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COMPANY REGISTRATION NUMBER: 06748460
KTS WIRE LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2021
KTS WIRE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
3,306,415
2,335,999
CURRENT ASSETS
Stocks
457,935
90,956
Debtors
7
2,745,805
2,193,035
Cash at bank and in hand
240,205
64,199
------------
------------
3,443,945
2,348,190
CREDITORS: amounts falling due within one year
8
( 12,221,590)
( 8,915,204)
-------------
------------
NET CURRENT LIABILITIES
( 8,777,645)
( 6,567,014)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 5,471,230)
( 4,231,015)
------------
------------
NET LIABILITIES
( 5,471,230)
( 4,231,015)
------------
------------
CAPITAL AND RESERVES
Called up share capital
1,500,000
1,500,000
Profit and loss account
( 6,971,230)
( 5,731,015)
------------
------------
SHAREHOLDERS DEFICIT
( 5,471,230)
( 4,231,015)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 4 February 2022 , and are signed on behalf of the board by:
P A Hobson
M Singh
Director
Director
Company registration number: 06748460
KTS WIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Howley Park Road, Morley, Leeds, LS27 0BN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the going concern basis. The directors consider the going concern basis to be appropriate as the group have confirmed their ongoing support.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents
-
10% straight line
Research and development
-
Variable, depending on type of asset
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Variable, depending on type of asset
Fixtures and fittings
-
Variable, depending on type of asset
Motor vehicles
-
written off over 24 months
Office equipment
-
Variable, depending on type of asset
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
The company participates in a defined contribution 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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 47 (2020: 43 ).
5. INTANGIBLE ASSETS
Patents
Research and Development
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
2,850
173,121
175,971
-------
---------
---------
Amortisation
At 1 January 2021 and 31 December 2021
2,850
173,121
175,971
-------
---------
---------
Carrying amount
At 31 December 2021
-------
---------
---------
At 31 December 2020
-------
---------
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
4,762,461
83,026
10,095
382,739
5,238,321
Additions
1,228,986
23,135
75,543
1,327,664
------------
---------
--------
---------
------------
At 31 December 2021
5,991,447
106,161
10,095
458,282
6,565,985
------------
---------
--------
---------
------------
Depreciation
At 1 January 2021
2,644,185
21,612
10,095
226,430
2,902,322
Charge for the year
243,599
18,170
95,479
357,248
------------
---------
--------
---------
------------
At 31 December 2021
2,887,784
39,782
10,095
321,909
3,259,570
------------
---------
--------
---------
------------
Carrying amount
At 31 December 2021
3,103,663
66,379
136,373
3,306,415
------------
---------
--------
---------
------------
At 31 December 2020
2,118,276
61,414
156,309
2,335,999
------------
---------
--------
---------
------------
7. DEBTORS
2021
2020
£
£
Trade debtors
1,834,853
1,049,257
Amounts owed by group undertakings and undertakings in which the company has a participating interest
632,150
961,813
Other debtors
278,802
181,965
------------
------------
2,745,805
2,193,035
------------
------------
8. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,223,027
7,148,501
Trade creditors
1,441,211
1,302,790
Social security and other taxes
64,084
55,723
Other creditors
493,268
408,190
-------------
------------
12,221,590
8,915,204
-------------
------------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
200,000
200,000
Later than 1 year and not later than 5 years
200,000
400,000
---------
---------
400,000
600,000
---------
---------
10. SUMMARY AUDIT OPINION
The auditor's report for the year dated 4 February 2022 was unqualified.
The senior statutory auditor was DAVID SCOTT , for and on behalf of Wine & Co .
11. CONTROLLING PARTY
The company is a wholly-owned subsidiary of HLW 389 Limited. The ultimate controlling party is Suzuki Garphyttan AB, a company incorporated in Sweden, which is a group member of Nippon Steel & Sumitomo Metal Corporation, a company incorporated in Japan. Group accounts can be requested from the parent company at the following address: Suzuki Garphyttan AB Bruksvagen 3 SE-719 80 Garphyttan Sweden