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REGISTERED NUMBER: 01738123 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Kelgray Products Limited

Kelgray Products Limited (Registered number: 01738123)






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


Kelgray Products Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: T Smith
A R Smith
D J Smith
D W Smith





REGISTERED OFFICE: Kelgray House
Spindle Way
Crawley
West Sussex
RH10 1TH





REGISTERED NUMBER: 01738123 (England and Wales)





ACCOUNTANTS: Warren House Accountants Limited
4 The Courtyard
Holmsted Farm
Staplefield Road
Haywards Heath
RH17 5JF

Kelgray Products Limited (Registered number: 01738123)

Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 133,652 143,247
Investments 5 201 201
133,853 143,448

CURRENT ASSETS
Stocks 241,249 384,247
Debtors 6 1,135,328 1,106,977
Cash at bank and in hand 650,629 610,441
2,027,206 2,101,665
CREDITORS
Amounts falling due within one year 7 978,848 1,260,486
NET CURRENT ASSETS 1,048,358 841,179
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,182,211

984,627

PROVISIONS FOR LIABILITIES 10 32,243 26,058
NET ASSETS 1,149,968 958,569

CAPITAL AND RESERVES
Called up share capital 11 5,050 5,050
Share premium 718 718
Capital redemption reserve 5,050 5,050
Retained earnings 1,139,150 947,751
SHAREHOLDERS' FUNDS 1,149,968 958,569

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.

Kelgray Products Limited (Registered number: 01738123)

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 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 6 September 2023 and were signed on its behalf by:





T Smith - Director


Kelgray Products Limited (Registered number: 01738123)

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

1. STATUTORY INFORMATION

Kelgray Products 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.

Related party exemption
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.

Turnover
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of company's sales channels have been met, as described below.

The company manufactures and sells a range of barcode related products in the distribution and warehouse market. Sales of goods are recognised on delivery to the customer. Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied. Revenue is measured at fair value of the consideration received or receivable. The amount receivable is net of returns, discounts and rebates allowed by the company and value added taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance and 5% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the weighted average cost method, except serial stock which is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.


Kelgray Products Limited (Registered number: 01738123)

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 Statement of Income and Retained Earnings, 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 profit and loss account in the year in which it is incurred.

Foreign currencies
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
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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

Kelgray Products Limited (Registered number: 01738123)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 237,568 50,879 11,148 96,084 395,679
Additions 2,121 2,830 - 6,345 11,296
Disposals (3,700 ) - (11,148 ) (2,720 ) (17,568 )
At 31 March 2023 235,989 53,709 - 99,709 389,407
DEPRECIATION
At 1 April 2022 120,833 41,721 10,032 79,846 252,432
Charge for year 11,833 1,198 - 5,457 18,488
Eliminated on disposal (3,170 ) - (10,032 ) (1,963 ) (15,165 )
At 31 March 2023 129,496 42,919 - 83,340 255,755
NET BOOK VALUE
At 31 March 2023 106,493 10,790 - 16,369 133,652
At 31 March 2022 116,735 9,158 1,116 16,238 143,247

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 201
NET BOOK VALUE
At 31 March 2023 201
At 31 March 2022 201

All investments in group companies are stated at cost. The directors undertook a diminution review in respect of the valuation of the group investments and do not consider that any provision or reduction in their value, as stated, is necessary.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 776,654 842,257
Amounts owed by group undertakings 233,157 152,516
Other debtors 125,517 112,204
1,135,328 1,106,977

Kelgray Products Limited (Registered number: 01738123)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 601,713 786,459
Amounts owed to group undertakings 343 343
Taxation and social security 140,018 73,806
Other creditors 236,774 399,878
978,848 1,260,486

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 17,074 17,074
Between one and five years 16,750 33,825
33,824 50,899

9. SECURED DEBTS

There is a fixed and floating charge over all property and assets of the company.

10. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 32,243 26,058

Deferred
tax
£   
Balance at 1 April 2022 26,058
Charge to Statement of Income and Retained Earnings during year 6,185
Balance at 31 March 2023 32,243

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
50,500 Ordinary 0.10 5,050 5,050

12. RELATED PARTY DISCLOSURES

During the financial year the Company made a contribution of £nil (2022: £nil) to the Kelgray Pension Scheme of which the directors are the Managing Trustees.

Kelgray Products Limited (Registered number: 01738123)

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

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is regarded as being the directors, as a result of their shareholding in Kelgray Holdings Limited (registered number 05517199), which is the parent of Kelgray Products Limited. The registered address for both Kelgray Products limited and Kelgray Holdings Limited is Kelgray House, Spindle Way, Crawley, West Sussex, RH10 1TH.