: 52 weeks ended 28 February 2017).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
KILWORTH MACHINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.5% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised costs.

  
2.6

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. 
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 

Page 4

 
KILWORTH MACHINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to the profit and loss  over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
KILWORTH MACHINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

3.


Employees

The average monthly number of employees, including directors, during the year was 13(2017: 13).


4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

Cost
£
£
£


At 1 March 2017
306,913
167,435
474,348


Additions
12,694
659
13,353



At 28 February 2018

319,607
168,094
487,701



Depreciation


At 1 March 2017
63,126
140,170
203,296


Charge for the year
7,699
9,891
17,590



At 28 February 2018

70,825
150,061
220,886



Net book value



At 28 February 2018
248,782
18,033
266,815



At 28 February 2017
243,787
27,265
271,052

Page 6

 
KILWORTH MACHINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

5.


Debtors

2018
2017
£
£


Trade debtors
388,646
376,981

Other debtors
11,662
9,845

400,308
386,826



6.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
269,246
219,446

Corporation tax
115,005
80,263

Other taxation and social security
134,139
125,212

Other creditors
258,433
316,553

776,823
741,474



7.


Deferred taxation



2018


£






At beginning of year
5,771


Charged to profit or loss
(1,203)



At end of year
4,568

2018
£


Accelerated capital allowances
4,568

Page 7

 
KILWORTH MACHINERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

8.


Share capital

2018
2017
£
£
Shares classified as equity

Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,930 (2017: £4,098).


Page 8