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Registration number: 07868472

Kontroltek Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Kontroltek Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Kontroltek Limited

Company Information

Directors

Mr A M Follant

Mr CA Waters

Registered office

1 Horsefair Road
Waterton
Bridgend
CF31 3YN

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Kontroltek Limited

(Registration number: 07868472)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

708,233

809,573

Current assets

 

Debtors

626,740

728,153

Cash at bank and in hand

 

29,891

43,822

 

656,631

771,975

Prepayments and accrued income

 

55,455

41,454

Creditors: Amounts falling due within one year

5

(511,869)

(549,488)

Net current assets

 

200,217

263,941

Total assets less current liabilities

 

908,450

1,073,514

Creditors: Amounts falling due after more than one year

6

(16,250)

(72,925)

Accruals and deferred income

 

(50,205)

(85,000)

Net assets

 

841,995

915,589

Capital and reserves

 

Called up share capital

7

1,100

1,100

Retained earnings

840,895

914,489

Shareholders' funds

 

841,995

915,589

 

Kontroltek Limited

(Registration number: 07868472)
Abridged Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2023 and signed on its behalf by:
 

.........................................

Mr CA Waters
Director

 

Kontroltek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Horsefair Road
Waterton
Bridgend
CF31 3YN

These financial statements were authorised for issue by the Board on 30 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Kontroltek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

10% Straight Line

Furniture and Fittings

10% Straight Line

Office Equipment

10% Straight Line

Motor Vehicles

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Kontroltek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Kontroltek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 52).

 

Kontroltek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Computer equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

28,529

315,113

247,597

714,923

1,306,162

Additions

-

410

-

29,669

30,079

Disposals

-

(5,000)

-

-

(5,000)

At 31 March 2023

28,529

310,523

247,597

744,592

1,331,241

Depreciation

At 1 April 2022

15,098

67,261

96,671

317,558

496,588

Charge for the year

2,853

31,018

24,760

72,789

131,420

Eliminated on disposal

-

(5,000)

-

-

(5,000)

At 31 March 2023

17,951

93,279

121,431

390,347

623,008

Carrying amount

At 31 March 2023

10,578

217,244

126,166

354,245

708,233

At 31 March 2022

13,430

247,852

150,926

397,365

809,573

 

Kontroltek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £6,381 (2022 - £23,796).

6

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £16,250 (2022 - £72,925).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

1,000

1,000

1,000

1,000

 

1,100

1,100

1,100

1,100

8

Related party transactions

Key management personnel

Summary of transactions with key management

During the year the directors made interest free, unsecured, repayable on demand loans to the company. At the balance sheet date the amount due to the directors was £379,340 (2022 - £19,603).
 

Summary of transactions with other related parties

During the year the company received interest free, unsecured, repayable on demand loans from other related parties. At the balance sheet date the amount due to the other related parties was £43,500 (2022 - £206,424).