Registered number:
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
COMPANY INFORMATION
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KILFROST GROUP LIMITED
CONTENTS
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KILFROST GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Kilfrost has entered its 91st year as a chemical company. Its legacy in Aircraft De-icing Fluids (ADF) is the foundation which all new products are based on. As such it continues to lead the way in product development. Its Speciality Fluids (SFD) continues to make inroads into the Market.
For the aviation industry the past 12 months have been the beginning of the recovery phase post COVID. Whilst passenger numbers have been depressed from previous years there was still very positive signs of recovery moving at a pace. The past 12 months were also noted for a mild winter. Coupled together this meant a lower, than average, use of ADF. At the same time the cost of our major raw material (MPG) remained at a historic high. However, due our contractual pricing mechanisms we remained profitable.
In SFD we continued to make further inroads into Scandinavia which is becoming a core market. For the USA we continue to move ahead but further work needs to be done on Sales and Marketing. In summary Kilfrost had a good trading year and is in a strong position for the next phase of growth.
The principal risks and uncertainties facing the Company are broadly grouped as market, competitive, legislative and financial risk.
- Market risks The market for our ADF products is highly seasonal and significantly variable, depending on weather conditions. We aim to mitigate this risk going forward through furthering the development and growth in our Speciality Fluids Division. - Competitive risks The Group operates in a global market and services customers either directly or by way of licence agreements in more than 50 countries. These customers select suppliers and products based on a combination of factors including price, delivery, quality and reputation. The Group has a wide range of customers with no individual customer accounting for a significant proportion of the entire business with many customers having dealt with the Company for a number of decades. The Kilfrost brand is well respected in the global market place and viewed as a leader in its field. - Legislative risks The Group is governed by a wide range of legislation, particularly in the supply of fluids to the aircraft industry. The Group takes great care to keep up to date with all new initiatives to ensure that it can maintain its position at the forefront of the industry.
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KILFROST GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- Financial risks The Group's main areas of financial risks are credit, foreign currency and liquidity risks. The Group's policy is to minimise credit risk by ensuring that credit terms are only granted to customers who demonstrate an appropriate history and credit position. Credit insurance is held with Atradius. The Group manages foreign currency risk through transacting business in only three currencies, namely Sterling, Euro and US Dollars. Each currency is managed by matching income and expenditure whenever possible. Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation from its activities on a regular basis, utilising appropriate credit facilities for working capital and longer term investments. Our new Speciality Fluids products are going into a steady mature market dominated by a few key players. Our aim is to show a new innovative way of servicing this market by showing better performance and safety without compromise on either. Financially the business has sufficient liquidity to cover at least the next 12 months trading after the accounts are finalised.
The Group's key financial performance indicators for the year were:
This report was approved by the board on 11 August 2022 and signed on its behalf.
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KILFROST GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
The profit for the year, after taxation, amounted to £1,703,000 (2021 - loss £288,000.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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KILFROST GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.
The business will continue to look at how to diversify further over the coming years
The R&D team continue to invest in research and development activities in respect of both SFD and ADF with patents currently being applied for. Costs charged during the year amounted to £524,000 (2021 - £487,000).
The directors have performed an assessment of the Group’s ability to continue trading as a going concern by reference to trading forecasts and financing requirements for a period, in excess of 15 months from the date of approval of these financial statements. The directors are satisfied that the going concern basis of preparation for these financial statements is appropriate.
In assessing the Group’s ability to continue trading as a going concern for the next 15 months the directors have examined all of the potential uncertainties which surround the business and the only significant uncertainty is the weather. However, the long-range forecasts are showing colder conditions in the foreseeable future. Also, this uncertainty is mitigated by the present structure of the business. The directors are aware of the ongoing impact that Covid-19 is having on the aviation industry and consequently on the Group. However the impact is not considered to be catastrophic given that Kilfrost has now traded for over 2 years under the various Covid-19 related restrictions. The directors are confident the aviation industry will be back to normal levels by the time the Group enter their busiest period of output. The directors have considered these uncertainties and believe that there is sufficient financial headroom available for the forthcoming 15 months to mitigate the associated risks. The direction of the business is set with a combination of continued R&D activity, ADF activity in the British Isles and invigorated activities in the Speciality Fluids Division.
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KILFROST GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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KILFROST GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KILFROST GROUP LIMITED
We have audited the financial statements of Kilfrost Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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KILFROST GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KILFROST GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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KILFROST GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KILFROST GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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KILFROST GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KILFROST GROUP LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC, and the Company’s legal advisers where appropriate. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
32 Portland Terrace
NE2 1QP
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KILFROST GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
REGISTERED NUMBER: 06929375
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2022
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KILFROST GROUP LIMITED
REGISTERED NUMBER: 06929375
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 August 2022.
The notes on pages 18 to 42 form part of these financial statements.
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KILFROST GROUP LIMITED
REGISTERED NUMBER: 06929375
COMPANY BALANCE SHEET
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 42 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Company is a private limited company, which is incorporated and registered in England (no. 06929375). The address of the registered office is Albion Works, Haltwhistle, Northumberland, NE49 0HJ. The principal activity of the Company and Group during the period was that of the manufacture of anti-icing and de-icing fluids, predominantly for the aircraft market.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the Group.
Monetary amounts in these financial statements are rounded to the nearest £'000.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2013.
Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £2,653,000 (2021: £796,000).
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
The Group financial statements are prepared on a going concern basis.
The parent company had net assets of £1,572,000 and the Group net assets of £4,740,000 at the balance sheet date. The directors have performed an assessment of the Group’s ability to continue trading as a going concern by reference to trading forecasts and financing requirements for a period, in excess of 15 months from the date of approval of these financial statements. The directors are satisfied that the going concern basis of preparation for these financial statements is appropriate. In assessing the Group’s ability to continue trading as a going concern for the next 15 months the directors have examined all of the potential uncertainties which surround the business and the only significant uncertainty is the weather. However, the long-range forecasts are showing colder conditions in the foreseeable future. Also, this uncertainty is mitigated by the present structure of the business. The directors are aware of the ongoing impact that Covid-19 is having on the aviation industry and consequently on the group. However the impact is not considered to be catastrophic given that Kilfrost has now traded for over 2 years under the various Covid-19 related restrictions. The directors are confident the aviation industry will be back to normal levels by the time the group enter their busiest period of output. The directors have considered these uncertainties and believe that there is sufficient financial headroom available for the forthcoming 15 months to mitigate the associated risks. The direction of the business is set with a combination of continued R&D activity, ADF activity in the British Isles and invigorated activities in the Speciality Fluids Division.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (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:
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.
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.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The Group operates a share option scheme for certain directors. The fair value of options granted, if material, is recognised as an employee expense in the income statement with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options is measured using the "Black-Scholes" option valuation model, taking into account the terms and conditions upon which the options were granted. the amount recognised in the income statement, if material, is adjusted at each balance sheet date to reflect the number of share options that vest revised for expected leavers and estimated achievement of non-market based vesting conditions.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income 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 Group in independently administered funds. Defined benefit pension plan The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The asset/liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the Balance Sheet date less the fair value of plan assets at the Balance Sheet date (if any) out of which the obligations are to be settled. The defined benefit obligation is calculated using the projected unit credit method. Annually the Group engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate'). The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'. The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: a) the increase in net pension benefit liability arising from employee service during the period; and b) the cost of plan introductions, benefit changes, curtailments and settlements. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
The whole of the turnover is attributable to net invoiced sales of goods excluding value added tax and relates to the continuing principal activity of the Group. An analysis of turnover by geographical market is given below:
Analysis of turnover by country of destination:
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
11.Taxation (continued)
The company has tax losses of approximately £304,000 (2021 : £453,000) to carry forward for use against future trading profits.
The group has gross US losses of approximately £8,341,000 (2021 : £7,948,000) to carry forward for use against future US trading profits. Following the successful claim for Research and Development Tax Credits, the directors expect that the effective rate of tax will be lower than the standard rate of tax in the future.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Share premium account
Capital redemption reserve
Other reserves
Capital contribution This reserve records the total value of capital contributions made by the shareholders of the Company.
Merger Reserve
Profit and loss account
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Group operates a Defined Benefit Pension Scheme.
The Group operates a defined benefit scheme in the UK which is now closed to future accrual and new entrants. The last full actuarial valuation of this scheme was carried out by a qualified independent actuary on 31 July 2019. The calculations below are based on the actuarial valuation as at 31 July 2019 and allowing for movements to 31 March 2022.
During the year, £146,000 was paid by the employer as agreed deficit funding (2021 : £143,000). Management estimate that contributions to the scheme going forwards will total £146,000 per annum. This is the recommended level of deficit funding provided in the latest actuarial valuation. The directors acknowledge their responsibilities for ensuring that actuarial assumptions are suitably updated to reflect changing economic conditions and they confirm that the assumptions at 31 March 2022 have been carefully reviewed with the actuary. The pension scheme has not invested in the Company itself.
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
23.Pension commitments (continued)
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
23.Pension commitments (continued)
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KILFROST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
In the opinion of the directors, no individual shareholder has outright control of the Company.
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