Caseware UK (AP4) 2021.0.152 2021.0.152 2021-02-282021-02-28falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2020-03-01Manufacture of plastics and rubber machinery77falsetrue 00616579 2020-03-01 2021-02-28 00616579 2019-03-01 2020-02-29 00616579 2021-02-28 00616579 2020-02-29 00616579 2019-03-01 00616579 c:Director2 2020-03-01 2021-02-28 00616579 d:Buildings 2020-03-01 2021-02-28 00616579 d:Buildings 2021-02-28 00616579 d:Buildings 2020-02-29 00616579 d:Buildings d:OwnedOrFreeholdAssets 2020-03-01 2021-02-28 00616579 d:Buildings d:ShortLeaseholdAssets 2020-03-01 2021-02-28 00616579 d:PlantMachinery 2020-03-01 2021-02-28 00616579 d:MotorVehicles 2020-03-01 2021-02-28 00616579 d:FurnitureFittings 2020-03-01 2021-02-28 00616579 d:ComputerEquipment 2020-03-01 2021-02-28 00616579 d:OtherPropertyPlantEquipment 2020-03-01 2021-02-28 00616579 d:OtherPropertyPlantEquipment 2021-02-28 00616579 d:OtherPropertyPlantEquipment 2020-02-29 00616579 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2020-03-01 2021-02-28 00616579 d:OwnedOrFreeholdAssets 2020-03-01 2021-02-28 00616579 d:CurrentFinancialInstruments 2021-02-28 00616579 d:CurrentFinancialInstruments 2020-02-29 00616579 d:Non-currentFinancialInstruments 2021-02-28 00616579 d:Non-currentFinancialInstruments 2020-02-29 00616579 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 00616579 d:CurrentFinancialInstruments d:WithinOneYear 2020-02-29 00616579 d:Non-currentFinancialInstruments d:AfterOneYear 2021-02-28 00616579 d:Non-currentFinancialInstruments d:AfterOneYear 2020-02-29 00616579 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-02-28 00616579 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-02-29 00616579 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-02-28 00616579 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-02-29 00616579 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-02-28 00616579 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-02-29 00616579 d:UKTax 2020-03-01 2021-02-28 00616579 d:UKTax 2019-03-01 2020-02-29 00616579 d:ShareCapital 2021-02-28 00616579 d:ShareCapital 2020-02-29 00616579 d:RetainedEarningsAccumulatedLosses 2021-02-28 00616579 d:RetainedEarningsAccumulatedLosses 2020-02-29 00616579 c:OrdinaryShareClass1 2020-03-01 2021-02-28 00616579 c:OrdinaryShareClass1 2021-02-28 00616579 c:OrdinaryShareClass1 2020-02-29 00616579 c:FRS102 2020-03-01 2021-02-28 00616579 c:AuditExempt-NoAccountantsReport 2020-03-01 2021-02-28 00616579 c:FullAccounts 2020-03-01 2021-02-28 00616579 c:PrivateLimitedCompanyLtd 2020-03-01 2021-02-28 00616579 d:WithinOneYear 2021-02-28 00616579 d:WithinOneYear 2020-02-29 00616579 d:HirePurchaseContracts d:WithinOneYear 2021-02-28 00616579 d:HirePurchaseContracts d:WithinOneYear 2020-02-29 00616579 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-02-28 00616579 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-02-29 00616579 d:AcceleratedTaxDepreciationDeferredTax 2021-02-28 00616579 d:AcceleratedTaxDepreciationDeferredTax 2020-02-29 00616579 d:TaxLossesCarry-forwardsDeferredTax 2021-02-28 00616579 d:TaxLossesCarry-forwardsDeferredTax 2020-02-29 00616579 d:OtherDeferredTax 2021-02-28 00616579 d:OtherDeferredTax 2020-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00616579









K & C MOULDINGS (ENGLAND) LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2021

 
K & C MOULDINGS (ENGLAND) LIMITED
REGISTERED NUMBER: 00616579

BALANCE SHEET
AS AT 28 FEBRUARY 2021

28 February
29 February
2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
11,165
12,633

Current assets
  

Stocks
  
203,550
198,080

Debtors: amounts falling due within one year
 6 
75,598
74,685

Cash at bank and in hand
 7 
25,994
8,046

  
305,142
280,811

Creditors: amounts falling due within one year
 8 
(107,580)
(100,543)

Net current assets
  
 
 
197,562
 
 
180,268

Total assets less current liabilities
  
208,727
192,901

Creditors: amounts falling due after more than one year
 9 
(42,094)
(26,909)

  

Net assets
  
166,633
165,992


Capital and reserves
  

Called up share capital 
 13 
3,778
3,778

Profit and loss account
  
162,855
162,214

  
166,633
165,992

Page 1

 
K & C MOULDINGS (ENGLAND) LIMITED
REGISTERED NUMBER: 00616579

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2021

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 the 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 statement of income and retained earnings 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: 




W G Clendening
Director

Date: 11 August 2022


The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

1.


General information

K & C Mouldings (England) Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 00816579. Its Registered Office is Causeway House, 1 Dane Street, Bishop's Stortford, Hertfordshire, CM23 3BT.

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

Going concern

The Company meets its day to day working capital requirement through a long term loan facility.  The Directors have no reason to believe that the facility currently agreed will be removed. As a result of this, plus cost cutting measures and sales generation activities, the Directors have adopted the going concern basis of accounting.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.
Page 3

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, either using the straight line method or on the reducing balance basis.

Depreciation is provided on the following basis:

Leasehold land and buildings
-
evenly over the lease term
Plant and machinery
-
10% per annum on the reducing balance
Motor vehicles
-
25% per annum on the reducing balance
Fixtures and fittings
-
15% per annum on the reducing balance
Computer equipment
-
20% per annum 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 profit or loss.

 
2.5

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 weighted average basis. 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.

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 4

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

 
2.8

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 and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.9

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.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 5

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling.

Transactions and balances

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.12

Finance costs

Finance costs are charged to profit or 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.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 Statement of Financial Position, 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.


3.


Employees

The average monthly number of employees, including Directors, during the year was 7 (2020 - 7).


4.


Taxation


2021
2020
£
£

Current tax


Current tax on profits for the year
-
-


Deferred tax


Taxation on profit on ordinary activities
-
-
Page 7

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2020 - lower than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
641
27,144


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
122
5,157

Effects of:


Utilisation of tax losses
(122)
(5,157)

Total tax charge for the year
-
-


Factors that may affect future tax charges

The Company has carried forward trading losses of £174,000 (2020 - £175,000) of offset against future trading profits for corporation tax purposes.

Page 8

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

5.


Tangible fixed assets







Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 March 2020
12,648
150,647
163,295


Disposals
-
(9,000)
(9,000)



At 28 February 2021

12,648
141,647
154,295



Depreciation


At 1 March 2020
12,648
138,014
150,662


Charge for the year on owned assets
-
1,378
1,378


Disposals
-
(8,910)
(8,910)



At 28 February 2021

12,648
130,482
143,130



Net book value



At 28 February 2021
-
11,165
11,165



At 29 February 2020
-
12,633
12,633

Page 9

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

6.


Debtors

28 February
29 February
2021
2020
£
£


Trade debtors
40,404
39,953

Other debtors
153
-

Prepayments and accrued income
2,351
2,042

Deferred taxation
32,690
32,690

75,598
74,685



7.


Cash and cash equivalents

28 February
29 February
2021
2020
£
£

Cash at bank and in hand
25,994
8,046



8.


Creditors: Amounts falling due within one year

28 February
29 February
2021
2020
£
£

Bank loans
7,906
12,000

Trade creditors
39,432
32,930

Other taxation and social security
16,442
18,524

Obligations under finance lease and hire purchase contracts
1,909
5,020

Other creditors
23,039
24,819

Accruals and deferred income
18,852
7,250

107,580
100,543


Page 10

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

9.


Creditors: Amounts falling due after more than one year

28 February
29 February
2021
2020
£
£

Bank loans
42,094
25,000

Net obligations under finance leases and hire purchase contracts
-
1,909

42,094
26,909


Secured loans
The bank loan and overdraft is secured by a fixed and floating charge over the assets of the Company.
The Company meets its day to day working capital requirement through a long term loan facility. The Directors expect to operate within the facility agreed during the current year. These views are based on the Company's plans and them meeting the terms and conditions as set out by the Bank.
Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.
The aggregate amount of creditors for which security has been given amounted to £50,000 (2020 -  £37,000).


10.


Loans


Analysis of the maturity of loans is given below:


28 February
29 February
2021
2020
£
£

Amounts falling due within one year

Bank loans
7,906
12,000

Amounts falling due 1-2 years

Bank loans
9,707
12,000

Amounts falling due 2-5 years

Bank loans
30,618
13,000

Amounts falling due after more than 5 years

Bank loans
1,769
-

50,000
37,000


Page 11

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

28 February
29 February
2021
2020
£
£


Within one year
1,909
5,020

Between 1-5 years
-
1,909

1,909
6,929


12.


Deferred taxation






2021
2020


£

£






At beginning of year
32,690
32,690



At end of year
32,690
32,690

The deferred tax asset is made up as follows:

28 February
29 February
2021
2020
£
£


Accelerated capital allowances
(607)
(607)

Tax losses carried forward
28,921
28,921

Other short term timing differences
4,376
4,376

32,690
32,690

Page 12

 
K & C MOULDINGS (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021

13.


Share capital

28 February
29 February
2021
2020
£
£
Allotted, called up and fully paid



3,778 (2020 - 3,778) Ordinary shares of £1 each
3,778
3,778



14.


Commitments under operating leases

At 28 February 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 February
29 February
2021
2020
£
£


Not later than 1 year
-
2,664


Page 13