Company registration number 03741649 (England and Wales)
K.J.N. AUTOMATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
K.J.N. AUTOMATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
K.J.N. AUTOMATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,500
-
0
Tangible assets
5
200,008
206,496
207,508
206,496
Current assets
Stocks
571,352
530,712
Debtors
6
3,487,177
1,899,281
Cash at bank and in hand
389,719
1,526,400
4,448,248
3,956,393
Creditors: amounts falling due within one year
7
(714,125)
(861,402)
Net current assets
3,734,123
3,094,991
Total assets less current liabilities
3,941,631
3,301,487
Provisions for liabilities
(647,300)
(651,701)
Net assets
3,294,331
2,649,786
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,294,231
2,649,686
Total equity
3,294,331
2,649,786

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mr V M B McGurk
Director
Company registration number 03741649 (England and Wales)
K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

K.J.N. Automation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dakota House, Concord Business Park, Manchester, M22 0RR.

1.1
Reporting period

The financial statements for the current period cover the year ended 31 December 2023. The previous financial period covered the 6 month period from 1 July 2022 to 31 December 2022. As such, the two periods are not comparable. The year end was altered last year to bring it in line with that of its parent.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% of net book value
Office equipment
33% of net book value
Motor vehicles
25% of net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each reporting date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value which is normally the transaction price excluding transaction costs. Such assets are subsequently measured at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

 

Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Company contributions to defined contribution plans for the benefit of the employee's are expensed as they become payable.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Dilapidations provision

A provision has been included to recognise the costs associated with reverting the property back to its original condition upon ending the lease. This is based on a third party report of estimated costs required.

Stock provision

Products identified as slow moving are provided for at an appropriate percentage.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
25
21
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023
38,000
-
0
38,000
Additions
-
0
10,000
10,000
Disposals
(38,000)
-
0
(38,000)
At 31 December 2023
-
0
10,000
10,000
Amortisation and impairment
At 1 January 2023
38,000
-
0
38,000
Amortisation charged for the year
-
0
2,500
2,500
Disposals
(38,000)
-
0
(38,000)
At 31 December 2023
-
0
2,500
2,500
Carrying amount
At 31 December 2023
-
0
7,500
7,500
At 31 December 2022
-
0
-
0
-
0
K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
593,684
199,886
25,995
819,565
Additions
80,012
-
0
-
0
80,012
Disposals
(74,465)
-
0
-
0
(74,465)
At 31 December 2023
599,231
199,886
25,995
825,112
Depreciation and impairment
At 1 January 2023
440,609
158,637
13,823
613,069
Depreciation charged in the year
40,842
13,749
3,029
57,620
Eliminated in respect of disposals
(45,585)
-
0
-
0
(45,585)
At 31 December 2023
435,866
172,386
16,852
625,104
Carrying amount
At 31 December 2023
163,365
27,500
9,143
200,008
At 31 December 2022
153,075
41,249
12,172
206,496
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
776,317
514,657
Amounts owed by group undertakings
2,624,032
1,303,105
Other debtors
32,850
21,483
3,433,199
1,839,245
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
53,978
60,036
Total debtors
3,487,177
1,899,281
K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
445,131
329,729
Taxation and social security
126,478
419,813
Other creditors
142,516
111,860
714,125
861,402
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Williams BA(Hons) FCA
Statutory Auditor:
MHA
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
93,085
147,419
10
Related party transactions

The company has taken advantage of the exemption permitted under Section 1AC.35 from disclosing transactions with the parent and fellow subsidiary companies.

11
Parent company

The immediate parent company is Rubix U.K. Limited (company registration number 00569290), a company incorporated in England and Wales. The registered office of Rubix U.K. Limited is at Dakota House, Concord Business Park, Manchester, England, M22 0RR.

K.J.N. AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Parent company
(Continued)
- 10 -

The immediate parent company of Rubix U.K. Limited is Rubix International Limited, with the results being consolidated into Rubix Limited, which is the smallest and largest company to prepare consolidated financial statements. The financial statements of Rubix Limited can be obtained at Accurist House, 44 Baker Street, London W1U 7AL.

 

The ultimate holding company is Al Robin (Cayman) Limited. Advent International, L.P., incorporated in the State of Delaware and SEC registered, is the investment manager of circa 20 Advent GPE VIII funds which are individual limited partnerships domiciled in either Luxembourg, the Cayman Island or the State of Delaware (together the “Funds”). The Funds have invested directly or indirectly in AI Robin (Cayman) Limited. No individual Fund holds more than 25% interest in AI Robin (Cayman) Limited.

2023-12-312023-01-01false07 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr V M B McGurkMs H S ShawMr R Bowringfalsefalse037416492023-01-012023-12-31037416492023-12-31037416492022-12-3103741649core:NetGoodwill2023-12-3103741649core:IntangibleAssetsOtherThanGoodwill2023-12-3103741649core:NetGoodwill2022-12-3103741649core:IntangibleAssetsOtherThanGoodwill2022-12-3103741649core:PlantMachinery2023-12-3103741649core:FurnitureFittings2023-12-3103741649core:MotorVehicles2023-12-3103741649core:PlantMachinery2022-12-3103741649core:FurnitureFittings2022-12-3103741649core:MotorVehicles2022-12-3103741649core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103741649core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103741649core:CurrentFinancialInstruments2023-12-3103741649core:CurrentFinancialInstruments2022-12-3103741649core:ShareCapital2023-12-3103741649core:ShareCapital2022-12-3103741649core:RetainedEarningsAccumulatedLosses2023-12-3103741649core:RetainedEarningsAccumulatedLosses2022-12-3103741649bus:Director12023-01-012023-12-3103741649core:Goodwill2023-01-012023-12-3103741649core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103741649core:ComputerSoftware2023-01-012023-12-3103741649core:PlantMachinery2023-01-012023-12-3103741649core:FurnitureFittings2023-01-012023-12-3103741649core:MotorVehicles2023-01-012023-12-31037416492022-07-012022-12-3103741649core:NetGoodwill2022-12-3103741649core:IntangibleAssetsOtherThanGoodwill2022-12-31037416492022-12-3103741649core:NetGoodwill2023-01-012023-12-3103741649core:PlantMachinery2022-12-3103741649core:FurnitureFittings2022-12-3103741649core:MotorVehicles2022-12-3103741649core:WithinOneYear2023-12-3103741649core:WithinOneYear2022-12-3103741649core:AfterOneYear2023-12-3103741649core:AfterOneYear2022-12-3103741649bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103741649bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103741649bus:FRS1022023-01-012023-12-3103741649bus:Audited2023-01-012023-12-3103741649bus:Director22023-01-012023-12-3103741649bus:Director32023-01-012023-12-3103741649bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP