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REGISTERED NUMBER: 03067652 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 July 2023

for

KWI Grinding Limited

KWI Grinding Limited (Registered number: 03067652)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KWI Grinding Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: P Kelly
C F Kelly





REGISTERED OFFICE: Leofric House
Binley Road
Coventry
West Midlands
CV3 1JN





REGISTERED NUMBER: 03067652 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

KWI Grinding Limited (Registered number: 03067652)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 266,027 270,099
266,027 270,099

CURRENT ASSETS
Stocks 8,000 7,000
Debtors 6 348,444 300,958
Cash at bank 48,420 95,361
404,864 403,319
CREDITORS
Amounts falling due within one year 7 211,650 195,650
NET CURRENT ASSETS 193,214 207,669
TOTAL ASSETS LESS CURRENT
LIABILITIES

459,241

477,768

CREDITORS
Amounts falling due after more than one
year

8

(94,614

)

(99,136

)

PROVISIONS FOR LIABILITIES (66,584 ) (41,318 )
NET ASSETS 298,043 337,314

CAPITAL AND RESERVES
Called up share capital 4,500 4,500
Capital redemption reserve 4,500 4,500
Retained earnings 289,043 328,314
SHAREHOLDERS' FUNDS 298,043 337,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KWI Grinding Limited (Registered number: 03067652)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





P Kelly - Director


KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

KWI Grinding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - Straight line over 4 years

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Deferred taxation
Deferred taxation arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the coompany's accounts. Deferred taxation is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 11,500
AMORTISATION
At 1 August 2022
and 31 July 2023 11,500
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2022 82,969 837,239 9,413
Additions - 28,875 -
At 31 July 2023 82,969 866,114 9,413
DEPRECIATION
At 1 August 2022 9,105 667,922 9,222
Charge for year 4,789 25,945 28
At 31 July 2023 13,894 693,867 9,250
NET BOOK VALUE
At 31 July 2023 69,075 172,247 163
At 31 July 2022 73,864 169,317 191

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 45,723 8,746 984,090
Additions 4,925 - 33,800
At 31 July 2023 50,648 8,746 1,017,890
DEPRECIATION
At 1 August 2022 19,156 8,586 713,991
Charge for year 6,950 160 37,872
At 31 July 2023 26,106 8,746 751,863
NET BOOK VALUE
At 31 July 2023 24,542 - 266,027
At 31 July 2022 26,567 160 270,099

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2022 220,309 45,723 266,032
Additions 27,225 4,925 32,150
Transfer to ownership (22,100 ) (13,995 ) (36,095 )
At 31 July 2023 225,434 36,653 262,087
DEPRECIATION
At 1 August 2022 128,907 19,156 148,063
Charge for year 14,051 6,950 21,001
Transfer to ownership (11,213 ) (10,429 ) (21,642 )
At 31 July 2023 131,745 15,677 147,422
NET BOOK VALUE
At 31 July 2023 93,689 20,976 114,665
At 31 July 2022 91,402 26,567 117,969

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 290,030 284,507
Other debtors 58,414 16,451
348,444 300,958

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 9,766 9,477
Hire purchase contracts 23,659 38,254
Trade creditors 73,747 67,989
Taxation and social security 72,815 46,544
Other creditors 31,663 33,386
211,650 195,650

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 20,156 30,213
Hire purchase contracts 74,458 68,923
94,614 99,136

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 29,922 39,690
Hire purchase contracts 98,117 107,177
128,039 146,867

The hire purchase creditor is secured on the asset purchased under the agreement.
The bank loan is secured by way of fixed and floating charges over the assets of the company and
is also secured by way of personal guarantee from the director, Mr P Kelly, up to a limit of £30,000.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is an amount of £42,181 (2022 - £NIL) due to the company from Mr C Kelly. This amount is charged at commercial rate of interest and is repaid in full following the balance sheet date.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Kelly via virtue of his majority shareholding in the parent company Errigal Holdings Limited