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REGISTERED NUMBER: 02840845 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

KTG Engineering Limited

KTG Engineering Limited (Registered number: 02840845)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


KTG Engineering Limited

Company Information
for the year ended 31 December 2023







Directors: M P Davies
I Westwood
D C Eyles



Secretary: D C Eyles



Registered office: 60 Savile Street East
Sheffield
S4 7UQ



Registered number: 02840845 (England and Wales)



Senior statutory auditor: Robin Graham Mason FCCA



Auditors: Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

KTG Engineering Limited (Registered number: 02840845)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 126,980 169,010

CURRENT ASSETS
Stocks 346,245 325,517
Debtors 5 611,871 844,951
Cash at bank and in hand 619,099 241,411
1,577,215 1,411,879
CREDITORS
Amounts falling due within one year 6 (767,306 ) (434,663 )
NET CURRENT ASSETS 809,909 977,216
TOTAL ASSETS LESS CURRENT
LIABILITIES

936,889

1,146,226

CREDITORS
Amounts falling due after more than one
year

7

(91,833

)

(129,833

)

PROVISIONS FOR LIABILITIES (31,745 ) (42,253 )
NET ASSETS 813,311 974,140

CAPITAL AND RESERVES
Called up share capital 9 102 102
Retained earnings 813,209 974,038
SHAREHOLDERS' FUNDS 813,311 974,140

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





D C Eyles - Director


KTG Engineering Limited (Registered number: 02840845)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

KTG Engineering 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of business. Turnover is shown, net of Value Added Tax, of goods and services provided to customers and in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost

Motor vehicles have an estimated residual value of 15% on cost.

Depreciation is based on original cost to the group.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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

Current or deferred taxation assets and liabilities are not discounted.

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


KTG Engineering Limited (Registered number: 02840845)

Notes to the Financial Statements - continued
for the year ended 31 December 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 statement of financial position date.

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the depreciation policy for that class of asset. Future instalments under such leases, net of finance charges, are included within creditors.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

KTG Engineering Limited (Registered number: 02840845)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 January 2023 345,753
Additions 1,287
At 31 December 2023 347,040
Depreciation
At 1 January 2023 176,743
Charge for year 43,317
At 31 December 2023 220,060
Net book value
At 31 December 2023 126,980
At 31 December 2022 169,010

The net book value of plant and machinery held under hire purchase and finance leases at the year end was £122,024 (2022: £162,698).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 272,934 135,163
Amounts owed by group undertakings 327,400 683,348
Other debtors 11,537 26,440
611,871 844,951

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 38,000 38,000
Payments on account 122,416 114,146
Trade creditors 384,510 125,128
Amounts owed to group undertakings 115,585 146,841
Taxation and social security 106,544 8,747
Other creditors 251 1,801
767,306 434,663

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 91,833 129,833

KTG Engineering Limited (Registered number: 02840845)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. SECURED DEBTS

The company has entered into a Composite Accounting Agreement dated 11/01/2012 (The "Agreement"). Each participating company has provided a guarantee to the Bank. Under the terms of the Agreement and the guarantees, the Bank is authorised to allow set-off for interest purposes and in certain circumstances to seize credit balances and apply them in reduction of liabilities including debit balances within the Composite Accounting System.

Cross guarantee and debenture between BDW Holding Company Limited, KTG Engineering Limited, Teco Europe Limited, Tecoglas Limited and Zedtec Limited dated 28/06/2005.

Unlimited guarantee given by BDW Holding Company Limited, KTG Engineering Limited, Teco Europe, Tecoglas Limited and Zedtec Limited dated 11/01/2012.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
102 Ordinary £1 102 102

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robin Graham Mason FCCA (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited

11. CONTINGENT LIABILITIES

The company is contingently liable for rectification costs under contracts and for penalty payments on default or late completion. Where foreseeable, such costs are provided in the accounts.

Contingent liabilities exist for which no provision has been made in the accounts in respect of borrowings of BDW Holding Company Limited, Tecoglas Limited, Teco Europe Limited, and Zedtec Limited.

There are no current claims outstanding in the opinion of the directors.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company made sales and incurred purchases and other costs in the ordinary course of its trade at arms length with other group companies.

13. PARENT UNDERTAKING

KTG Engineering Limited is a 100% subsidiary of BDW Holding Company Limited, a company incorporated in the United Kingdom.

14. ULTIMATE PARENT COMPANY

Intertec Corporation (incorporated in United States of America) is the company's ultimate parent company.