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Company registration number: 09398809

R T Keedwell Group Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

R T Keedwell Group Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

R T Keedwell Group Limited

(Registration number: 09398809)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

1,052,976

Current assets

 

Debtors

5

1,081,652

1,162,520

Cash at bank and in hand

 

-

427,412

 

1,081,652

1,589,932

Creditors: Amounts falling due within one year

6

(4,685,037)

(5,788,317)

Net current liabilities

 

(3,603,385)

(4,198,385)

Total assets less current liabilities

 

(3,603,385)

(3,145,409)

Creditors: Amounts falling due after more than one year

6

-

(562,687)

Provisions for liabilities

 

Deferred tax liabilities

 

(78,476)

(78,476)

Net liabilities

 

(3,681,861)

(3,786,572)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(3,681,961)

(3,786,672)

Total equity

 

(3,681,861)

(3,786,572)

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 director on 30 July 2024 .
 


S R Keedwell
Director

   
 

R T Keedwell Group 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.

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

The principal place of business is:
Weeland Road
Hensall
Nr Goole
DN14 0QE

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.

The financial statements have been prepared on a going concern basis. See "Judgements in applying accounting policies and key sources of estimation uncertainty" note for further consideration.

These financial statements are presented in Sterling (£).

 

R T Keedwell Group 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. A basis other than a going concern basis of preparation as explained in the directors' report the company's trade was effectively transferred to other group companies on 1 November 2020. However, due to a requirement to meet certain criteria and the need to novate contracts, certain employees and assets continue to be retained by the company and recharged to other group companies. Management expect to have fully addressed this position in the next 12 months, after which the company will cease to trade. The Group will continue to support the company to ensure it meets its liabilities as they fall due.

As a result of the above the directors have deemed it appropriate to prepare the financial statement on a basis other than a going concern basis. All assets have therefore been adjusted to reflect their expected net realisable value and provision has been made for all known current and future liabilities. As the tangible fixed assets will be transferred to other group companies the directors have elected not to recognise these as current assets.

2. Depreciation rates
The directors assess and adopt an appropriate depreciation rate for each class of asset based on the anticipated useful economic life and expected residual value of the assets. These are reassessed annually for changes in legislation and other factors that may limit the useful economic life and the potential residual value. The current year depreciation charge is £nil.

Turnover recognition

Turnover represents the receipts or amounts receivable from haulage services provided and the rental of warehouse areas net of value added tax. Turnover for warehouse rent is recognised in the period to which it relates. Turnover from haulage services provided is recognised at the point of delivery.

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other operating income in the profit and loss and timing differences presented as other debtors within the balance sheet.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Lorries and trailers

25% reducing balance

 

R T Keedwell Group Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

When stock is utilised, the carrying amount of such stock is recognised as an expense in the period that it is utilised. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the impairment loss is recognised immediately in profit or loss.

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.

 

R T Keedwell Group Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Reserves

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

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

R T Keedwell Group Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 2).

4

Tangible assets

Lorries and trailers
 £

Total
£

Cost or valuation

At 1 November 2022

3,157,459

3,157,459

Disposals

(3,157,459)

(3,157,459)

At 31 October 2023

-

-

Depreciation

At 1 November 2022

2,104,483

2,104,483

Eliminated on disposal

(2,104,483)

(2,104,483)

At 31 October 2023

-

-

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

1,052,976

1,052,976

5

Debtors

Note

2023
£

2022
£

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

8

1,081,652

1,162,520

 

1,081,652

1,162,520

 

R T Keedwell Group Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

255,309

Trade creditors

 

-

4,458

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

8

4,679,801

5,330,152

Taxation and social security

 

452

106,040

Accruals and deferred income

 

4,784

18,872

Other creditors

 

-

73,486

 

4,685,037

5,788,317

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

255,309

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

562,687

Other borrowings

Hire purchase contracts are secured on the lorries and trailers they are financing and are repayable in monthly instalments over 3 to 6 years from the date they are advanced. The company uses hire purchase contracts in order to acquire lorries and trailers. There are purchase options within the contracts, which are at the option of the lessee.

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.
 

 

R T Keedwell Group Limited

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

9

Parent and ultimate parent undertaking

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

 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. We draw your attention to note 2 to the financial statements which explains that following the transfer of the company's trade and assets to fellow group companies the company will cease to trade. The directors anticipate that this transfer will be complete within the next 12 months and as such the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter. 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.