AVMI Kinly Ltd
Registered number: 02468436
Annual report
For the year ended 31 December 2022
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AVMI KINLY LTD
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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AVMI KINLY LTD
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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AVMI KINLY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their strategic report and the audited financial statements of the company for the year ended 31 December 2022.
Principal Activity
The principal activity of the company remains the supply and installation of audio-visual and video collaboration tools.
Business review
Like many others, the AV industry has been hit hard by the global semiconductor chip shortage, causing significant delays in product delivery. But our Group has taken measures to mitigate the impact of these constraints. We have implemented strict logistics controls, worked closely with our suppliers and partners to secure supplies, and effectively managed solution configurations to ensure the timely delivery of our products.
The audio-visual and video collaboration industry has experienced significant growth and transformation in recent years, driven by technological advancements, changing work patterns, and increased demand for remote collaboration. The COVID-19 pandemic accelerated the adoption of remote work and virtual collaboration. Even beyond the pandemic, hybrid work models are expected to become more prevalent. This shift will drive the demand for audio-visual and video collaboration solutions that enable seamless communication and collaboration between in-person and remote participants.
The convergence of audio, video, and data communication technologies will continue to shape the industry. Integrated Unified Communications and Collaboration (UC&C) platforms that combine various collaboration tools, such as video conferencing, messaging, file sharing, and project management, will gain prominence. These solutions will provide a unified user experience and streamline communication across organisations.
Cloud-based audio-visual and video collaboration solutions will continue to grow in popularity. Cloud platforms offer scalability, flexibility, and simplified management of collaboration tools. Organisations will increasingly leverage cloud-based services to support remote work, enable global collaboration, and enhance agility.
The industry will focus on delivering a seamless and intuitive user experience. It includes advancements in user interfaces, ease of deployment, and interoperability among collaboration tools and devices. Technologies like artificial intelligence, natural language processing, and machine learning will enhance user interactions and automate tasks, making collaboration more efficient and user-friendly.
Integrating audio-visual and video collaboration systems with Internet of Things (IoT) devices will enable enhanced functionality and automation. For example, smart meeting rooms with IoT sensors can automate tasks like adjusting lighting, temperature, and audio/video settings based on participant preferences or room occupancy. This integration will enhance the overall meeting experience and improve efficiency. In addition, Virtual Reality (VR) and Augmented Reality (AR) technologies have the potential to revolutionise remote collaboration and immersive experiences. As these technologies become more accessible and affordable, they may find increased applications in training, design, remote assistance, and virtual meetings, creating more engaging and interactive collaboration environments.
With the increased reliance on audio-visual and video collaboration tools, ensuring security and privacy will remain a top priority. Robust encryption, authentication mechanisms, and compliance with data protection regulations to safeguard sensitive information will become increasingly critical features to maintain user trust.
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AVMI KINLY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Business review (continued)
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Industries like healthcare, education, manufacturing, and entertainment have specific collaboration requirements. The audio-visual and video collaboration industry will continue to develop industry-specific solutions tailored to meet the unique needs of various sectors, facilitating collaboration and knowledge sharing within those domains.
Technological advancements, market demands, and evolving work patterns will influence the future of the audio-visual and video collaboration industry. The Company's directors believe that the organisation is in a favourable position to capitalise on these opportunities while maintaining profitable growth.
Key performance indicators (KPIs)
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The directors use revenue and adjusted EBITDA as KPIs in monitoring progress and management of the company.
Revenue for the year ended 31 December 2022 was £79.7m compared to £79.3m for the 12 months to 31 December 2021.
Adjusted EBITDA for the year, calculated by taking profit before tax and adding back interest expense, depreciation, amortisation and items which the company considers exceptional items (see note 5) was £3.6m (2021: £7.5m).
The company's financial position is shown on the Statement of Financial Position on page 15 of the financial statements.
AVMI Kinly Ltd faced significant challenges during the trading year 2022, especially in the second and third quarters. The entire industry, including AVMI Kinly Ltd, was affected by extended supply chain issues caused by the global chipset shortage. Additionally, longer project lead times resulted in decreased installation efficiency. With projects on hold, resource utilisation declined, and opting for partial deliveries and increased customer site visits further impacted margins, unable to complete projects as scheduled.
In June 2022, The Company collaborated with McKinsey & Company to initiate a transformation program to address these issues. This program consisted of several key elements:
• Developing an organisation blueprint to align our workforce with current business opportunities, leading to a reduction of a number of FTE positions in the UK Group.
• Creating an improvement initiative portfolio across different regions and supporting initiative owners in developing milestone plans and business cases.
• Implementing program management tools and a meeting cadence to monitor the progress of around 60 initiatives closely.
By the end of 2022, AVMI Kinly Ltd successfully executed this transformation programme. As a result, significant
improvements in profitability are evident in the management accounts for 2023. At the end of September of FY23, the Company is closely tracking its budget plan.
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AVMI KINLY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Principal risks and uncertainties
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The company's operations expose it to a variety of risks in the ordinary course of business including credit risk and liquidity risk.
Credit risk
The company reduces its exposure to credit risk by collecting advance stage payments for major projects together with strict credit control policies and procedures which include obtaining credit checks for potential customers, and imposition of credit limits on acceptance of new customers. A high proportion of the company's customers comprise blue chip multi national corporations and government departments with strong credit ratings.
Liquidity risk
The company funds its day to day operations from operating cash flow. Intercompany loans within the Group are also available if needed from time to time. Risk is managed through the use of detailed cash flow forecasts and the application of strict cash management policies to ensure that the company maintains sufficient funds for operations.
Business risks
Economic risk
Conditions in the UK economy may adversely affect the company's results. The company has diversified its revenue streams by focusing on recurring annual service contracts, maintaining a diverse international customer base generating and tight control of costs giving it the flexibility to help reduce the impact of adverse economic changes.
Technical risk
Like numerous economic sectors, the AV industry has felt the repercussions of the global semiconductor chip shortage. Consequently, the company has encountered prolonged lead times for multiple product lines, resulting in extended deployment schedules for many customer projects. To counteract this, the company took proactive measures, collaborating closely with customers to adjust configurations and harnessing strong relationships with key suppliers to ensure product availability. The Kinly Group Global Procurement team also played a vital role by collaborating with essential manufacturers and suppliers to provide support.
Competitor risk
The competitive landscape in the Company's markets is relatively concentrated. The principal competitive factors are the breadth of products, service capabilities and price and cost of ownership of products.
To mitigate these risks, the Company continues to focus on customer relationships and value creation, providing a well-balanced offering from all its key vendors, having an efficient supply chain, international delivery capability, and know-how in the relevant technologies.
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AVMI KINLY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Future developments and outlook
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The professional AV market is expected to continue experiencing significant growth and advancements in the coming years. Overall, the future of the video collaboration and unified communications industry looks promising, focusing on remote collaboration, advanced technologies, security, and integration.
The directors are confident that the company is well-positioned to adapt to these developments and provide innovative solutions to meet the evolving needs of businesses and organisations.
On 24 February 2022 Russian Forces entered Ukraine. The Directors and Board continue to review and assess the impact of the ongoing situation and it has concluded that there remains no direct effect on the day to day operations of the business and therefore is treated as a non-adjusting balance sheet event.
Section 172 statement
In this section, we set out to describe how we have engaged with our various stakeholders while acting to promote the interests of the company under sections 172(1) of the Companies Act 2006.
Our stakeholders:
Employees
Our business is a people business and our employees are our key assets. The skills and expertise of our employees differentiate us from competitors and drive value for our customers.
Engagement model:
Employee survey: during the reporting period, an online Employee Survey was undertaken to allow Employees to provide direct, anonymised feedback on many topics related to employee engagement as well as feedback on the management and strategy of the business. This in turn formed the basis of an improvement plan designed to increase employee engagement and improve integration of employees from the various businesses. The results and outputs of the survey are also reported to the wider Group where follow up is tracked and discussed.
Regular business updates:
Regular "All hands" forums have been set up to provide ongoing updates on the performance of the business and the integration programme as well as disseminating latest news and information from the wider group. Employees can raise questions or concerns before or during these forums.
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AVMI KINLY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Section 172 statement (continued)
Flexible working arrangements:
We make sure our employees can have the best balance in work and life. We have flexible working hours, and everyone has been supplied with Unified Communications (UC) solutions, enabling everyone to work together everywhere.
Suppliers
During this period, we continued to work with our key suppliers by developing further our established relationships to ensure seamless service and productivity in all aspects of the business. It was done by the Channel and Partner Director, along with the newly created role of Vendor Manager and the existing Procurement Manager.
Monthly and Quarterly business reviews continued to be held to review and forecast the business needs, allowing the partnership to grow between each party.
Customers
We continue interacting with our customers daily through our dedicated Account Managers, Global Account Managers and Service Delivery Managers. One of the core Kinly Group values is being "in it together". We enshrine this value in everything we do for our customers. It is one of the key reasons behind the high customer retention rate.
Our impact on the community and the environment
Key elements of the wider Kinly Group strategy on environmental responsibility include:
• Maximising waste recycling by evaluating operations and ensuring they are as efficient as possible;
• Minimising toxic emissions through the selection and use of its fleet and the source of its power requirement;
• Actively promote recycling both internally and amongst its customers and suppliers.
This strategy is replicated within the company
Ultimate Parent Company
The company engages with the ultimate parent on a regular basis through regular meetings between the directors and the Group CEO and Group CFO with updates on:
• Business performance YTD and forecast.
• Strategy and execution.
• Stakeholder updates, including Customers, Employees and Suppliers.
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AVMI KINLY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board and signed on its behalf by:
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AVMI KINLY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the audited financial statements for the year ended 31 December 2022.
The profit for the year, after taxation, amounted to £2,053,000 (2021: profit of £6,200,000).
The directors do not recommend the payment of a dividend for the year (2021: £nil).
The directors who served during the year and to the date of this report were:
E C Foxwell (resigned 30 June 2022)
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O Krap (resigned 14 October 2022)
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Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are of the opinion that there are no material uncertainties that cast doubt on the company's ability to continue as a going concern. A 5 year forward looking forecast model was created based on market trends and company growth trajectories and assumptions in line with historic trends. The analysis included a cashflow forecast. The model was stress tested based on significant reductions in trading activity. The output of this analysis underpins the Director's conclusion that there are no material uncertainties in the company's ability to continue as a going concern.
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AVMI KINLY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Engagement with employees
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The company seeks to encourage employee involvement in its business through a variety of approaches. At the core of these is a management by objectives' process, in which all levels of employees participate in the formulation of company goals. This is achieved by the development of annual action plans applicable to each individual employee and the units in which they work. In addition of course, there are more formal consultative procedures that exist with Employee committees covering health, safety and environmental issues and recreation.
During the year employees were regularly provided with information regarding the financial and economic factors affecting the performance of the company and on other matters of concern to them as employees, through the medium of regular employee updates. Additionally regular consultations took place with employee representatives so that the views of employees could be taken into account when making decisions which are likely to affect their interests.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The company is not required to report its energy and carbon information under the Streamlined Energy and Carbon Reporting requirements by virtue of the fact that relevant information pertaining to the company is included within the consolidated financial information of the parent company, Kinly BidCo Limited.
Matters covered in the Strategic Report
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As permitted by paragraph 1A of schedule 7 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 1 to 6. These matters relate to risk management and future developments.
Qualifying third party indemnity provisions
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The company has professional and public indemnity which covers all and we have D&O insurance which covers personal liability of Directors.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
Provision of information to the auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
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AVMI KINLY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditor, Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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AVMI KINLY LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVMI KINLY LTD
Opinion
We have audited the financial statements of AVMI Kinly Ltd (the ‘Company’) for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2022 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
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 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.
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AVMI KINLY LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVMI KINLY LTD
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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AVMI KINLY LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVMI KINLY LTD
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.
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AVMI KINLY LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AVMI KINLY LTD
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to cutoff), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 auditor's 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.
Rachel Lawton (Senior statutory auditor)
For and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
12 October 2023
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AVMI KINLY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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Exceptional administrative expenses
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Interest receivable and similar income
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Interest payable and similar expenses
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Tax credit / (charge) on profit
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Profit for the financial year
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Other comprehensive income
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Total comprehensive income for the year
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The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 18 to 35 form part of these financial statements.
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AVMI KINLY LTD
REGISTERED NUMBER: 02468436
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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AVMI KINLY LTD
REGISTERED NUMBER: 02468436
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
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AVMI KINLY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 18 to 35 form part of these financial statements.
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
AVMI Kinly Ltd is a private company limited by shares incorporated in England and Wales. The company's registered number is 02468436. The address of the company's registered office is Europe House, 170 Windmill Road, Sunbury-On-Thames, Middlesex, TW16 7HB.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The company is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest thousand pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12,29(a), 12.29(b) and 12.29A;
∙the requirement of paragraph 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Kinly BidCo Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.
The directors are of the opinion that there are no material uncertainties that cast doubt on the company’s ability to continue as a going concern. A 5 year forward looking forecast model was created based on market trends and company growth trajectories and assumptions in line with historic trends. The analysis included a cashflow forecast. The model was stress tested based on significant reductions in trading activity. The output of this analysis underpins the Directors conclusion that there are no material uncertainties in the company’s ability to continue as a going concern.
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP.
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.
All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.
Turnover from the design, supply and installation of audio visual systems is recognised as contract activity progresses by reference to the value of the work performed. Turnover from maintenance contracts is recognised in line with the related maintenance period.
Turnover from projects is recognised on a percentage of completion approach.
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Interest receivable and similar income
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Interest receivable and similar income is recognised in profit or loss using the effective interest method.
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Interest payable and similar charges
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Interest payable and similar charges 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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments, and for some sectors, business rate holidays. Of the offered schemes, the company used the furlough scheme in the prior year. The income from the furlough scheme has been recognised within 'Other operating income'. The income is recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.
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 profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in an independently administered funds.
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
- 20 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Amortisation is provided on a straight-line basis over its expected useful life and is recorded within 'administrative expenses' in profit or loss.
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
- 21 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Over the life of the lease
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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.
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.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 22 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of Financial Position.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discontinued at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 23 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
Critical judgements in applying the company's accounting policies
In preparing these financial statements, the directors have made the following judgements:
∙Determine whether leases entered into by the company are operating or finance leases. These decisions depend on an assessment as to whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
∙Determine whether there are indicators of impairment of the company's fixed asset investments, its tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
∙Determine the amounts recoverable on contracts not completed at period-end. Various projects are at various stages of completion at period-end and management will be required to estimate the amount recoverable for each of these. Factors taken into consideration in assessing the stage of completion include kit delivered to the client and project stages.
Key sources of estimation uncertainty
Stage of completion of project turnover
∙The directors have determined that no judgements or estimates exist in relation to the stage of project completion for turnover recognition. Project completion is calculated in line with the company's accounting policy (see note 2.5). The stage of completion is determined based on the accrued cost related to the services rendered compared to the total estimated costs for the project.
- 24 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors have decided that it would be prejudicial to the interests of the company to split the turnover by class.
Analysis of turnover by country of destination:
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Exceptional administrative expenses
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One off and non-recurring costs
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Exceptional items for the year year ended 31 December 2022, include re-structuring costs incurred during the year associated with the transformation programme (2021: acquisition integration, related one-off severance and similar staff costs).
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- 25 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Government grants receivable
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In 2021, the company performed a group restructuring process in relation to its subsidiary undertakings, Focus 21 VC Limited and Focus 21 Holdings Limited, resulting in additional operating income of £958,552 arising from balances owed to group undertakings. The company received £nil operating income in relation to this restructuring in 2022. The other operating income in the current year relates to management income from group companies.
Government grants receivable of £nil (2021: £323,419) relates to furlough claims.
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The operating profit is stated after charging/(crediting):
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Depreciation of owned tangible fixed assets (see note 12)
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Amortisation of intangible assets, including goodwill (see note 11)
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Other operating lease rentals
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Loss on sale of tangible assets
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Exceptional items (see note 5)
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Fees payable to the company's auditor for the audit of the company's annual financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the group accounts of the parent Company.
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- 26 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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During the year, the directors received aggregate emoluments of £295,651 (2021: £305,995) and pension contributions of £6,800 (2021: £nil).
The highest paid director received remuneration of £197,281 (2021: £160,040).
The directors of the company are considered to be the only members of key management personnel of the company.
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- 27 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation (credit)/charge on profit on ordinary activities
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- 28 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of19% (2021:19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021: 19%)
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Expenses not deductible for tax purposes
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Other tax adjustments, reliefs and transfers
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Adjustments to tax charge in respect of prior periods
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Remeasurement of deferred tax for changes in tax rates
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Total taxation (credit)/charge for the year
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Factors that may affect future tax charges
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The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Development expenditure was fully impaired in the period ended 31 December 2020.
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- 30 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Raw materials and consumables
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Stocks are shown net of a stock provision of £485,003 (2021: £515,985).
There is no significant difference between the replacement cost of work in progress and finished goods and goods for resale and their carrying amounts.
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- 31 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Deferred tax asset (see note 18)
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Trade debtors are shown net of provision for bad debts of £68,162 (2021: £33,513).
Amounts owed by group undertakings are unsecured, interest free and payable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The amounts owed to group undertakings of £1,097,000, as at 31 December 2021 related to a loan agreement with AVMI Inc. The loan attracted interest at a rate of 4% and was repayable in full 18 months from 31 December 2021.
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Transfer of deferred tax liability from the subsidiary Focus 21 VC Ltd
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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No deferred tax assets have not been recognised in the current or prior period in respect of tax losses carried forward.
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- 33 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Charged to profit or loss
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At the end of the year, dilapidations for 3 locations were reported in the financial statements of £379,000 (2021: £358,000).
These calculations were carried out by an independent third party.
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Allotted, called up and fully paid
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8,610,000 (2021: 8,610,000) ordinary shares of £0.01 each
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3,567,488 (2021: 3,567,488) 'B' ordinary shares of £0.01 each
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The holders of the 'B' ordinary shares have no right to receive notice of or attend or vote at any general meeting or class meeting of the company. The shares rank pari passu in all other respects.
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Share premium account
The share premium account includes the premium on issue of equity shares, net of any issue costs.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
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 £817,000 (2021: £814,000). Contributions totalling £125,428 (2021: £126,119) were payable to the fund at the reporting date and are included in creditors.
- 34 -
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AVMI KINLY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Commitments under operating leases
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At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to disclose transactions with certain group companies on the grounds that 100% of the voting rights in the Company are controlled by the Group.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The company's immediate parent company is AVM Limited, a company incorporated in England and Wales. The company's ultimate parent company Kinly BidCo Limited, a company incorporated in England and Wales.
The smallest group in which the results of the company are consolidated is that headed by Kinly BidCo Limited. The consolidated accounts of this company are available to the public and may be obtained from Companies House.
The largest group in which the results of the company are consolidated is that headed by Kinly Top Holdings B.V. The consolidated accounts of this company are not available to the public.
The company's ultimate controlling party is Kinly Top Holdings B.V.
- 35 -
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