IRIS Accounts Production v23.2.0.158 02221710 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure022217102022-03-31022217102023-03-31022217102022-04-012023-03-31022217102021-03-31022217102021-04-012022-03-31022217102022-03-3102221710ns16:EnglandWales2022-04-012023-03-3102221710ns15:PoundSterling2022-04-012023-03-3102221710ns11:Director12022-04-012023-03-3102221710ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3102221710ns11:SmallEntities2022-04-012023-03-3102221710ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3102221710ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102221710ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102221710ns11:FullAccounts2022-04-012023-03-3102221710ns11:Director22022-04-012023-03-3102221710ns11:Director32022-04-012023-03-3102221710ns11:Director42022-04-012023-03-3102221710ns11:Director52022-04-012023-03-3102221710ns11:CompanySecretary12022-04-012023-03-3102221710ns11:RegisteredOffice2022-04-012023-03-3102221710ns6:CurrentFinancialInstruments2023-03-3102221710ns6:CurrentFinancialInstruments2022-03-3102221710ns6:Non-currentFinancialInstruments2023-03-3102221710ns6:Non-currentFinancialInstruments2022-03-3102221710ns6:ShareCapital2023-03-3102221710ns6:ShareCapital2022-03-3102221710ns6:RetainedEarningsAccumulatedLosses2023-03-3102221710ns6:RetainedEarningsAccumulatedLosses2022-03-3102221710ns6:LandBuildings2022-04-012023-03-3102221710ns6:PlantMachinery2022-04-012023-03-3102221710ns6:LandBuildings2022-03-3102221710ns6:PlantMachinery2022-03-3102221710ns6:LandBuildings2023-03-3102221710ns6:PlantMachinery2023-03-3102221710ns6:LandBuildings2022-03-3102221710ns6:PlantMachinery2022-03-3102221710ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3102221710ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3102221710ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-03-3102221710ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3102221710ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3102221710ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31
REGISTERED NUMBER: 02221710 (England and Wales)















KEN MILLS ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KEN MILLS ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: J Mills
A Mills
D N Di Liberto
A J Lever
A B Moore





SECRETARY: J Mills





REGISTERED OFFICE: Unit 9
Greenvale Business Park
Todmorden Road
Littleborough
Lancashire
OL15 9FG





REGISTERED NUMBER: 02221710 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 3,265,040 3,149,145
Investment property 5 347,500 347,500
3,612,540 3,496,645

CURRENT ASSETS
Inventories 88,028 67,926
Debtors 6 1,624,773 1,353,305
Cash at bank and in hand 2,236,932 665,217
3,949,733 2,086,448
CREDITORS
Amounts falling due within one year 7 (2,963,566 ) (1,212,651 )
NET CURRENT ASSETS 986,167 873,797
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,598,707

4,370,442

CREDITORS
Amounts falling due after more than one
year

8

(37,202

)

(58,733

)

PROVISIONS FOR LIABILITIES (235,505 ) (156,860 )

ACCRUALS AND DEFERRED INCOME (11,341 ) (13,343 )
NET ASSETS 4,314,659 4,141,506

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,314,559 4,141,406
SHAREHOLDERS' FUNDS 4,314,659 4,141,506

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





A Mills - Director


KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Ken Mills Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number is 02221710. The registered office is Unit 9, Greenvale Business Park, Todmorden Road, Littleborough, Lancashire, OL15 9FG.

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.

The directors have considered the business risks and believe that the company are well placed to manage these risks successfully thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered as key judgement in calculating an appropriate depreciation charge.

Estimating the fair value of the investment property, given a lack of comparable market data and sensitivity to the estimated yield.

Making judgement based on historical experience on the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Making judgement based on historical experience to ascertain the stage of completion of a contract in order to value amounts receivable on contracts.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added tax, rebates and discounts. Revenue is recognised as follows:-

Sales of goods are recognised when the company reaches certain progress stages and a final invoice raised when the company has delivered the completed product to the customer, the customer has accepted the products and collectability of the related debtors is fairly stated.

The value of work in relation to short term customer contracts spanning the year end comprises the costs incurred on the contract plus an appropriate proportion of attributable profits and is separately disclosed in debtors as 'Amounts recoverable on contracts'.

Deposits received from customers are included within other creditors until the related work is completed and the invoice raised.

Service revenues are recognised as those services are provided to customers.

Property, plant and equipment
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.
Land and buildings - 2% on cost
Plant and machinery etc - 35% on reducing balance, 25% on reducing balance and 15% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investment property
The investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is recognised in the income statement.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is estimated selling price less costs to complete and sell.

Financial instruments
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, loans from banks and other third parties and loans to related parties.

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 found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off to the income statement in the year in which it is incurred.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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 shorter.

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

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 the income statement in the period to which they relate.

Government grants
Grants in respect of capital expenditure are credited to a deferral account and are released to revenue over the expected useful life of the relevant asset. Grants of a revenue nature are credited to income in the period to which they relate.

Grants are accounted for under the accruals model as permitted by FRS 102.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 46 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 2,745,278 1,210,103 3,955,381
Additions - 240,179 240,179
Disposals - (110,141 ) (110,141 )
At 31 March 2023 2,745,278 1,340,141 4,085,419
DEPRECIATION
At 1 April 2022 54,188 752,048 806,236
Charge for year 7,001 107,742 114,743
Eliminated on disposal - (100,600 ) (100,600 )
At 31 March 2023 61,189 759,190 820,379
NET BOOK VALUE
At 31 March 2023 2,684,089 580,951 3,265,040
At 31 March 2022 2,691,090 458,055 3,149,145

Included in land and buildings is land at a cost of £411,792 (2022 - £411,792) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 194,187
Additions 79,251
At 31 March 2023 273,438
DEPRECIATION
At 1 April 2022 30,751
Charge for year 46,190
At 31 March 2023 76,941
NET BOOK VALUE
At 31 March 2023 196,497
At 31 March 2022 163,436

KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 347,500
NET BOOK VALUE
At 31 March 2023 347,500
At 31 March 2022 347,500

If investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£ £
Cost 361,638 361,638

Investment property is deemed to be valued at market value. The directors are of the opinion that this represents the fair value at the statement of financial position date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 360,419 303,120
Amounts recoverable on contracts 933,752 827,349
Other debtors 330,602 222,836
1,624,773 1,353,305

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 75,628 53,534
Trade creditors 326,698 327,929
Taxation and social security 44,734 38,750
Other creditors 2,516,506 792,438
2,963,566 1,212,651

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 37,202 58,733

KEN MILLS ENGINEERING LIMITED (REGISTERED NUMBER: 02221710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 112,830 112,267

Hire purchase contracts are secured on the assets concerned.