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Registration number: 01327424

Kemlows Die Casting Products Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Kemlows Die Casting Products Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 13

 

Kemlows Die Casting Products Limited

Company Information

Director

Mario Teoli

Registered office

1 High Street
Roydon
Harlow
Essex
CM19 5HJ

Accountants

Richard Brown & Co
Accountants
1 High Street
Roydon
Harlow
Essex
CM19 5HJ

 

Kemlows Die Casting Products Limited

Director's Report for the Year Ended 31 December 2023

The report and the abridged financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mario Teoli

Principal activity

The principal activity of the company is Manufacturing of die cast products

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 7 February 2024
 

.........................................
Mario Teoli
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Kemlows Die Casting Products Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kemlows Die Casting Products Limited for the year ended 31 December 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Kemlows Die Casting Products Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kemlows Die Casting Products Limited and state those matters that we have agreed to state to the Board of Directors of Kemlows Die Casting Products Limited, as a body, in this report.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kemlows Die Casting Products Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kemlows Die Casting Products Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kemlows Die Casting Products Limited. You consider that Kemlows Die Casting Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kemlows Die Casting Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Richard Brown & Co
Accountants
1 High Street
Roydon
Harlow
Essex
CM19 5HJ

7 February 2024

 

Kemlows Die Casting Products Limited

Abridged Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Gross profit

 

1,978,427

1,486,520

Distribution costs

 

(44,457)

(28,504)

Administrative expenses

 

(1,788,328)

(1,374,207)

Other interest receivable and similar income

 

7,213

868

Interest payable and similar expenses

 

(6,993)

(3,391)

Profit before tax

4

145,862

81,286

Profit for the financial year

 

145,862

81,286

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Kemlows Die Casting Products Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

145,862

81,286

Total comprehensive income for the year

145,862

81,286

 

Kemlows Die Casting Products Limited

(Registration number: 01327424)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,051,129

1,055,189

Current assets

 

Stocks

6

185,021

199,903

Debtors

7

793,196

979,234

Cash at bank and in hand

 

1,057,212

899,843

 

2,035,429

2,078,980

Prepayments and accrued income

 

51,238

9,941

Creditors: Amounts falling due within one year

(533,013)

(573,689)

Net current assets

 

1,553,654

1,515,232

Total assets less current liabilities

 

2,604,783

2,570,421

Creditors: Amounts falling due after more than one year

-

(1,648)

Accruals and deferred income

 

(49,612)

(89,864)

Net assets

 

2,555,171

2,478,909

Capital and reserves

 

Called up share capital

8

6,000

6,000

Retained earnings

2,549,171

2,472,909

Shareholders' funds

 

2,555,171

2,478,909

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Kemlows Die Casting Products Limited

(Registration number: 01327424)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the director on 7 February 2024
 

.........................................

Mario Teoli

Director

 

Kemlows Die Casting Products Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

6,000

2,472,909

2,478,909

Profit for the year

-

145,862

145,862

Dividends

-

(69,600)

(69,600)

At 31 December 2023

6,000

2,549,171

2,555,171

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

6,000

2,443,823

2,449,823

Profit for the year

-

81,286

81,286

Dividends

-

(52,200)

(52,200)

At 31 December 2022

6,000

2,472,909

2,478,909

 

Kemlows Die Casting Products Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
1 High Street
Roydon
Harlow
Essex
CM19 5HJ
England

These financial statements were authorised for issue by the director on 7 February 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Kemlows Die Casting Products Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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:

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.

Trade 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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Kemlows Die Casting Products Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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.

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.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 44 (2022 - 32).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

279,567

286,806

 

Kemlows Die Casting Products Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

77,844

20,360

5,119,152

5,217,356

Additions

-

-

275,508

275,508

Disposals

-

-

(24,700)

(24,700)

At 31 December 2023

77,844

20,360

5,369,960

5,468,164

Depreciation

At 1 January 2023

67,847

14,651

4,079,670

4,162,168

Charge for the year

2,935

2,446

274,186

279,567

Eliminated on disposal

-

-

(24,700)

(24,700)

At 31 December 2023

70,782

17,097

4,329,156

4,417,035

Carrying amount

At 31 December 2023

7,062

3,263

1,040,804

1,051,129

At 31 December 2022

9,997

5,709

1,039,483

1,055,189

Included within the net book value of land and buildings above is £Nil (2022 - £(2,651)) in respect of freehold land and buildings, £7,062 (2022 - £Nil) in respect of long leasehold land and buildings and £Nil (2022 - £12,648) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Raw materials and consumables

27,933

65,928

Work in progress

157,088

133,975

185,021

199,903

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

Kemlows Die Casting Products Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6,000

6,000

6,000

6,000