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Registered number: 05541639










KLT GROUP OF COMPANIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
KLT GROUP OF COMPANIES LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R Taylor 
Mr M Harmer 
Mr J Gilbert 
Mrs S Parrott (appointed 15 September 2023)
Mrs J Taylor (appointed 15 September 2023)




Company secretary
Mrs J Taylor



Registered number
05541639



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Independent auditors
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
KLT GROUP OF COMPANIES LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 37


 
KLT GROUP OF COMPANIES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their strategic report for the Group, the strategy and business model for KLT Group of Companies Limited is as below. 
The strategy of the business is to provide services to the Gas Distribution Networks and Independent Gas Transporters. These services include the replacement of gas mains and services, the installation of new gas mains and services, and individual connections to both domestic and non-domestic customers. We provide these services to our clients ensuring that our core values in safety, customer care, profitability and sustainability are delivered. 
The principal activities of the Group's trading subsidiaries were as follows: 
KLT Utilities Limited - replacement of gas pipes and the installation of new gas pipes and apparatus. 
JRT Plant Limited - supply of plant and transport to the sector.

Business review
 
Revenue in year increased by 23% to £38,613,869 in 2024 from £31,464,887 in 2023. This increase is as a direct result of managing and controlling costs, and retaining Client Contracts. In reaction to this challenge, we committed to capital investments in Plant and Transport by purchasing two vacuum excavators, and additional support vehicles to support client contract requirements and our health and safety commitments. 
Gross margin in the period increased by 2.9% from 18.6% in 2023 to 21.5% in 2024. Net assets have increased by £1,958,219 in 2024. 
The Directors are confident the strategic improvements delivered over the last 12 months have now been embedded within the group, and the business remains in a steady position to maintain the improved profit margins thus providing a solid platform to build additional growth in the coming years.

Principal risks and uncertainties
 
The principal risks faced by the group would be as follows:
Health & Safety – Managing the safety of all our employees and sub-contractors remains our first priority and the business continues to focus on improving skills through training and experience, providing regular communications on incidents within the sector and providing assurance that our plant, transport, and equipment meet all industry requirements.
Carrying out works in the public highway continues to be more onerous as Local Authorities become more stringent in their approach to permit conditions and works durations, therefore increasing the risk of NRSWA fines and risk to the business.
The risk around the management of our plant & transport business including that of driver risk, plant operation and plant and transport maintenance are all recognised as continued risks to the Group.
The commercial expectations from clients to procure contracts on tighter margins continues to presents a risk to the Group.
The Group controls and manages its risks including those above using a comprehensive risk register and scheduled governance meetings both internally and externally.

Page 1

 
KLT GROUP OF COMPANIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The Group's key performance indicators are its turnover, gross profit, EBITDA and net profit. These are as follows for the last two years:
 

2024
2023
Turnover
£38,613,869
£31,464,887
Gross profit
£8,283,121
£5,866,983
EBITDA
£3,990,169
£1,840,388
Net profit
£1,943,287
£469,638



This report was approved by the board and signed on its behalf.



Mr R Taylor
Director

Date: 15 August 2024

Page 2

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,943,287 (2023 - £469,638).

Dividends of £Nil (2023 - £Nil) were declared in the year.

Directors

The directors who served during the year were:

Mr R Taylor 
Mr M Harmer 
Mr J Gilbert 
Mrs S Parrott (appointed 15 September 2023)
Mrs J Taylor (appointed 15 September 2023)

Page 3

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

The trading prospects for the group are positive after being successful in the award of a number of contracts with both Cadent and SGN. With the GIRs Accreditation we are also receiving small work orders and currently working on the HS2 Project.
The Directors have decided to focus more on controlling costs and improving gross margins than higher revenues due to additional competitors, nature of contract awards and availability of skilled resources.
The Directors continue to monitor the performance of the Group by using its key performance indicators in health and safety, customer care and profitability. We consider that these indicators show improved efficiency, cost control and profitability.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr R Taylor
Director

Date: 15 August 2024

Page 4

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED
 

Opinion


We have audited the financial statements of KLT Group of Companies Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•   Obtaining an understanding of the legal and regulatory frameworks that the company operates in.
•   Reviewing key correspondence with regulatory authorities.
•   Enquiry of management to identify any instances of non-compliance with laws and regulations.
•   Enquiry of management around actual and potential litigation and claims.
•   Enquiry of management to identify any instances of known or suspected instances of fraud.
•   Discussing and reviewing among the engagement team regarding how and where fraud might occur.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern FCA (Senior statutory auditor)
for and on behalf of
MHA
Statutory Auditors
London, United Kingdom
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)

19 August 2024
Page 8

 
KLT GROUP OF COMPANIES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
38,613,869
31,464,887

Cost of sales
  
(30,330,748)
(25,597,904)

Gross profit
  
8,283,121
5,866,983

Administrative expenses
  
(5,630,867)
(5,097,101)

Operating profit
 5 
2,652,254
769,882

Interest receivable and similar income
 9 
82,236
49,857

Interest payable and similar expenses
 10 
(161,931)
(160,664)

Profit before taxation
  
2,572,559
659,075

Tax on profit
 11 
(629,272)
(189,437)

Profit for the financial year
  
1,943,287
469,638

  

Share option movement
 24 
(14,932)
977

Other comprehensive income for the year
  
(14,932)
977

Total comprehensive income for the year
  
1,928,355
470,615

Profit for the year attributable to:
  

Owners of the parent Company
  
1,943,287
469,638

  
1,943,287
469,638

The notes on pages 18 to 37 form part of these financial statements.

Page 9

 
KLT GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 05541639

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
5,106,279
3,768,871

  
5,106,279
3,768,871

Current assets
  

Debtors: amounts falling due after more than one year
 15 
579,887
559,587

Debtors: amounts falling due within one year
 15 
6,912,842
6,074,449

Cash at bank and in hand
 16 
3,481,749
1,469,003

  
10,974,478
8,103,039

Creditors: amounts falling due within one year
 17 
(8,147,625)
(7,039,120)

Net current assets
  
 
 
2,826,853
 
 
1,063,919

Total assets less current liabilities
  
7,933,132
4,832,790

Creditors: amounts falling due after more than one year
 18 
(2,141,994)
(1,134,885)

Provisions for liabilities
  

Deferred taxation
 21 
(389,272)
(256,258)

Other provisions
 22 
(553,500)
(551,500)

  
 
 
(942,772)
 
 
(807,758)

Net assets
  
4,848,366
2,890,147


Capital and reserves
  

Called up share capital 
 23 
10,000
10,000

Other reserves
 24 
10,921
4,254

Profit and loss account
 24 
4,827,445
2,875,893

Equity attributable to owners of the parent Company
  
4,848,366
2,890,147

  
4,848,366
2,890,147


Page 10

 
KLT GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 05541639
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Taylor
Director

Date: 15 August 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 11

 
KLT GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 05541639

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
20,100
20,100

  
20,100
20,100

Current assets
  

Debtors: amounts falling due within one year
 15 
1,110,265
980,518

Cash at bank and in hand
 16 
40,646
64,447

  
1,150,911
1,044,965

Creditors: amounts falling due within one year
 17 
(30,663)
(18,578)

Net current assets
  
 
 
1,120,248
 
 
1,026,387

  

  

Net assets
  
1,140,348
1,046,487


Capital and reserves
  

Called up share capital 
 23 
10,000
10,000

Other reserves
 24 
10,921
4,254

Profit and loss account
 24 
1,119,427
1,032,233

  
1,140,348
1,046,487


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr R Taylor
Director

Date: 15 August 2024

The notes on pages 18 to 37 form part of these financial statements.

The profit of the parent company in the year was £78,929 (2023 - £79,752)

Page 12

 
KLT GROUP OF COMPANIES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
10,000
5,231
2,406,255
2,421,486


Comprehensive income for the year

Profit for the year
-
-
469,638
469,638

Grant of options
-
(977)
-
(977)



At 1 April 2023
10,000
4,254
2,875,893
2,890,147


Comprehensive income for the year

Profit for the year
-
-
1,943,287
1,943,287

Grant of options
-
14,932
-
14,932

Transfer to profit and loss account
-
(8,265)
8,265
-


At 31 March 2024
10,000
10,921
4,827,445
4,848,366


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
KLT GROUP OF COMPANIES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
10,000
5,231
952,481
967,712


Comprehensive income for the year

Profit for the year
-
-
79,752
79,752

Grant of options
-
(977)
-
(977)
Total comprehensive income for the year
-
(977)
79,752
78,775



At 1 April 2023
10,000
4,254
1,032,233
1,046,487


Comprehensive income for the year

Profit for the year
-
-
78,929
78,929

Grant of options
-
14,932
-
14,932
Total comprehensive income for the year
-
14,932
78,929
93,861

Transfer to profit and loss account
-
(8,265)
8,265
-


At 31 March 2024
10,000
10,921
1,119,427
1,140,348


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
KLT GROUP OF COMPANIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,943,287
469,638

Adjustments for:

Depreciation of tangible assets
1,337,915
1,070,507

Profit on disposal of tangible assets
(85,087)
(75,019)

Interest paid
161,931
160,664

Interest received
(82,236)
(49,857)

Taxation charge
629,272
189,437

Increase in debtors
(785,832)
(323,027)

Increase in creditors
227,970
339,380

Increase in provisions
2,000
183,500

Corporation tax paid
(3,216)
-

Net cash generated from operating activities

3,346,004
1,965,223


Cash flows from investing activities

Purchase of tangible fixed assets
(494,869)
(76,761)

Sale of tangible fixed assets
292,442
130,742

Interest received
82,236
49,857

HP interest paid
(119,822)
(76,177)

Net cash from investing activities

(240,013)
27,661
Page 15

 
KLT GROUP OF COMPANIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(312,500)
(750,000)

Repayment of finance leases
(1,352,784)
(1,099,039)

Interest paid
(42,109)
(84,487)

Share options
14,932
(977)

Net cash used in financing activities
(1,692,461)
(1,934,503)

Net increase in cash and cash equivalents
1,413,530
58,381

Cash and cash equivalents at beginning of year
330,282
271,901

Cash and cash equivalents at the end of year
1,743,812
330,282


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,481,749
1,469,003

Bank overdrafts
(1,737,937)
(1,138,721)

1,743,812
330,282


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
KLT GROUP OF COMPANIES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

1,469,003

2,012,746

-

3,481,749

Bank overdrafts

(1,138,721)

(599,216)

-

(1,737,937)

Debt due within 1 year

(312,500)

312,500

-

-

Finance leases

(2,137,054)

1,352,784

(2,387,809)

(3,172,079)


(2,119,272)
3,078,814
(2,387,809)
(1,428,267)

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The entity is a private company, limited by shares, incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The activity of the company is that of a holding entity. The activities of its subsidiaries are the excavation of land and laying pipes and the supply of plant and machinery within the construction industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements have been prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The financial statements include a prior year adjustments in respect of the figures as at 31 March 2023. The figures for 31 March 2023 have therefore been restated, see note 26. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 19

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 22

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors consider that the critical accounting policies where judgements and estimations have been applied relate to the tangible asset lives, in particular the useful economic life and residual values of plant and machinery and motor vehicles, the recoverability of other debtors and the accuracy of provisions. The directors have concluded that the asset values and residual values are appropriate, recoverability of debtors is fairly stated and that provisions are accurate. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
38,613,869
31,464,887

38,613,869
31,464,887


All turnover arose within the United Kingdom.

Page 23

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,337,915
1,070,506

Operating lease rentals
278,552
231,140

Profit on disposal of fixed assets
(85,087)
(75,019)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's financial statements
35,000
30,000

Fees payable to the Group's auditor and its associates in respect of all other services
121,687
92,489


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,325,610
2,452,940
14,932
(977)

Social security costs
378,224
280,095
-
-

Cost of defined contribution pension scheme
51,657
43,570
-
-

3,755,491
2,776,605
14,932
(977)


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Operative
33
25



Administrative
28
25

61
50

Page 24

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration


The highest paid director received remuneration of £399,500 (2023 - £399,500).

The directors are considered to be the only members of key management personnel for the group.
There are no retirement benefis accruing under defined contribution pension schemes for any directors.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
82,236
49,857

82,236
49,857


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
42,109
61,237

Other loan interest payable
-
23,250

Finance leases and hire purchase contracts
119,822
76,177

161,931
160,664

Page 25

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
550,104
57,062

Adjustments in respect of previous periods
(53,846)
(20,678)


496,258
36,384


Total current tax
496,258
36,384

Deferred tax


Origination and reversal of timing differences
133,014
153,053

Total deferred tax
133,014
153,053


Taxation on profit on ordinary activities
629,272
189,437

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,572,559
659,075


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
643,140
125,224

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
25,107
35,951

Capital allowances for year in excess of depreciation
(118,143)
(104,143)

Adjustments to tax charge in respect of prior periods
(53,846)
(20,648)

Short-term timing difference leading to an increase (decrease) in taxation
133,014
153,053

Total tax charge for the year
629,272
189,437

Page 26

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

On 1 April 2023 the corporation tax rate increased to 25%. Deferred tax for relevant periods is calculated at 25%.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £78,929 (2023 - £79,752).

Page 27

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
3,159,436
5,856,766
526,403
9,542,605


Additions
617,892
2,241,455
23,331
2,882,678


Disposals
(79,864)
(466,444)
-
(546,308)


Transfers between classes
(210,000)
210,000
-
-



At 31 March 2024

3,487,464
7,841,777
549,734
11,878,975



Depreciation


At 1 April 2023
2,229,287
3,177,191
367,256
5,773,734


Charge for the year
379,006
918,549
40,360
1,337,915


Disposals
(53,678)
(285,275)
-
(338,953)


Transfers between classes
(164,500)
164,500
-
-



At 31 March 2024

2,390,115
3,974,965
407,616
6,772,696



Net book value



At 31 March 2024
1,097,349
3,866,812
142,118
5,106,279



At 31 March 2023
930,149
2,679,575
159,147
3,768,871

The net book value of assets held under HP and finance leases at 31 March 2024 was £4,344,343 (2023 - £2,392,337).

Page 28

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
20,100



At 31 March 2024
20,100





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

KLT Utilities Limited
Ordinary
100%
JRT Plant Limited
Ordinary
100%
KLT Reinstatement Limited
Ordinary
100%

Page 29

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Debtors

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
579,887
559,587
-
-

579,887
559,587
-
-


Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
907,694
1,208,088
620,000
490,000

Amounts owed by group undertakings
-
-
490,000
490,000

Other debtors
4,551,010
3,213,157
265
518

Prepayments and accrued income
1,454,138
1,653,204
-
-

6,912,842
6,074,449
1,110,265
980,518



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,481,749
1,469,003
40,646
64,447

Less: bank overdrafts
(1,737,937)
(1,138,721)
-
-

1,743,812
330,282
40,646
64,447


Page 30

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,737,937
1,138,721
-
-

Bank loans
-
312,500
-
-

Trade creditors
1,570,732
1,900,349
1,593
-

Amounts owed to group undertakings
-
-
100
100

Corporation tax
550,104
57,062
28,970
18,478

Other taxation and social security
1,312,538
1,060,214
-
-

Obligations under finance lease and hire purchase contracts
1,030,085
1,002,169
-
-

Other creditors
299,635
238,522
-
-

Accruals and deferred income
1,646,594
1,329,583
-
-

8,147,625
7,039,120
30,663
18,578


Bank loans and overdrafts of £1,737,937 (2023 - £1,451,221) are secured on the assets of the group.
Net obligations under finance leases and hire purchase contracts of £1,030,085 (2023 - £1,002,169) are secured on the assets to which they relate.
HSBC Bank PLC has a debenture created 16 October 2014 secured on all of the present and future assets of the group.


18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
2,141,994
1,134,885

2,141,994
1,134,885


Net obligations under finance leases and hire purchase contracts of £2,141,994 (2023 - £1,134,885) are secured on the assets to which they relate.



Page 31

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
312,500

-
312,500



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
1,140,060
1,107,559

Between 1-5 years
2,542,529
1,351,747

3,682,589
2,459,306

At the balance sheet date the total hire purchase and finance lease creditor is £3,172,079 (2023 - £2,137,054). The difference of £510,510 (2023 - £322,252) between the creditor and the balance above is the future interest payments.

Page 32

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Deferred taxation


Group



2024


£






At beginning of year
256,258


Charged to profit or loss
133,014



At end of year
389,272







The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
389,272
256,258

389,272
256,258


22.


Provisions


Group



Provisions

£





At 1 April 2023
551,500


Charged to profit or loss
115,500


Utilised in year
(113,500)



At 31 March 2024
553,500

The provision as at 31 March 2024 relates to the requirement to demobilise mains replacement works and amounts to be paid to suppliers of hired plant for damages which took place during the year. The timing of the payment is unknown, but, expected to be over the next five years.

Page 33

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



24.


Reserves

Other reserves

The balance on the other reserve relates to the fair value of options under the Enterprise Management Incentive Scheme detailed in note 25. The balance is non-distributable.
The change in the year in Other Reserves of £977 represents the movement in the share options as detailed in note 25.

Profit and loss account

The Profit and Loss Account is represented by retained earnings. Changes in reserves are set out in the Statement of Changes in Equity.

Page 34

 
KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Share-based payments

The group previously established an Enterprise Management Incentive Scheme during 2021 for key employees of a subsidiary company. This scheme was cancelled during the year, but the Group established a new Scheme during the year, also for key employees of a subsidiary company. Options are exercisable at a pre-determined price and . The options are settled in equity once exercised. The options lapse if they remain unexercised after the exercise period. Options are forfeited if the employee leaves the group before the options are exercised.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

3300

111

3300
 
111
 
Granted during the year

984

1,110

 
-
 
Expired during the year


(111)

 
-
 
Outstanding at the end of the year

1,110

 
111
 

The previous Scheme's options expired on the cancellation of the Scheme. On the cancellation of the scheme, all charges that would have been recognised over the vesting period have been recognised in full. 
The options for new Scheme are exercisable at the discretion of the Board. As such, the fair value of the options has been recognised in full during the year.





26.


Prior year adjustment

The financial statements of KLT Group of Companies Limited have been restated  to reflect the reclassification of a debtor from due within one year to due over one year within its subsidiary KLT Utilities Limited in the previous year. The prior year adjustment has had no impact on either net assets as at 31 March 2023 or the profits generated in the year.


27.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,657 (2023 - £43,750).

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KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
439,360
401,160

Later than 1 year and not later than 5 years
772,740
958,320

1,212,100
1,359,480

29.


Transactions with directors

During the year, the group made advances totalling £646,210 (2023 - £257,754) to Mr R Taylor, the director, and received credits of £708,916 (2023 - £137,145). Interest of £50,073 (2023 - £46,697) has been charged at commercial rates on overdrawn balances. At the balance sheet date, Mr R Taylor, the director, owed the group £2,230,098 (2023 - £2,242,731). The loan is unsecured and repayable on demand.
During the year the company made advances totalling £2,132,907 (2023 - £408,546) to Mrs J Taylor, a director, and received credits of £1,253,523 (2023 - £261,500). Interest of £24,399 (2023 - £3,160) has been charged at commercial rates on overdrawn balances. As at 31 March 2024, Mrs J Taylor owed the company £1,054,239 (2023 - £150,456). The loan is unsecured and repayable on demand.
During the year the company made advances totalling £255,000 (2023 - £Nil) to Mr J Gilbert, a director, and received credits of £Nil (2023 - £Nil). Interest of £3,882 (2023 - £Nil) has been charged at commercial rates on overdrawn balances. As at 31 March 2024, Mr J Gilbert owed the company £258,882 (2023 - £Nil). The loan is unsecured and repayable on demand.
During the year the company made advances totalling £255,000 (2023 - £Nil) to Mr M Harmer, a director, and received credits of £Nil (2023 - £Nil). Interest of £3,882 (2023 - £Nil) has been charged at commercial rates on overdrawn balances. As at 31 March 2024, Mr M Harmer owed the company £258,882 (2023 - £Nil). The loan is unsecured and repayable on demand.


30.


Related party transactions

During the year, KLT Management Services LLP, a limited liability partnership of which the director, Mr R Taylor, is a designated member, provided services of £Nil (2023 - £610,360) to the group. At the balance sheet date, an amount of £Nil (2023 - £Nil) was owed from KLT Management Services LLP. All transactions were on commercial terms.
During the year, Utility Consultancy Services Limited, a limited company of which the director, Mr M Harmer, is also a director, provided services of £Nil (2023 - £113,207) to the group. At the balance sheet date, an amount of £Nil (2023 - £Nil) was due to Utility Consultancy Services Limited. All transactions were on commercial terms.

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KLT GROUP OF COMPANIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

31.


Controlling party

The group was under the control of Mrs J Taylor, the director, as at 31 March 2024

Page 37