Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30false2022-07-01false23No description of principal activity24trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01484656 2022-07-01 2023-06-30 01484656 2021-07-01 2022-06-30 01484656 2023-06-30 01484656 2022-06-30 01484656 c:Director1 2022-07-01 2023-06-30 01484656 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 01484656 d:Buildings d:LongLeaseholdAssets 2023-06-30 01484656 d:Buildings d:LongLeaseholdAssets 2022-06-30 01484656 d:PlantMachinery 2022-07-01 2023-06-30 01484656 d:PlantMachinery 2023-06-30 01484656 d:PlantMachinery 2022-06-30 01484656 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01484656 d:MotorVehicles 2022-07-01 2023-06-30 01484656 d:MotorVehicles 2023-06-30 01484656 d:MotorVehicles 2022-06-30 01484656 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01484656 d:FurnitureFittings 2022-07-01 2023-06-30 01484656 d:FurnitureFittings 2023-06-30 01484656 d:FurnitureFittings 2022-06-30 01484656 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01484656 d:ComputerEquipment 2022-07-01 2023-06-30 01484656 d:ComputerEquipment 2023-06-30 01484656 d:ComputerEquipment 2022-06-30 01484656 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01484656 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01484656 d:CurrentFinancialInstruments 2023-06-30 01484656 d:CurrentFinancialInstruments 2022-06-30 01484656 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01484656 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 01484656 d:ShareCapital 2023-06-30 01484656 d:ShareCapital 2022-06-30 01484656 d:CapitalRedemptionReserve 2023-06-30 01484656 d:CapitalRedemptionReserve 2022-06-30 01484656 d:RetainedEarningsAccumulatedLosses 2023-06-30 01484656 d:RetainedEarningsAccumulatedLosses 2022-06-30 01484656 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 01484656 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 01484656 c:FRS102 2022-07-01 2023-06-30 01484656 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 01484656 c:FullAccounts 2022-07-01 2023-06-30 01484656 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01484656 d:WithinOneYear 2023-06-30 01484656 d:WithinOneYear 2022-06-30 01484656 2 2022-07-01 2023-06-30 01484656 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure
Registered number: 01484656














KENT PERFORMANCE CAMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023

 
KENT PERFORMANCE CAMS LIMITED
REGISTERED NUMBER: 01484656

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
309,130
345,260

Current assets
  

Stocks
  
877,579
866,317

Debtors: amounts falling due within one year
 5 
314,876
247,458

Cash at bank and in hand
 6 
958,206
902,675

  
2,150,661
2,016,450

Creditors: amounts falling due within one year
 7 
(528,764)
(477,777)

Net current assets
  
 
 
1,621,897
 
 
1,538,673

Total assets less current liabilities
  
1,931,027
1,883,933

Provisions for liabilities
  

Deferred tax
  
(32,971)
(28,898)

  
 
 
(32,971)
 
 
(28,898)

Net assets
  
£1,898,056
£1,855,035


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Capital redemption reserve
  
17
17

Profit and loss account
  
1,897,039
1,854,018

  
£1,898,056
£1,855,035


Page 1

 
KENT PERFORMANCE CAMS LIMITED
REGISTERED NUMBER: 01484656

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 on 23 February 2024.




___________________________
R A Fry
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Kent Performance Cams Limited is a private company limited by shares incorporated in England and Wales. The registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business is Unit 1-7 Military Road, Shorncliffe Industrial Estate, Folkestone, Kent, CT20 3UJ.

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 following principal accounting policies have been applied:

 
2.2

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 profit or loss 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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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 profit or loss 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 income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

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

Page 4

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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.

Page 5

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
reducing balance
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures, fittings and office equipment
-
13%
reducing balance
Computer equipment
-
25%
straight line

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.

 
2.9

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 balance sheet 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 Balance sheet 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.

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
Page 7

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 23).

Page 8

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Motor vehicles
Fixtures, fittings and office equipment
Computer equipment
Total



Cost or valuation


At 1 July 2022
133,184
1,766,238
126,425
88,358
44,369
2,158,574


Additions
-
9,513
61,194
-
1,200
71,907


Disposals
-
(2,380)
(73,830)
-
-
(76,210)



At 30 June 2023

133,184
1,773,371
113,789
88,358
45,569
2,154,271



Depreciation


At 1 July 2022
108,503
1,505,088
75,996
81,444
42,283
1,813,314


Charge for the year on owned assets
2,468
54,128
20,847
864
1,473
79,780


Disposals
-
(2,363)
(45,590)
-
-
(47,953)



At 30 June 2023

110,971
1,556,853
51,253
82,308
43,756
1,845,141



Net book value



At 30 June 2023
£22,213
£216,518
£62,536
£6,050
£1,813
£309,130



At 30 June 2022
£24,681
£261,150
£50,429
£6,914
£2,086
£345,260


5.


Debtors

2023
2022


Trade debtors
254,243
188,190

Other debtors
-
355

Prepayments and accrued income
60,633
58,913

£314,876
£247,458



6.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
958,206
902,675

£958,206
£902,675


Page 9

 
KENT PERFORMANCE CAMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
137,131
85,774

Corporation tax
25,568
23,517

Other taxation and social security
106,761
92,885

Other creditors
247,963
246,350

Accruals and deferred income
11,341
29,251

£528,764
£477,777



8.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£958,206
£902,675




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £141,592 (2022 - £135,277). Contributions totalling £81,478 (2022 - £77,598) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
£-
£2,331


11.


Related party transactions

During the year the company made rental payments amounting to £62,508 (2022 - £47,504) to R A Fry in respect of the premises it occupies. R A Fry, who owns the premises, is a director and shareholder of the company.


Page 10