Company registration number:
for the Year Ended
Keedwell Konnect Limited
(Registration number: 12391021)
Balance Sheet as at 31 October 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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
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Keedwell Konnect Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Keedwell Konnect Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Taxation |
Tax charged/(credited) in the profit and loss account:
2023 |
2022 |
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Current taxation |
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UK corporation tax |
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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
The differences are reconciled below:
2023 |
2022 |
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Profit before tax |
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Corporation tax at standard rate |
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Current tax credit due to overpayment |
( |
- |
Tax decrease arising from group relief |
( |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
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Total tax (credit)/charge |
( |
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Keedwell Konnect Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Tangible assets |
Freehold property |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
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- |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
- |
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Charge for the year |
- |
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At 31 October 2023 |
- |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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- |
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Keedwell Konnect Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Corporation tax |
- |
93,863 |
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Other creditors |
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Keedwell Konnect Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Related party transactions |
Summary of transactions with entities with joint control or significant interest
Summary of transactions with other related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Audit Report |