Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31482022-06-01falseManufacture of grease fittings46truetrue 00519472 2022-06-01 2023-05-31 00519472 2021-06-01 2022-05-31 00519472 2023-05-31 00519472 2022-05-31 00519472 c:Director2 2022-06-01 2023-05-31 00519472 c:Director4 2022-06-01 2023-05-31 00519472 d:Buildings 2022-06-01 2023-05-31 00519472 d:Buildings 2023-05-31 00519472 d:Buildings 2022-05-31 00519472 d:Buildings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00519472 d:PlantMachinery 2022-06-01 2023-05-31 00519472 d:PlantMachinery 2023-05-31 00519472 d:PlantMachinery 2022-05-31 00519472 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00519472 d:FurnitureFittings 2022-06-01 2023-05-31 00519472 d:FurnitureFittings 2023-05-31 00519472 d:FurnitureFittings 2022-05-31 00519472 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00519472 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00519472 d:CurrentFinancialInstruments 2023-05-31 00519472 d:CurrentFinancialInstruments 2022-05-31 00519472 d:Non-currentFinancialInstruments 2023-05-31 00519472 d:Non-currentFinancialInstruments 2022-05-31 00519472 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00519472 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 00519472 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00519472 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 00519472 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 00519472 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 00519472 d:ShareCapital 2023-05-31 00519472 d:ShareCapital 2022-05-31 00519472 d:CapitalRedemptionReserve 2022-06-01 2023-05-31 00519472 d:CapitalRedemptionReserve 2023-05-31 00519472 d:CapitalRedemptionReserve 2022-05-31 00519472 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 00519472 d:RetainedEarningsAccumulatedLosses 2023-05-31 00519472 d:RetainedEarningsAccumulatedLosses 2022-05-31 00519472 c:OrdinaryShareClass1 2022-06-01 2023-05-31 00519472 c:OrdinaryShareClass1 2023-05-31 00519472 c:OrdinaryShareClass1 2022-05-31 00519472 c:OrdinaryShareClass2 2022-06-01 2023-05-31 00519472 c:OrdinaryShareClass2 2023-05-31 00519472 c:OrdinaryShareClass2 2022-05-31 00519472 c:FRS102 2022-06-01 2023-05-31 00519472 c:Audited 2022-06-01 2023-05-31 00519472 c:FullAccounts 2022-06-01 2023-05-31 00519472 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 00519472 c:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 00519472 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 00519472


KINGFISHER (LUBRICATION) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2023

 
KINGFISHER (LUBRICATION) LIMITED
REGISTERED NUMBER:00519472

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,732,453
1,719,341

  
1,732,453
1,719,341

Current assets
  

Stocks
  
1,940,892
1,801,116

Debtors: amounts falling due within one year
 6 
329,043
305,987

Cash at bank and in hand
 7 
759,760
428,364

  
3,029,695
2,535,467

Creditors: amounts falling due within one year
  
(517,528)
(304,086)

Net current assets
  
 
 
2,512,167
 
 
2,231,381

Total assets less current liabilities
  
4,244,620
3,950,722

Creditors: amounts falling due after more than one year
 8 
(230,508)
(252,842)

  

Net assets
  
4,014,112
3,697,880


Capital and reserves
  

Called up share capital 
  
31,949
31,949

Capital redemption reserve
  
68,051
68,051

Profit and loss account
  
3,914,112
3,597,880

  
4,014,112
3,697,880


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L Nugent
H Thornley
Director
Director


Date: 17 November 2023

The notes on pages 3 to 12 form part of these financial statements.
Page 1

 
KINGFISHER (LUBRICATION) LIMITED
REGISTERED NUMBER:00519472

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023


Page 2

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The principal activity of the company continues to be the manufacture of grease fittings.
The company is a private company limited by shares, registered in England and Wales (no. 00519472). The address of the registered office is 136 Meanwood Road, Leeds, LS7 2BT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
This assessment is based on the understanding that the company will continue to trade and, with retained reserves, will be able to continue to meet its obligations as they fall due and operate as a going concern.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 3

 
KINGFISHER (LUBRICATION) LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational 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 the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
KINGFISHER (LUBRICATION) LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

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 accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
KINGFISHER (LUBRICATION) LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in the Statement of comprehensive income, 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.

 
2.12

Tangible fixed assets

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.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
50 years
Plant and machinery
-
3 - 10 years
Fixtures and fittings
-
3 - 10 years

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.

 
2.13

Stocks

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.

 
2.14

Debtors

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.

Page 6

 
KINGFISHER (LUBRICATION) LIMITED
 

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

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 7

 
KINGFISHER (LUBRICATION) LIMITED
 

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Employees

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

Page 8

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2022
1,812,827
4,190,388
290,440
6,293,655


Additions
-
88,173
200
88,373


Disposals
-
(4,109)
-
(4,109)



At 31 May 2023

1,812,827
4,274,452
290,640
6,377,919



Depreciation


At 1 June 2022
214,514
4,093,479
266,321
4,574,314


Charge for the year on owned assets
26,897
35,368
12,996
75,261


Disposals
-
(4,109)
-
(4,109)



At 31 May 2023

241,411
4,124,738
279,317
4,645,466



Net book value



At 31 May 2023
1,571,416
149,714
11,323
1,732,453



At 31 May 2022
1,598,313
96,909
24,119
1,719,341

The company's freehold property was included at its deemed cost on transition to FRS102, being the revalued amount on transition of £1,800,000.
The historic cost of the freehold property is £2,372,058.


6.


Debtors

2023
2022
£
£


Trade debtors
234,599
264,682

Other debtors
11,943
10,177

Prepayments and accrued income
82,501
31,128

329,043
305,987


Page 9

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
759,760
428,364

759,760
428,364



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
230,508
252,842

230,508
252,842


The following liabilities were secured:

2023
2022
£
£



Bank loans
230,508
252,842

230,508
252,842

Details of security provided:

Bank loans due after more than one year are secured by the company.
The company has three bank loans which are secured against fixed charges on the company's land and buildings.
Two of the loans have been taken out over a term of 15 years to 14 May 2035. One has a fixed interest rate of 4.57% and the other has an interest rate of 3.15% above base.
The remaining loan is over a term of 6 years ending on 14/03/2027 with interest being charged at a fixed rate of  2.5% per annum.

Page 10

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Loans


2023
2022
£
£

Amounts falling due within one year

Bank loans
23,033
33,702


23,033
33,702

Amounts falling due 1-2 years

Bank loans
23,389
23,753


23,389
23,753

Amounts falling due 2-5 years

Bank loans
60,519
71,653


60,519
71,653

Amounts falling due after more than 5 years

Bank loans
146,600
157,436

146,600
157,436

253,541
286,544



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



31,948 (2022 - 31,948) Ordinary Shares shares of £1.00 each
31,948
31,948
1 (2022 - 1) Fisher Family Shares share of £1.00
1
1

31,949

31,949


For details of rights attaching to different classes of shares, see the Company Articles.

Page 11

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Reserves

Capital redemption reserve

This reserve records capital redemption amounts and is non-distributable.

Profit and loss account

This reserve records retained earnings and accumulated losses.


12.


Capital commitments


At 31 May 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
228,274
42,185

228,274
42,185


13.


Related party transactions

The company is under the control of the Kingfisher (Lubrication) Employee Ownership Trust ("EOT"). The funding for the purchase of the shares has been partly through deferred consideration, which is represented within the EOT (over a 12 year term, interest free, subject to cash availability), however the company is guarantor. During the year, the company made payments to the EOT totalling £38,508 (2022: £38,508), which are included as a movement on reserves in the period.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 17 November 2023 by Susan Seaman BA FCA CIOT (Senior statutory auditor) on behalf of Sagars Accountants Ltd.


Page 12