Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
COMPANY INFORMATION
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KLT GROUP OF COMPANIES LIMITED
CONTENTS
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KLT GROUP OF COMPANIES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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.
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KLT GROUP OF COMPANIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Group's key performance indicators are its turnover, gross profit, EBITDA and net profit. These are as follows for the last two years:
This report was approved by the board and signed on its behalf.
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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.
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 2006. They 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.
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.
The directors who served during the year were:
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KLT GROUP OF COMPANIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
There have been no significant events affecting the Group since the year end.
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.
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KLT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED
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 policies. The 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).
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.
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.
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KLT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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KLT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED (CONTINUED)
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.
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KLT GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT GROUP OF COMPANIES LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
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)
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KLT GROUP OF COMPANIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 05541639
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
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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:
The notes on pages 18 to 37 form part of these financial statements.
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KLT GROUP OF COMPANIES LIMITED
REGISTERED NUMBER: 05541639
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 37 form part of these financial statements.
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KLT GROUP OF COMPANIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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.
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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:
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.
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (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.
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
On 1 April 2023 the corporation tax rate increased to 25%. Deferred tax for relevant periods is calculated at 25%.
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 £
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Other reserves
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
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
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
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.
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KLT GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The group was under the control of
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