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Company registration number: 12391021

Keedwell Konnect Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Keedwell Konnect Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Keedwell Konnect Limited

(Registration number: 12391021)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

108,365

8,415

Current assets

 

Debtors

6

1,670,683

2,348,526

Cash at bank and in hand

 

1,080,623

205,801

 

2,751,306

2,554,327

Creditors: Amounts falling due within one year

7

(1,010,367)

(1,490,144)

Net current assets

 

1,740,939

1,064,183

Net assets

 

1,849,304

1,072,598

Capital and reserves

 

Called up share capital

111

111

Profit and loss account

1,849,193

1,072,487

Total equity

 

1,849,304

1,072,598

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 


S R Keedwell
Director

   
 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-8 Commerce Way
Highbridge
Somerset
TA9 4AG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimate have been made include:

1. The going concern basis of preparation
The directors consider it appropriate to prepare the financial statements on a going concern basis. In forming this conclusion, the directors have assessed the company’s future trading and cash requirements. However, as the company is a member of the S R Keedwell Holdings Limited group (together the “group”) the directors have also assessed the viability of both the company and the group in forming their conclusion.

At the year end the company had net current assets and net assets of £1,740,939 and £1,849,304 respectively. The directors believe this to be a robust position. However, the company trades with other group companies and at the year end was owed £80,940 and owed £184,944 to fellow group companies. It has been confirmed, by group confirmation, that the group companies will not seek settlement of outstanding balances, for at least 12 months from the approval date of these financial statements, if it is considered detrimental to the ability of that company to continue trading. It has also been confirmed that the group will provide its members with any required support for at least 12 months from the approval date of these financial statements. The group, per its consolidated financial statements has consolidated net current assets of £14,639,646 (2022 - £14,262,010) and net assets of £28,060,369 (2022 - £27,503,988) as at 31 October 2023.

The directors have concluded that the trading forecast combined with the funding arrangements will enable the company and group to meet their liabilities as they fall due for at least 12 months from the date of approving the financial statements.

Turnover recognition

Turnover represents the receipts or amounts receivable from haulage services provided net of value
added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 operates and generates taxable income.

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Deferred income tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15%-25% reducing balance

Freehold property

Not depreciated as additions not put into use during the year

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Short term trade creditors are measured at the transaction price, which is deemed to equate to amortised cost. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 11 (2022 - 9).

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

4

Taxation

Tax charged/(credited) in the profit and loss account:

2023
 £

2022
 £

Current taxation

UK corporation tax

(93,864)

93,863

The prior year tax charge is a result of payment being made to other group companies for tax losses previously surrendered to this company.

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 22.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

719,941

623,855

Corporation tax at standard rate

161,987

118,532

Current tax credit due to overpayment

(93,864)

-

Tax decrease arising from group relief

(161,987)

(24,808)

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

139

Total tax (credit)/charge

(93,864)

93,863

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

5

Tangible assets

Freehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

-

13,303

13,303

Additions

101,500

-

101,500

At 31 October 2023

101,500

13,303

114,803

Depreciation

At 1 November 2022

-

4,888

4,888

Charge for the year

-

1,550

1,550

At 31 October 2023

-

6,438

6,438

Carrying amount

At 31 October 2023

101,500

6,865

108,365

At 31 October 2022

-

8,415

8,415

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,228,039

2,214,912

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

80,940

133,216

Prepayments

 

137,544

398

Other debtors

 

224,160

-

 

1,670,683

2,348,526

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

657,889

1,037,184

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

184,994

223,254

Taxation and social security

 

10,328

117,343

Corporation tax

 

-

93,863

Other creditors

 

157,156

18,500

 

1,010,367

1,490,144

 

Keedwell Konnect Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company has taken advantage of the exemption in FRS102 paragraph 33.1A from disclosing transactions and balances from wholly owned subsidiaries of its parent company.
 

Summary of transactions with other related parties

The company has not entered in to any material transactions with related parties that have not been concluded under normal market conditions.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is R. T. Keedwell Holdings Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is S. R. Keedwell Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 July 2024 was Simon Morrison FCA, who signed for and on behalf of Bishop Fleming LLP.