Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302023-09-302022-10-01falseNo description of principal activity22falsefalsefalse 12502994 2022-10-01 2023-09-30 12502994 2021-10-01 2022-09-30 12502994 2023-09-30 12502994 2022-09-30 12502994 2021-10-01 12502994 c:Director1 2022-10-01 2023-09-30 12502994 c:Director2 2022-10-01 2023-09-30 12502994 c:RegisteredOffice 2022-10-01 2023-09-30 12502994 d:Buildings 2022-10-01 2023-09-30 12502994 d:PlantMachinery 2022-10-01 2023-09-30 12502994 d:MotorVehicles 2022-10-01 2023-09-30 12502994 d:FurnitureFittings 2022-10-01 2023-09-30 12502994 d:ShareCapital 2022-10-01 2023-09-30 12502994 d:ShareCapital 2023-09-30 12502994 d:ShareCapital 2021-10-01 2022-09-30 12502994 d:ShareCapital 2022-09-30 12502994 d:ShareCapital 2021-10-01 12502994 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2023-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2022-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2021-10-01 12502994 c:OrdinaryShareClass1 2022-10-01 2023-09-30 12502994 c:OrdinaryShareClass1 2023-09-30 12502994 c:OrdinaryShareClass1 2022-09-30 12502994 c:FRS102 2022-10-01 2023-09-30 12502994 c:Audited 2022-10-01 2023-09-30 12502994 c:FullAccounts 2022-10-01 2023-09-30 12502994 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 12502994 d:Subsidiary1 2022-10-01 2023-09-30 12502994 d:Subsidiary1 1 2022-10-01 2023-09-30 12502994 d:Subsidiary2 2022-10-01 2023-09-30 12502994 d:Subsidiary2 1 2022-10-01 2023-09-30 12502994 c:Consolidated 2023-09-30 12502994 c:ConsolidatedGroupCompanyAccounts 2022-10-01 2023-09-30 12502994 2 2022-10-01 2023-09-30 12502994 5 2022-10-01 2023-09-30 12502994 6 2022-10-01 2023-09-30 12502994 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12502994









KAY GROUP HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
KAY GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Andrew Neil Kay 
David Wayne Kay 




Registered number
12502994



Registered office
Parkside Garage Old Stafford Road
Slade Heath

Wolverhampton

West Midlands

WV10 7PH




Independent auditors
Lancaster Clements Limited
Chartered Certified Accountants

27 Wellington Road

Bilston

West Midlands

WV14 6AH





 
KAY GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Statement of Financial Position
 
9 - 10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12 - 13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Notes to the Financial Statements
 
17 - 34


 
KAY GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The company is purely a dormant investment holding company and had no trading activity during the year. The principal activity of A.S.K. Developments Limited is that of the letting of industrial properties. The principal activity of K Transport Services (Midlands) Limited is that of haulage contractors.

Business review
 
The business and the directors' continue to strive to be one of the market leaders in the haulage market and is consistently developing its business to actively broaden its client offering.
This year the business has seen a decrease in turnover due to changes in the mix of customers. There has also been the continued global issues with rising costs, which has impacted on the gross profit margins achieved in the year.
The company continues to invest in its fleet to ensure they can offer a reliable and effective transport service to the customers

Principal risks and uncertainties
 
The principal business risk is the volatile gross profit margin with unrealistic increase in wages and other costs impacting adversely on the competiveness of the company and its principal customers. The directors manage these risks by strict control of costs, recruitment and retention of its employees.

Financial key performance indicators
 
The directors consider that both turnover and gross profit margins are key performance indicators of the buisness. There has been a reduction in the turnover this year and also the gross profit margin has been impacted by the global increases in goods as detailed above. On a year to year basis turnover decreased by 7.1% and gross profit margins have decreased from 18.37% to 14.39%.

Other key performance indicators
 
There are no other key performance indicators.


This report was approved by the board on 5 April 2024 and signed on its behalf.



David Wayne Kay
Director

Page 1

 
KAY GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 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 judgments 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 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 £160,595 (2022 - £1,104,251).

During the year the company declared dividends totalling £nil (2022: £9,900,000).

Directors

The directors who served during the year were:

Andrew Neil Kay 
David Wayne Kay 

Future developments

There are no future developments requiring disclosure within the financial statements.

Page 2

 
KAY GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.

Post balance sheet events

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

Auditors

The auditorsLancaster Clements Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 5 April 2024 and signed on its behalf.
 





David Wayne Kay
Director

Page 3

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Kay Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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 30 September 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

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS 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.


Page 5

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS LIMITED (CONTINUED)


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.


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:

Identifying and assessing potential risks related to irregularities
We obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and regulations relating to the employed workforce.
In assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- The clients evaluation of compliance with laws and regulations and whether they were aware of any instances of none compliance, along with the measures in place to mitigate any such instances.
- Methods in place to detect and respond to the risk of fraud and whether there was any actual, suspected or alleged fraud, along with internal controls established to mitigate such risks.
- Where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of those procedures we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential being in relation to:
- Stock pilferage or misappropriation
- management override of controls
- Transactions outside the normal course of business, particularly with related parties.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:~
- Testing of material journal entries, paying particular attention to the period immediately prior to and following the reporting date.
- Evaluation of the business rationale behind transactions made between related parties that are unusual or
Page 6

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS LIMITED (CONTINUED)


outside the normal course of business
- An assessment of whether the judgements made in making accounting estimates are indicative of a potential bias
- Making enquiries of management concerning actual or potential litigation and claims
We have designed our procedures to best identify the likelihood or occurrence of irregularities, whether or not arising due to fraud. However, it is accepted that there is an inherent difficulty in detecting irregularities and our findings are subject to the timing and extent of the audit procedures performed.
A further description of our responsibilities for the audit of the financial statements is located on the FRS’s website at http:// www.frc.org.uk/auditorresponsibilites. This description forms part of our auditor’s report.


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.


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.





Mark Antony Cupitt (Senior Statutory Auditor)
  
for and on behalf of
Lancaster Clements Limited
 
Chartered Certified Accountants
  
27 Wellington Road
Bilston
West Midlands
WV14 6AH

5 April 2024
Page 7

 
KAY GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,114,538
8,784,487

Cost of sales
  
(6,947,162)
(7,170,710)

Gross profit
  
1,167,376
1,613,777

Administrative expenses
  
(992,607)
(1,058,801)

Other operating income
 5 
42,592
80,904

Operating profit
 6 
217,361
635,880

Interest receivable and similar income
 10 
710
358

Interest payable and similar expenses
 11 
(14,669)
(133,765)

Profit before taxation
  
203,402
502,473

Tax on profit
 12 
(42,807)
601,778

Profit for the financial year
  
160,595
1,104,251

  

Unrealised surplus/(deficit) on revaluation of tangible fixed assets
  
-
(1,201,808)

Other comprehensive income for the year
  
-
(1,201,808)

Total comprehensive income for the year
  
160,595
(97,557)

Profit for the year attributable to:
  

Owners of the parent Company
  
160,595
1,104,251

  
160,595
1,104,251

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
160,595
(97,557)

  
160,595
(97,557)

The notes on pages 17 to 34 form part of these financial statements.

Page 8

 
KAY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12502994

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
4,947,312
4,227,450

Investments
 16 
82,500
82,500

  
5,029,812
4,309,950

Current assets
  

Stocks
 17 
58,015
82,747

Debtors: amounts falling due within one year
 18 
3,865,469
3,274,343

Cash at bank and in hand
 19 
14,516
76,598

  
3,938,000
3,433,688

Creditors: amounts falling due within one year
 20 
(2,485,142)
(1,859,737)

Net current assets
  
 
 
1,452,858
 
 
1,573,951

Total assets less current liabilities
  
6,482,670
5,883,901

Creditors: amounts falling due after more than one year
 21 
(440,688)
(70,554)

Provisions for liabilities
  

Deferred taxation
 22 
(381,150)
(313,110)

  
 
 
(381,150)
 
 
(313,110)

Net assets excluding pension asset
  
5,660,832
5,500,237

Net assets
  
5,660,832
5,500,237


Capital and reserves
  

Called up share capital 
 23 
9,191,638
9,191,638

Revaluation reserve
  
1,199,247
1,199,247

Merger reserve
  
(9,186,066)
(9,186,066)

Profit and loss account
  
4,456,013
4,295,418

Equity attributable to owners of the parent Company
  
5,660,832
5,500,237

  
5,660,832
5,500,237


Page 9

 
KAY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12502994
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 April 2024.




Andrew Neil Kay
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
KAY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12502994

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
6,428,000
9,191,636

  
6,428,000
9,191,636

Current assets
  

Cash at bank and in hand
 19 
2
2

  
2
2

Total assets less current liabilities
  
 
 
6,428,002
 
 
9,191,638

  

  

Net assets excluding pension asset
  
6,428,002
9,191,638

Net assets
  
6,428,002
9,191,638


Capital and reserves
  

Called up share capital 
 23 
9,191,638
9,191,638

Loss/(profit) for the year
  
(2,763,636)
-

Profit and loss account carried forward
  
(2,763,636)
-

  
6,428,002
9,191,638


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 April 2024.


Andrew Neil Kay
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
KAY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
9,191,638
1,199,247
(9,186,066)
4,295,418
5,500,237


Comprehensive income for the year

Profit for the year

-
-
-
160,595
160,595


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
160,595
160,595


Total transactions with owners
-
-
-
-
-


At 30 September 2023
9,191,638
1,199,247
(9,186,066)
4,456,013
5,660,832


The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
KAY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2021
9,191,638
2,401,055
(9,186,066)
11,889,359
14,295,986


Comprehensive income for the year

Profit for the year

-
-
-
1,104,251
1,104,251

Surplus on revaluation of freehold property
-
(1,201,808)
-
1,201,808
-


Other comprehensive income for the year
-
(1,201,808)
-
1,201,808
-


Total comprehensive income for the year
-
(1,201,808)
-
2,306,059
1,104,251


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(9,900,000)
(9,900,000)


Total transactions with owners
-
-
-
(9,900,000)
(9,900,000)


At 30 September 2022
9,191,638
1,199,247
(9,186,066)
4,295,418
5,500,237


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
KAY GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
2
-
2


Other comprehensive income for the year
-
-
-


Contributions by and distributions to owners

Shares issued during the year
9,191,636
-
9,191,636


Total transactions with owners
9,191,636
-
9,191,636



At 1 October 2022
9,191,638
-
9,191,638


Comprehensive income for the year

Loss for the year

-
(2,763,636)
(2,763,636)


Other comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-


At 30 September 2023
9,191,638
(2,763,636)
6,428,002


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
KAY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
160,595
1,104,251

Adjustments for:

Depreciation of tangible assets
705,346
653,196

Profit on disposal of tangible assets
(76,978)
(62,301)

Interest paid
14,669
133,765

Interest received
(710)
(358)

Taxation charge
42,807
(601,778)

Decrease/(increase) in stocks
24,732
(11,176)

(Increase)/decrease in debtors
(591,126)
48,676

Increase/(decrease) in creditors
329,167
(213,295)

Corporation tax (paid)
(26,988)
(69,170)

Net cash generated from operating activities

581,514
981,810


Cash flows from investing activities

Purchase of tangible fixed assets
(1,482,089)
(600,031)

Sale of tangible fixed assets
133,858
154,249

Interest received
710
358

HP interest paid
(8,108)
(12,893)

Net cash from investing activities

(1,355,629)
(458,317)

Cash flows from financing activities

Repayment of/new finance leases
477,711
(476,624)

Interest paid
(6,561)
(120,872)

Net cash used in financing activities
471,150
(597,496)

Net (decrease) in cash and cash equivalents
(302,965)
(74,003)

Cash and cash equivalents at beginning of year
61,364
135,367

Cash and cash equivalents at the end of year
(241,601)
61,364


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
14,516
76,598

Bank overdrafts
(256,117)
(15,234)

(241,601)
61,364


Page 15

 
KAY GROUP HOLDINGS LIMITED
 
The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The company was incorporated in England and Wales on 6 March 2020. It's registered office is Parkside Garage. Old Stafford Road, Slade Heath, Wolverhampton, West Midlands, WV10 7PH. The principal activity of the company continues to be that of an investment holding company.

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 judgment 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 Statement of Financial Position, 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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2015.



Page 17

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the 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:

Rendering of services

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

 
2.4

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
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.

Page 18

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
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 reporting 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 reporting 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 reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
straight line over fifty years
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by the directors.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

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 reporting 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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

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

 
2.18

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 Statement of Financial Position 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
Page 21

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

 
2.19

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

To be able to prepare financial statements in accordance with FRS102, the Company must make certain estimates and judgments that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgments are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgments are made. Actual experience may vary from these estimates. The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:
Depreciation and amortisation
The company accounts for depreciation and amortisation in accordance with FRS102. The depreciation and amortisation expense is the recognition of the decline in the value of the assets and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 22

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Turnover

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


2023
2022
£
£

Transport
8,114,538
8,784,487

8,114,538
8,784,487


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
8,044,838
8,605,709

Rest of Europe
69,700
178,778

8,114,538
8,784,487



5.


Other operating income

2023
2022
£
£

Net rents receivable
19,840
64,634

Service charge receivable
6,000
6,000

Sundry income
16,752
10,270

42,592
80,904



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
40,000
40,000

Page 23

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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
7,500
7,500


8.


Employees

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


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


Wages and salaries
2,836,559
2,847,705
-
-

Social security costs
268,683
273,550
-
-

Cost of defined contribution scheme
67,388
66,702
-
-

3,172,630
3,187,957
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Drivers and workshop
74
73
-
-



Administration
17
17
-
-

93
92
2
2


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
63,580
58,946

63,580
58,946


Page 24

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
710
358

710
358


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
6,521
1,372

Other loan interest payable
-
119,500

Finance leases and hire purchase contracts
8,108
12,893

Other interest payable
40
-

14,669
133,765


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(25,233)
52,221

Adjustments in respect of previous periods
(1)
1


(25,234)
52,222


Total current tax
(25,234)
52,222

Deferred tax


Origination and reversal of timing differences
68,041
(654,000)

Total deferred tax
68,041
(654,000)


Taxation on profit/(loss) on ordinary activities
42,807
(601,778)
Page 25

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
12.Taxation (continued)


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
203,401
502,473


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
38,646
95,470

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
695
1,078

Other differences leading to an increase (decrease) in the tax charge
3,466
(698,326)

Total tax charge for the year
42,807
(601,778)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Ordinary shares
-
9,900,000

-
9,900,000


14.


Parent company profit for the year

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 loss after tax of the parent Company for the year in relation to the impairment of the group investments was £2,763,636(2022 - profit £nil).

Page 26

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
1,880,000
159,677
7,387,567
130,304
9,557,548


Additions
-
28,017
1,450,000
4,072
1,482,089


Disposals
-
-
(661,489)
-
(661,489)



At 30 September 2023

1,880,000
187,694
8,176,078
134,376
10,378,148



Depreciation


At 1 October 2022
-
140,711
5,061,731
127,657
5,330,099


Charge for the year on owned assets
37,600
7,415
660,331
-
705,346


Disposals
-
-
(604,609)
-
(604,609)



At 30 September 2023

37,600
148,126
5,117,453
127,657
5,430,836



Net book value



At 30 September 2023
1,842,400
39,568
3,058,625
6,719
4,947,312



At 30 September 2022
1,880,000
18,966
2,325,837
2,647
4,227,450

Page 27

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,842,400
1,880,000

1,842,400
1,880,000


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
1,187,226
698,000

1,187,226
698,000


16.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 October 2022
82,500



At 30 September 2023
82,500






Net book value



At 30 September 2023
82,500



At 30 September 2022
82,500

Page 28

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
9,191,636



At 30 September 2023
9,191,636



Impairment


Charge for the period
2,763,636



At 30 September 2023

2,763,636



Net book value



At 30 September 2023
6,428,000



At 30 September 2022
9,191,636


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

K Transport Services (Midlands) Limited
Ordinary
100%
A. S. K. Developments Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

K Transport Services (Midlands) Limited
3,743,393
190,346

A. S. K. Developments Limited
1,955,035
7,848

Page 29

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
5,326
9,897

Finished goods and goods for resale
52,689
72,850

58,015
82,747


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


18.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
1,620,407
1,596,935

Other debtors
1,913,546
1,307,912

Prepayments and accrued income
331,516
369,496

3,865,469
3,274,343



19.


Cash and cash equivalents

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

Cash at bank and in hand
14,516
76,598
2
2

Less: bank overdrafts
(256,117)
(15,234)
-
-

(241,601)
61,364
2
2


Page 30

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

Bank overdrafts
256,117
15,234

Trade creditors
697,724
773,832

Corporation tax
-
52,221

Other taxation and social security
133,034
285,493

Obligations under finance lease and hire purchase contracts
313,354
205,777

Other creditors
1,049,190
487,174

Accruals and deferred income
35,723
40,006

2,485,142
1,859,737



The following liabilities were secured:
Group
Group
2023
2022
£
£

Bank overdrafts
256,117
15,234

Obligations under finance lease and hire purchase contracts
313,354
205,777

569,471
221,011

Details of security provided:

The bank overdraft is secured by an unlimited guarantee given by A.S.K Developments Limited. The hire purchase liabilities are secured on the assets they relate to as per note 15 to the financial statements.

Page 31

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
440,688
70,554

440,688
70,554



The following liabilities were secured:
Group
Group
2023
2022
£
£


Net obligations under finance leases and hire purchase contracts
440,688
70,554

440,688
70,554

Details of security provided:

The hire purchase liabilities are secured on the assets they relate to as per note 15 to the financial statements.




22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
313,110
967,110


Charged to profit or loss
68,040
(654,000)



At end of year
381,150
313,110

Page 32

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
22.Deferred taxation (continued)

Company


2023
2022






At end of year
-
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
381,150
313,110

381,150
313,110


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,191,638 (2022 - 9,191,638) Ordinary £1 Shares shares of £1.00 each
9,191,638
9,191,638



24.


Related party transactions

At the Reporting date tthe following amounts were due (to) / from connected parties, in which the directors held a material interest.
ASK Developments Limited owed K Transport Services (Midlands) Limited £290,308 (2022: £196,939).
Kay Properties (Midlands) Limited owed K Transport Services (Midlands) Limited £1,421,272 (2022: £846,323).
ASK Developments (Midlands) Limited were owed from K Transport Services (Midlands) Limited £555,092 (2022: owed £5,152).
Kay Properties (Midlands) Limited owed ASK Developments Limited £440,520 (2022: £440,520).
K Transport Services (Midlands) Limited owed K Investments Limited £10,596 (2022: £10,596).
ASK Developments Limited owed ASK Developments (Midlands) Limited £81,947 (2022: £81,947).
Loans to connected parties are interest free and repayable on demand.
Also at the balance sheet date David Kay's directors loan account is in credit by £142,749 and Andrew Kay's directors loan account is in credit by £165,109.

Page 33

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

25.


Limitation of Auditor's Liability

The company has entered into a liability limitation agreement, the principal terms being as follows:
Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out.
The resolution approving this agreement is dated 1 February 2024. 

Page 34