IRIS Accounts Production v23.4.0.336 04212679 Board of Directors 1.6.22 31.5.23 31.5.23 other support services. true false true true false false false true false Fair value model Ordinary 0.01000 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REGISTERED NUMBER: 04212679 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

KSD SUPPORT SERVICES LIMITED

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 13


KSD SUPPORT SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: L Baker
P F J McDonnell
M A Ratcliffe



SECRETARY: L Baker



REGISTERED OFFICE: Patcham Place
London Road
Brighton
BN1 8YD



REGISTERED NUMBER: 04212679 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon Lawrence FCCA



AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

The directors present their strategic report for the year ended 31 May 2023.

REVIEW OF BUSINESS
KSD Support Services Limited (the "Company") is a provider of building maintenance and facilities management support services within the United Kingdom including assisting with project requirements and fit outs. Its major customers operate within food retail, commercial property and banking as well as the public sector and these account for over 90% of the turnover. At the end of the period net assets totalled £13,226,885 compared to £11,369,813 in 2022. The Company's key financial and other performance indicators during the period were as follows:

2023 2022
£ £
Gross margin 32.11% 30.51%

EBITDA £3,943,409 £3,787,581

EBITDA as % of turnover 14.81% 13.42%




The year proved to be buoyant and positive given some seismic changes concerning the insolvency of a major client and loss of work. This led to increased business levels with retained, blue-chip clients across key baselines and this trend is set to continue into 2024 and beyond.

We are proud to announce that KSD Support Services Ltd achieved the ISO 14001 environmental accreditation to add to its ISO 9001 and ISO 45001 marks and this will enable the business to galvanise market sector shares across its business client portfolio.

FUTURE DEVELOPMENTS

Several prominent clients were engaged during the year by the company's business development department which augment existing growth models for 2024 and beyond.

Of particular note is an area of healthcare infrastructure support in the built-environment and we are honoured to be able to report on this exciting new opportunity.

PRINCIPAL RISKS AND UNCERTAINTIES
In furtherance and continuation the Directors believe risks of losing any large client, due to unforeseen circumstances, would have a minimal impact as the owners have the ability to manoeuvre and repurpose most of it resources.

For the majority of our contracts, the company would be protected by resources being transferred under TUPE protocols, amongst other directives.

Further diversification in terms of business sector exposures has also decreased the company's reliance on any one sector in particular.

In conclusion, prospects remain wholly positive for the company going forwards.

ON BEHALF OF THE BOARD:





P F J McDonnell - Director


5 March 2024

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023

The directors present their report with the financial statements of the company for the year ended 31 May 2023.

DIVIDENDS
The total distribution of dividends to the parent company for the year ended 31 May 2023 will be £450,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

L Baker
P F J McDonnell
M A Ratcliffe

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, operating lease agreements, bank loans and directors' loans. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

In respect of the CBILS loan, the directors are aware of the company's finance requirements and have determined that the liquidity risk inherent in this formal bank loan is acceptable.

The loans from the directors do not have interest charged but are repayable on demand. The directors are aware of the company's required finance and have determined that these will only be repaid, in whole or in part, when finance is available.

The credit risk arising from loans made to directors is considered to be acceptable, given the substantial asset portfolio supporting them.

The company's operating lease commitments are in respect of the property from which the company operates as well as motor vehicles. The liquidity risk in respect of these is managed in the same way as loans above.

The company' uses Invoice Discounting for its trade debtors and the company retains all significant benefits and risks in respect of these. These are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DONATIONS AND SIMILAR EXPENDITURE
Donations of £7,209 (2022: £9,253) have been made to local charities in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P F J McDonnell - Director


5 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KSD SUPPORT SERVICES LIMITED

Opinion
We have audited the financial statements of KSD Support Services Limited (the 'company') for the year ended 31 May 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 May 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KSD SUPPORT SERVICES LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were not in line with the applicable laws and regulations, including fraud.

We understood how the Company is complying with those laws and regulations by making enquiries of management concerning actual and potential litigation and claims. We corroborated our enquiries through our review of board minutes and any correspondence with regulatory bodies to evaluate whether there were any instances of non-compliance. Additionally, we obtained an understanding of management's procedures relating to detecting and responding to risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

Our procedures included agreeing the financial statement disclosures to underlying supporting documentation where relevant and challenging the assumptions and judgements made by management in relation to significant accounting items, including recognition of revenue. We have also identified amd challenged management on any journal entries outside our usual expectation for this type of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.k

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Simon Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

5 March 2024

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

31.5.23 31.5.22
Notes £    £   

TURNOVER 26,625,736 28,230,342

Cost of sales (18,075,569 ) (19,617,864 )
GROSS PROFIT 8,550,167 8,612,478

Administrative expenses (5,647,140 ) (5,394,033 )
2,903,027 3,218,445

Other operating income 3 237,438 305,690
Gain/loss on revaluation of investment
property

-

771,893
OPERATING PROFIT 5 3,140,465 4,296,028

Interest receivable and similar income 358,146 504,973
3,498,611 4,801,001

Interest payable and similar expenses 6 (468,275 ) (414,987 )
PROFIT BEFORE TAXATION 3,030,336 4,386,014

Tax on profit 7 (723,264 ) (796,318 )
PROFIT FOR THE FINANCIAL YEAR 2,307,072 3,589,696

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,307,072

3,589,696

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,133 5,335
Tangible assets 10 2,592,248 2,551,064
Investment property 11 8,405,000 8,405,000
11,000,381 10,961,399

CURRENT ASSETS
Stocks 12 355,038 219,663
Debtors 13 17,374,840 16,260,256
Cash at bank 605 14,034
17,730,483 16,493,953
CREDITORS
Amounts falling due within one year 14 10,911,413 10,542,427
NET CURRENT ASSETS 6,819,070 5,951,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,819,451

16,912,925

CREDITORS
Amounts falling due after more than one
year

15

(3,814,907

)

(4,797,503

)

PROVISIONS FOR LIABILITIES 19 (777,659 ) (745,609 )
NET ASSETS 13,226,885 11,369,813

CAPITAL AND RESERVES
Called up share capital 20 3 3
Capital redemption reserve 21 999,999 999,999
Retained earnings 21 12,226,883 10,369,811
SHAREHOLDERS' FUNDS 13,226,885 11,369,813

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





P F J McDonnell - Director


KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2021 3 6,780,115 999,999 7,780,117

Changes in equity
Total comprehensive income - 3,589,696 - 3,589,696
Balance at 31 May 2022 3 10,369,811 999,999 11,369,813

Changes in equity
Dividends - (450,000 ) - (450,000 )
Total comprehensive income - 2,307,072 - 2,307,072
Balance at 31 May 2023 3 12,226,883 999,999 13,226,885

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

31.5.23 31.5.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,377,730 1,568,875
Interest paid (349,483 ) (242,172 )
Interest element of hire purchase payments
paid

(144,792

)

(146,815

)
Tax paid (820,455 ) (1 )
Net cash from operating activities 4,063,000 1,179,887

Cash flows from investing activities
Purchase of tangible fixed assets (4,003 ) (5,646 )
Sale of tangible fixed assets 31,000 49,000
Financing of Group companies (739,159 ) (1,203,966 )
Financing of related entities (1,100,612 ) -
Interest received 89 36
Net cash from investing activities (1,812,685 ) (1,160,576 )

Cash flows from financing activities
Loan repayments in year (976,700 ) (971,700 )
Capital repayments in year (825,099 ) (456,905 )
Amount introduced by directors 45,916 558,834
Amount withdrawn by directors (66,311 ) (611,533 )
Financing of debtors 47,081 1,361,780
Government grants - 25,135
Equity dividends paid (450,000 ) -
Net cash from financing activities (2,225,113 ) (94,389 )

Increase/(decrease) in cash and cash equivalents 25,202 (75,078 )
Cash and cash equivalents at beginning
of year

2

(392,240

)

(317,162

)

Cash and cash equivalents at end of
year

2

(367,038

)

(392,240

)

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.5.23 31.5.22
£    £   
Profit before taxation 3,030,336 4,386,014
Depreciation charges 716,221 526,579
Loss/(profit) on disposal of fixed assets 63,508 (710 )
Gain on revaluation of fixed assets - (771,893 )
Impairments - (262,424 )
Bad debt movement (190,918 ) 22,547
Government grants - (25,135 )
Finance costs 468,275 414,987
Finance income (358,146 ) (504,973 )
3,729,276 3,784,992
Increase in stocks (135,375 ) (77,065 )
Decrease/(increase) in trade and other debtors 1,121,297 (2,988,717 )
Increase in trade and other creditors 662,532 849,665
Cash generated from operations 5,377,730 1,568,875

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 605 14,034
Bank overdrafts (367,643 ) (406,274 )
(367,038 ) (392,240 )
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 14,034 4,489
Bank overdrafts (406,274 ) (321,651 )
(392,240 ) (317,162 )


KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.6.22 Cash flow changes At 31.5.23
£    £    £    £   
Net cash
Cash at bank 14,034 (13,429 ) 605
Bank overdrafts (406,274 ) 38,631 (367,643 )
(392,240 ) 25,202 (367,038 )
Debt
Finance leases (2,496,086 ) 694,345 - (2,647,445 )
Debts falling due
within 1 year (2,868,638 ) (47,081 ) - (2,915,719 )
Debts falling due
after 1 year (2,921,350 ) 976,700 - (1,944,650 )
(8,286,074 ) 1,623,964 - (7,507,814 )
Total (8,678,314 ) 1,649,166 - (7,874,852 )

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

1. STATUTORY INFORMATION

KSD Support Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have prepared a cash flow forecast for the company which covers the 12 month period from the date of signing these financial statements.

On the basis of these forecasts and the fact that the company has substantial net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Significant judgements and estimates
In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.

The key judgements that management have made in applying the accounting policies relate to the valuation of investment property and recoverability of debtors, both trade and other.

The investment property has been valued based upon historical property prices as well as actual and anticipated rental yields. These take into accounts known future rental receipts from let areas and use these to anticipate future potential rental income for the currently void areas. Development land is valued based upon the future potential income following development, this calculation uses industry expected standards for development.

The estimates and underlying assumptions for debtors are based on historical experience and other factors that are considered to be relevant. In the case of companies which have gone into administration the company considers the likely recovery as indicated by the Administrators when providing for bad debts. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised when the work has been performed. Turnover represents amounts invoiced, net of value added tax, and adjusted for the value of work performed to date on contracts at the period end.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the work completed to that date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised on a 25% reducing balance basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 25% on cost
Motor vehicles - 33% on reducing balance and at varying rates on cost
Computer equipment - 25% on reducing balance and 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress comprises costs incurred for a refurbishment projects and is valued at cost to the company less any anticipated losses.

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

Current or deferred taxation assets and liabilities are not discounted.

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


KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. OTHER OPERATING INCOME
31.5.23 31.5.22
£    £   
Rents received 188,011 275,161
Sundry receipts 49,427 5,394
Government grants - 25,135
237,438 305,690

The entity has received the following from the UK government in respect of COVID 19 grants and reliefs:

31.5.2331.5.22
££
Coronavirus Job Retention Scheme (CJRS)-18,722
Local authority grants-6,413
-25,135

There are no unfulfilled conditions or other contingencies attaching to any of the above amounts.

4. EMPLOYEES AND DIRECTORS
31.5.23 31.5.22
£    £   
Wages and salaries 4,595,987 4,336,683
Social security costs 485,745 436,478
Other pension costs 84,716 71,464
5,166,448 4,844,625

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.5.23 31.5.22

Administration 17 24
Direct 44 51
Indirect 61 41
122 116

31.5.23 31.5.22
£    £   
Directors' remuneration 18,192 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.23 31.5.22
£    £   
Vehicle operating leases 34,721 18,232
Other operating leases 59,676 6,622
Depreciation - owned assets 39,096 42,048
Depreciation - assets on hire purchase contracts 674,919 482,753
Loss/(profit) on disposal of fixed assets 63,508 (710 )
Computer software amortisation 2,202 1,778
Auditors' remuneration 47,170 22,630
Auditors' remuneration for non audit work 17,500 5,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.23 31.5.22
£    £   
Bank interest 25,425 12,102
Other interest - 12,753
Loan interest 136,363 157,543
Invoice discounting 123,588 42,686
HMRC interest 38,107 43,088
Hire purchase 144,792 146,815
468,275 414,987

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.23 31.5.22
£    £   
Current tax:
UK corporation tax 691,215 296,038

Deferred tax 32,049 500,280
Tax on profit 723,264 796,318

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.23 31.5.22
£    £   
Profit before tax 3,030,336 4,386,014
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

575,764

833,343

Effects of:
Expenses not deductible for tax purposes 38,344 21,882
Capital allowances in excess of depreciation (22,231 ) -
Depreciation in excess of capital allowances - 87,753
Property revaluation movement - (146,660 )
Change in tax rates 30,386 -
Loan interest receivable 101,001 -
Total tax charge 723,264 796,318

8. DIVIDENDS
31.5.23 31.5.22
£    £   
Ordinary shares of £0.01 each
Interim 450,000 -

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 June 2022
and 31 May 2023 22,444
AMORTISATION
At 1 June 2022 17,109
Amortisation for year 2,202
At 31 May 2023 19,311
NET BOOK VALUE
At 31 May 2023 3,133
At 31 May 2022 5,335

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 199,644 306,944 3,325,123 127,627 3,959,338
Additions 4,004 - 814,518 31,185 849,707
Disposals - - (153,369 ) - (153,369 )
At 31 May 2023 203,648 306,944 3,986,272 158,812 4,655,676
DEPRECIATION
At 1 June 2022 172,938 241,350 889,986 104,000 1,408,274
Charge for year 6,080 16,435 680,939 10,561 714,015
Eliminated on disposal - - (58,861 ) - (58,861 )
At 31 May 2023 179,018 257,785 1,512,064 114,561 2,063,428
NET BOOK VALUE
At 31 May 2023 24,630 49,159 2,474,208 44,251 2,592,248
At 31 May 2022 26,706 65,594 2,435,137 23,627 2,551,064

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 3,299,937 - 3,299,937
Additions 814,518 31,185 845,703
Disposals (153,369 ) - (153,369 )
At 31 May 2023 3,961,086 31,185 3,992,271
DEPRECIATION
At 1 June 2022 847,666 - 847,666
Charge for year 671,281 3,638 674,919
Eliminated on disposal (58,861 ) - (58,861 )
At 31 May 2023 1,460,086 3,638 1,463,724
NET BOOK VALUE
At 31 May 2023 2,501,000 27,547 2,528,547
At 31 May 2022 2,452,271 - 2,452,271

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 8,405,000
NET BOOK VALUE
At 31 May 2023 8,405,000
At 31 May 2022 8,405,000

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

11. INVESTMENT PROPERTY - continued

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2022 359,811
Cost 8,045,189
8,405,000

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

31.5.23 31.5.22
£    £   
Cost 8,045,189 8,045,189

The investment properties were valued on an open market basis on 31 May 2023 by the directors .

12. STOCKS
31.5.23 31.5.22
£    £   
Goods for resale 180,250 38,400
Work-in-progress 87,164 181,263
Development costs 87,624 -
355,038 219,663

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 5,291,448 6,293,452
Amounts owed by group undertakings 1,654,147 853,302
Other debtors 951,864 1,246,706
Owed by entities under common control 3,914,691 3,697,136
Loans receivable 1,689,626 1,331,568
Tax 95,582 357,204
Prepayments and accrued income 3,777,482 2,480,888
17,374,840 16,260,256

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts (see note 16) 1,344,343 1,382,974
Other loans (see note 16) 1,939,019 1,891,938
Hire purchase contracts (see note 17) 777,188 619,933
Trade creditors 3,544,134 3,323,673
Amounts owed to group undertakings 105,823 127,818
Tax 1,023,136 1,413,998
Social security and other taxes 227,899 528,047
VAT 1,180,276 810,755
Other creditors 117,615 64,391
Directors' loan accounts 132,175 152,570
Deferred income - 84,000
Accrued expenses 519,805 142,330
10,911,413 10,542,427

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 16) 1,944,650 2,921,350
Hire purchase contracts (see note 17) 1,870,257 1,876,153
3,814,907 4,797,503

16. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 367,643 406,274
Bank loans 976,700 976,700
Financing of trade debtors (see note 15) 1,939,019 1,891,938
3,283,362 3,274,912

Amounts falling due between one and two years:
Bank loans - 1-2 years 976,700 976,700

Amounts falling due between two and five years:
Bank loans - 2-5 years 967,950 1,944,650

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.23 31.5.22
£    £   
Gross obligations repayable:
Within one year 929,782 740,568
Between one and five years 2,047,371 2,049,815
2,977,153 2,790,383

Finance charges repayable:
Within one year 152,594 120,635
Between one and five years 177,114 173,662
329,708 294,297

Net obligations repayable:
Within one year 777,188 619,933
Between one and five years 1,870,257 1,876,153
2,647,445 2,496,086

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.5.23 31.5.22
£    £   
Within one year 40,536 72,004
Between one and five years 19,375 71,943
59,911 143,947

The company pays a rent for its head office, Patcham Place, and also an office in Scotland. There are however no formal leases or unexpired leases in respect of these properties.

18. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank overdrafts 367,643 406,274
Bank loans 2,921,350 3,898,050
Financing of trade debtors 1,939,019 1,891,938
5,228,012 6,196,262

The bank overdraft and loan account from National Westminster Bank plc are secured by way of a fixed and floating charge over the assets of the company.

The financing of trade debtors by RBS Financial Services Ltd is secured by a fixed and floating change over the assets of the company. This charge contains a negative pledge.

19. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax
Accelerated capital allowances 777,659 565,661
Other timing differences - 179,948
777,659 745,609

Deferred
tax
£   
Balance at 1 June 2022 745,609
Provided during year 32,050
Changes in tax rates
Balance at 31 May 2023 777,659

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
300 Ordinary £0.01 3 3

KSD SUPPORT SERVICES LIMITED (REGISTERED NUMBER: 04212679)

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

21. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2022 10,369,811 999,999 11,369,810
Profit for the year 2,307,072 2,307,072
Dividends (450,000 ) (450,000 )
At 31 May 2023 12,226,883 999,999 13,226,882

22. ULTIMATE PARENT COMPANY

TNC Group Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.5.23 31.5.22
£    £   
Loan movements 761,153 1,926,985
Dividends paid 450,000 -
Amount due from related party 1,614,455 1,005,873

Key management personnel of the entity or its parent (in the aggregate)
31.5.23 31.5.22
£    £   
Compensation paid 303,047 402,292
Loan movements 64,139 -
Amount due to related party 132,175 -

Entities that provide key management personnel services to the entity
31.5.23 31.5.22
£    £   
Purchases - 79,297

Other related parties
31.5.23 31.5.22
£    £   
Movement on loans 263,881 908,779
Amount due from related party 3,712,002 5,077,030
Amount due to related party (105,823 ) -

The transactions noted above are in respect of entities related to KSD Support Services Ltd by virtue of the fact that they are under common control.