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Registered Number:SC611181













KBM 2018 LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

 
KBM 2018 LIMITED
 

COMPANY INFORMATION


Directors
K A Mitchell 
J J Smith 




Registered number
SC611181



Registered office
9 Edindiach Road

Keith

Scotland

Ab55 5JY




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
KBM 2018 LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 6
Consolidated statement of comprehensive income
7
Consolidated balance sheet
8 - 9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
14
Notes to the financial statements
15 - 35


 
KBM 2018 LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

Introduction
 
The principal activity of the company was that of a holding company.  The principal activity of the trading subsidiary, Keith Builders Merchants Limited was that of builders merchants and the sale of kitchens and bathrooms.
The company has two main branches in Keith and Forres and are well placed to service the local area.

Business review
 
The directors are satisfied with the results presented in these financial statements, in what was a challenging year.  Trading performance was strong in the first half of the year, but was impacted towards the end of the year by the increasing inflation rates and general uncertainty around the economy.  

Principal risks and uncertainties
 
The group operates in the North East of Scotland.  Trading levels are impacted by local construction activity, which is heavily impacted by the local economy.  The customer base includes small and medium sized businesses as well as private individuals, and does not rely heavily on one type of customer or any one major customer which reduces market risk.  This therefore lowers the risk of any significant loss of revenue and lowers the risk of bad debts, since there is no reliance upon one single customer.  
The trading levels in the current year have been slightly impacted by global supply chain issues and the increasing inflation which has placed significant pressures on customers. The directors recognise the risks surrounding the supply chain but are not heavily reliant upon any one supplier or region, which reduces this risk.

Financial key performance indicators
 
The directors consider the financial key performance indicators to be turnover as well as gross profit and net profit.  These metrics of business performance are measured by branch as well as on an overall company and group level.

Other key performance indicators
 
Other key performance indicators include staff retention and customer retention.  Keith Builders Merchants, the trading subsidiary, pride themselves on a high level of long standing customers.


This report was approved by the board and signed on its behalf.



................................................
J J Smith
Director

Date: 17 April 2024

Page 1
 

 
KBM 2018 LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £209,559 (2022 - £565,224).

During the year the Group paid dividends totaling £203,675 (2022 - £85,000)

Directors

The directors who served during the year were:

K A Mitchell 
J J Smith 

Future developments

The directors look forward to further increasing their presence and growing their kitchen and bathroom offerings.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2
 

 
KBM 2018 LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAnderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
J J Smith
Director

Date: 17 April 2024

Page 3
 

 
KBM 2018 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBM 2018 LIMITED
 

Opinion


We have audited the financial statements of KBM 2018 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4
 

 
KBM 2018 LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBM 2018 LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5
 

 
KBM 2018 LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBM 2018 LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

In the previous accounting period the directors of the Company and Group took advantage of audit exemption under s477 of the Companies Act 2006. Therefore the prior period numbers included in these financial statements were not subject to audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Derek Mair (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

17 April 2024
Page 6
 

 
KBM 2018 LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 4 
10,399,018
10,648,527

Cost of sales
  
(8,717,824)
(8,822,543)

Gross profit
  
1,681,194
1,825,984

Administrative expenses
  
(2,535,785)
(2,330,855)

Other operating income
 5 
1,190,001
1,268,507

Operating profit
 6 
335,410
763,636

Interest payable and similar expenses
 10 
(42,183)
(54,753)

Profit before taxation
  
293,227
708,883

Tax on profit
 11 
(83,668)
(143,659)

Profit for the financial year
  
209,559
565,224

  

Total comprehensive income for the year
  
209,559
565,224

Profit for the year attributable to:
  

Owners of the parent Company
  
209,559
565,224

  
209,559
565,224

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
209,559
565,224

  
209,559
565,224

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 35 form part of these financial statements.

Page 7
 

 
KBM 2018 LIMITED

REGISTERED NUMBER:SC611181

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
177,179
203,362

Tangible assets
 14 
527,455
581,446

Investments
 15 
900
900

Investment property
 16 
1,020,000
1,020,000

  
1,725,534
1,805,708

Current assets
  

Stocks
 17 
1,540,569
1,846,210

Debtors: amounts falling due within one year
 18 
1,414,007
1,424,308

Cash at bank and in hand
 19 
493,304
364,270

  
3,447,880
3,634,788

Creditors: amounts falling due within one year
 20 
(3,004,031)
(3,097,287)

Net current assets
  
 
 
443,849
 
 
537,501

Total assets less current liabilities
  
2,169,383
2,343,209

Creditors: amounts falling due after more than one year
 21 
(510,232)
(677,973)

Provisions for liabilities
  

Deferred taxation
 25 
(99,104)
(111,073)

  
 
 
(99,104)
 
 
(111,073)

Net assets
  
1,560,047
1,554,163


Capital and reserves
  

Called up share capital 
 26 
10
10

Profit and loss account
 27 
1,560,037
1,554,153

  
1,560,047
1,554,163


Page 8
 

 
KBM 2018 LIMITED

REGISTERED NUMBER:SC611181

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

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




................................................
J J Smith
Director

Date: 17 April 2024

The notes on pages 15 to 35 form part of these financial statements.

Page 9
 

 
KBM 2018 LIMITED

REGISTERED NUMBER:SC611181

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
2,273,160
2,273,160

  
2,273,160
2,273,160

Current assets
  

Debtors: amounts falling due within one year
 18 
3,801
2,010

Cash at bank and in hand
 19 
292,552
263,058

  
296,353
265,068

Creditors: amounts falling due within one year
 20 
(2,149,551)
(1,942,902)

Net current liabilities
  
 
 
(1,853,198)
 
 
(1,677,834)

Total assets less current liabilities
  
419,962
595,326

  

Creditors: amounts falling due after more than one year
 21 
(418,816)
(574,424)

  

Net assets
  
1,146
20,902


Capital and reserves
  

Called up share capital 
 26 
10
10

Profit and loss account
 27 
1,136
20,892

  
1,146
20,902


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


................................................
J J Smith
Director

Date: 17 April 2024

The notes on pages 15 to 35 form part of these financial statements.

Page 10
 

 
KBM 2018 LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 September 2021
10
1,073,929
1,073,939
1,073,939



Profit for the year
-
565,224
565,224
565,224

Dividends: Equity capital
-
(85,000)
(85,000)
(85,000)



At 1 September 2022
10
1,554,153
1,554,163
1,554,163



Profit for the year
-
209,559
209,559
209,559

Dividends: Equity capital
-
(203,675)
(203,675)
(203,675)


At 31 August 2023
10
1,560,037
1,560,047
1,560,047


The notes on pages 15 to 35 form part of these financial statements.

Page 11
 

 
KBM 2018 LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
10
79,381
79,391



Loss for the year
-
(58,489)
(58,489)



At 1 September 2022
10
20,892
20,902



Profit for the year
-
80,244
80,244


Contributions by and distributions to owners

Dividends: Equity capital
-
(100,000)
(100,000)


At 31 August 2023
10
1,136
1,146


The notes on pages 15 to 35 form part of these financial statements.

Page 12
 

 
KBM 2018 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
209,559
565,224

Adjustments for:

Amortisation of intangible assets
26,183
19,488

Depreciation of tangible assets
176,984
131,372

Loss on disposal of tangible assets
-
(24,621)

Interest paid
42,183
54,753

Taxation charge
84,664
143,659

Decrease in stocks
305,641
-

Decrease in debtors
10,301
479,833

Increase/(decrease) in creditors
52,154
(733,615)

Corporation tax (paid)
(212,589)
(109,239)

(Increase) in stocks
-
(113,629)

Net cash generated from operating activities

695,080
413,225


Cash flows from investing activities

Purchase of tangible fixed assets
(157,276)
(320,295)

Sale of tangible fixed assets
34,283
61,569

HP interest paid
(8,223)
(8,948)

Net cash from investing activities

(131,216)
(267,674)

Cash flows from financing activities

Repayment of loans
(145,768)
(145,770)

Repayment of/new finance leases
21,081
62,031

Dividends paid
(103,675)
(85,000)

Interest paid
(33,960)
(45,805)

Preference share payments
(115,000)
(390,000)

Payment to acquire additional shareholding
-
(66,950)

Net cash used in financing activities
(377,322)
(671,494)

Net increase/(decrease) in cash and cash equivalents
186,542
(525,943)

Cash and cash equivalents at beginning of year
(108,029)
417,914

Cash and cash equivalents at the end of year
78,513
(108,029)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
493,304
364,270

Bank overdrafts
(414,791)
(472,299)
Page 13
 

 
KBM 2018 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£


78,513
(108,029)



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023



At 1 September 2022
At 31 August 2023
£

£

Cash at bank and in hand

364,270

364,270

Bank overdrafts

(472,299)

(472,299)

Debt due after 1 year

(689,424)

(689,424)

Debt due within 1 year

(135,929)

(135,929)

Finance leases

(164,595)

(164,595)


(1,097,977)
(1,097,977)

The notes on pages 15 to 35 form part of these financial statements.

Page 14
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

KBM 2018 Limited is a private company limited by shares, incorporated in the United Kingdom.  The registered office is 8 Edindiach Road, Keith, Scotland, AB55 5JY.

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 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company and group have 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 and group have adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 15
 

 
KBM 2018 LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.5

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 Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds

Page 16
 

 
KBM 2018 LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.  Computer software costs are amortised to the profit and loss account over 3 years on a straight line basis.

Page 17
 

 
KBM 2018 LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date the Group 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.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation 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
-
2% straight line
Property improvements
-
10% straight line
Plant and machinery
-
10%-25% straight line
Motor vehicles
-
10%-25% straight line
Fixtures and fittings
-
15%-33% 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.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 18
 

 
KBM 2018 LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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.

 
2.18

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.

Page 19
 

 
KBM 2018 LIMITED
 

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

2.Accounting policies (continued)

 
2.19

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 Group after the deduction of all its liabilities.
Page 20
 

 
KBM 2018 LIMITED
 

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.20

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.

Page 21
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements:
Stock valuation
Management use their judgement to determine whether the value of stock held is appropriately held at cost, or whether it requires impairment to bring down the value to the net realisable value.  
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually by management to ensure appropriate. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.
Goodwill
Management establishes a reliable estimate of the useful life of goodwill and intangible assets arising from business combinations.  This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
10,399,018
10,648,527

10,399,018
10,648,527


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
10,399,018
10,648,527

10,399,018
10,648,527


Page 22
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Other operating income

2023
2022
£
£

Other operating income
1,190,001
1,268,507

1,190,001
1,268,507



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Gain on sale of tangible assets
12,917
24,621

Other operating lease rentals
(212,207)
(194,610)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,000
17,500

Page 23
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,391,072
1,217,576
-
-

Social security costs
95,677
118,773
-
-

Cost of defined contribution scheme
56,852
54,849
-
-

1,543,601
1,391,198
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management and administration
41
42

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
199,431
175,250

Group contributions to defined contribution pension schemes
4,841
5,857

204,272
181,107


During the year retirement benefits were accruing to no directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
33,960
27,980

Finance leases and hire purchase contracts
8,223
8,948

Other interest payable
-
17,825

42,183
54,753

Page 24
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
95,637
111,626


95,637
111,626


Total current tax
95,637
111,626

Deferred tax


Origination and reversal of timing differences
(11,969)
32,033

Total deferred tax
(11,969)
32,033


Tax on profit
83,668
143,659

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
293,227
708,883


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
114,561
134,688

Effects of:


Non-tax deductible amortisation of goodwill on consolidation
-
3,703

Expenses not deductible for tax purposes
15,357
9,000

Fixed asset differences
(2,375)
(11,716)

Remeasurement - change in rates of deferred tax
(1,610)
7,594

Movement in deferred tax not recognised
(414)
390

Group Relief
(8,495)
-

Under/(over) provided in prior year
(1,068)
-

Rounding
(1)
-

Adjustments in respect of prior years
(14)
-

Exempt AGBH distributions
(32,273)
-

Total tax charge for the year
83,668
143,659

Page 25
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The March 2021 budget announced an increase to the main rate of corporation tax to 25% from April 2023. This increase in rate will have an impact on future tax charges. Deferred tax has been included at a rate of 19%.


12.


Dividends

2023
2022
£
£


Dividends paid
203,675
85,000

203,675
85,000


13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 September 2022
261,826



At 31 August 2023

261,826



Amortisation


At 1 September 2022
58,464


Charge for the year on owned assets
26,183



At 31 August 2023

84,647



Net book value



At 31 August 2023
177,179



At 31 August 2022
203,362



Page 26
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
82,215
186,818
1,057,501
168,801
1,495,335


Additions
-
136,794
-
20,482
157,276


Disposals
-
(178,340)
-
(24,200)
(202,540)



At 31 August 2023

82,215
145,272
1,057,501
165,083
1,450,071



Depreciation


At 1 September 2022
34,529
178,176
610,478
90,706
913,889


Charge for the year on owned assets
4,819
157,012
-
15,153
176,984


Disposals
-
(168,257)
-
-
(168,257)



At 31 August 2023

39,348
166,931
610,478
105,859
922,616



Net book value



At 31 August 2023
42,867
(21,659)
447,023
59,224
527,455



At 31 August 2022
47,686
8,642
447,023
78,095
581,446


The net book value of motor vehicles held under hire purchase contracts is £347,042 (2022 - £330,333).  

Page 27
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 September 2022
900



At 31 August 2023
900






Net book value



At 31 August 2023
900



At 31 August 2022
900

These investments represent minority interests in unlisted merchant buying groups and in the opinion of the directors, their value at cost in the financial statements is a fair reflection of their worth.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
2,273,160



At 31 August 2023
2,273,160






Net book value



At 31 August 2023
2,273,160



At 31 August 2022
2,273,160


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Edithfield Holdings Ltd.
9 Edindiach Road, Keith, AB55 5JY
Ordinary
100%
Keith Builders Merchants Limited
9 Edindiach Road, Keith, AB55 5JY
Ordinary
100%

Page 28
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 September 2022
1,020,000



At 31 August 2023
1,020,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.







17.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
1,540,569
1,846,210

1,540,569
1,846,210


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,185,447
1,226,925
-
-

Amounts owed by group undertakings
-
-
2,790
-

Other debtors
68,921
14,311
11
-

Prepayments and accrued income
159,639
183,072
1,000
2,010

1,414,007
1,424,308
3,801
2,010


Page 29
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
493,304
364,270
292,552
263,058

Less: invoice financing
(414,791)
(472,299)
-
-

78,513
(108,029)
292,552
263,058



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Invoice financing
414,791
472,299
-
-

Bank loans
145,769
135,929
145,769
135,929

Trade creditors
1,978,711
1,843,481
17,209
-

Amounts owed to group undertakings
-
-
1,982,573
1,660,308

Corporation tax
95,712
111,668
-
-

Other taxation and social security
97,061
152,105
-
-

Obligations under finance lease and hire purchase contracts
94,260
61,046
-
-

Other creditors
75,510
132,768
-
-

Accruals and deferred income
102,217
72,991
4,000
31,665

Share capital treated as debt
-
115,000
-
115,000

3,004,031
3,097,287
2,149,551
1,942,902


Page 30
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
418,816
574,424
418,816
574,424

Net obligations under finance leases and hire purchase contracts
91,416
103,549
-
-

510,232
677,973
418,816
574,424


There is an unlimited cross company guarantee between Keith Builders Merchants Limited and other companies in the group.  There is also a debenture in favour of the bank.
In September 2019 the company granted a Fixed and Floating Charge over its assets in return for bank
borrowings. A standard security charge was given over the heritable property in favour of a commercial bank.
Obligations under hire purchase contracts are secured over the assets to which they relate.


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
145,769
135,929
145,769
135,929


145,769
135,929
145,769
135,929

Amounts falling due 1-2 years

Bank loans
418,816
574,424
418,816
574,424


418,816
574,424
418,816
574,424



564,585
710,353
564,585
710,353


Page 31
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
94,260
60,923
94,260
60,923

Between 1-5 years
91,416
103,549
91,416
103,549

185,676
164,472
185,676
164,472


24.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
493,304
364,270




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


25.


Deferred taxation


Group



2023


£






At beginning of year
(111,073)


Charged to profit or loss
11,969



At end of year
(99,104)

Page 32
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
25.Deferred taxation (continued)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(99,104)
(112,247)

Timing differences
-
1,174

(99,104)
(111,073)

Page 33
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

26.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



950 (2022 - 950) A Ordinary shares of £0.01 each
9.50
9.50
50 (2022 - 50) B Ordinary shares of £0.01 each
0.50
0.50

10.00

10.00

2022
£
Shares classified as debt

Allotted, called up and fully paid



0 (2022 - 115,000) Preference shares of £1.00 each
-
115,000.00


Preference shares do not have any voting rights.  Voting rights in relation to the A Ordinary and B Ordinary rank pari passu.
Preference shareholders are entitled to a cumulative preferential dividend at an annual rate of 6% of the Issue Price per Preference share.  Following payment of the Preferred Dividend, the A shares shall carry an entitlement to dividends in accordance with the Articles of Association.
 


27.


Reserves

Profit and loss account

The profit and loss account represents accumulated profits and losses of the group, less any distributions to shareholders.


28.


Pension commitments

The group contributes to a defined contribution pension scheme.  The assets of the scheme are held separately from those of the group in an independently administered fund.  Pension commitments totalling £6,745 (2022 - £12,500) were outstanding at the balance sheet date and are included in other creditors.

Page 34
 

 
KBM 2018 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

29.


Commitments under operating leases

At 31 August 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
-
11,000

-
11,000

30.


Related party transactions

The group has taken advantage of section 33 of FRS 102 which allows exemption from disclosure of related party transactions between 100% owned group companies.
During the year there were dividends paid of £203,675 to directors.


31.


Post balance sheet events

There are no post balance sheet events impacting the company or the group.


32.


Controlling party

The company is controlled by the directors.  The ultimate controlling party is J J Smith by virtue of his majority shareholding in the company.


Page 35