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Registered number: 06859575









KAMM (HOLDINGS) LIMITED









GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
KAMM (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
Keith McWilliams 
Adam McCormack 




Company secretary
Keith McWilliams



Registered number
06859575



Registered office
Bridge House
21 West Street

Ringwood

Hampshire

BH24 1DY




Independent auditors
Clifford Fry & Co LLP

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
KAMM (HOLDINGS) LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated profit and loss account
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 35


 
KAMM (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Vision
As a Group, KAMM are focused on the provision of Quality Groundwork Solutions for our clients.
Organisational Structure and Governance
The Board convenes on a quarterly basis. The Board consists of two working directors. Monthly meetings are held between the Directors and the Senior Management team, with representation from Sales, Operations and Finance. In addition, monthly Management meetings are held with  Management / Supervisory representation from every sector of the business, together with the full Senior Management team and the Directors.
Review of the Business
We are proud to have received ISO Certificates of Registration in the following during this financial year :
ISO 9001:2015 Quality Management System
ISO 45001:2018   Occupational Health & Safety Management System
ISO 14001 :2015 Environmental Management System
The Directors express their thanks and congratulations to the staff who have worked so hard to achieve these goals. 
We are working towards the integration of the COINS Management System into the business, to both foster internal efficiency and integrate with our business partners.
Financial Key performance Indicators for the year ending November 2023
• Sales Growth 8% (2022 - 40%)
• Gross Profit Margin 17% (2022 - 18%)
• Overheads 5% (2022 - 5%)
• Operational Profit 12% (2022 - 13%)
• Net Current Assets £11m (2022 - £10m)
Future Developments
We continue to invest in our management systems, our plant and vehicle fleet, and especially our workforce. Client repeat business continues to be a cornerstone of our success.
Operational Risk
In an improving economic outlook, and with favourable government housing policies, we see turnover stabilising or increasing over the next 12 months. Inclement weather patterns and demand-lead materials price inflation are potential risks to the business within the next year.
Quality of Staff
We continue to prioritise best practice and continued development of skill levels amongst our team.  Regular appraisals are carried out, and we are pro-active in ensuring that our team are trained and qualified to meet the demands of their roles.
 

Page 1

 
KAMM (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


This report was approved by the board on 20 August 2024 and signed on its behalf.






................................................
Keith McWilliams
Director

Page 2

 
KAMM (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

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 judgements 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 and minority interests, amounted to £5,348,879 (2022 - £5,511,312).

The directors have paid a final dividend of £2,929,670 (2022 - £2,399,080).

Directors

The directors who served during the year and their interests in the Group's issued share capital were:

Ordinary A shares
of £1 each
Ordinary B shares
of £1 each

30/11/23

1/12/22


30/11/23

1/12/22


Keith McWilliams 
54
54
-
-
Adam McCormack 
54
54
-
-


Future developments

The Group continues to trade successfully with no material future developments planned.

Page 3

 
KAMM (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

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 auditorsClifford Fry & Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 August 2024 and signed on its behalf.
 





................................................
Keith McWilliams
Director

Page 4

 
KAMM (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of KAMM (Holdings) Limited (the 'Company') for the year ended 30 November 2023, which comprise the Consolidated profit and loss account, 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 30 November 2023 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

 
KAMM (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM (HOLDINGS) 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.


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.


Page 6

 
KAMM (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM (HOLDINGS) LIMITED (CONTINUED)


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:

We gained an understanding of the legal and regulatory framework applicable to the Company, including
obtaining details on how they identify and comply with laws and regulations and whether they were aware of any
non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any
actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, intentional misrepresentations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit
recognition.
We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included
agreeing the financial statement disclosures to underlying supporting documentation, performing analytical
procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement
due to fraud and enquiries with management.
As in all our audits, we also addressed the risk of management override of internal controls, including testing
journals and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.
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

 
KAMM (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAMM (HOLDINGS) 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.






S M Allenby FCA (Senior statutory auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory auditor)
 
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

20 August 2024
Page 8

 
KAMM (HOLDINGS) LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
66,145,576
61,156,086

Cost of sales
  
(55,175,664)
(50,191,006)

Gross profit
  
10,969,912
10,965,080

Administrative expenses
  
(3,371,065)
(3,129,688)

Other operating income
 5 
129,813
156,837

Operating profit
  
7,728,660
7,992,229

Interest receivable and similar income
 9 
54,722
6,278

Interest payable and similar expenses
 10 
(115,739)
(100,235)

Profit before tax
  
7,667,643
7,898,272

Tax on profit
 11 
(1,833,071)
(1,815,634)

Profit for the financial year
  
5,834,572
6,082,638

Profit for the year attributable to:
  

Non-controlling interests
  
485,693
571,326

Owners of the parent
  
5,348,879
5,511,312

  
5,834,572
6,082,638

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of comprehensive income has been presented.

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
KAMM (HOLDINGS) LIMITED
REGISTERED NUMBER: 06859575

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
8,968,953
7,677,789

  
8,968,953
7,677,789

Current assets
  

Stocks
 15 
88,848
66,180

Debtors: amounts falling due within one year
 16 
12,750,098
14,636,417

Cash at bank and in hand
 17 
6,966,080
5,953,068

  
19,805,026
20,655,665

Creditors: amounts falling due within one year
 18 
(9,073,496)
(10,981,348)

Net current assets
  
 
 
10,731,530
 
 
9,674,317

Total assets less current liabilities
  
19,700,483
17,352,106

Creditors: amounts falling due after more than one year
 19 
(779,863)
(979,971)

Provisions for liabilities
  

Deferred taxation
 23 
(751,858)
(622,582)

  
 
 
(751,858)
 
 
(622,582)

Net assets
  
18,168,762
15,749,553


Capital and reserves
  

Called up share capital 
 24 
184
184

Profit and loss account
 25 
18,168,538
15,749,329

Equity attributable to owners of the parent Company
  
18,168,722
15,749,513

Non-controlling interests
  
40
40

  
18,168,762
15,749,553


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.




................................................
Keith McWilliams
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 10

 
KAMM (HOLDINGS) LIMITED
REGISTERED NUMBER: 06859575

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
7,741,351
6,815,487

Investments
 14 
242
242

  
7,741,593
6,815,729

Current assets
  

Debtors: amounts falling due within one year
 16 
926,986
953,218

Cash at bank and in hand
 17 
6,395,287
5,058,187

  
7,322,273
6,011,405

Creditors: amounts falling due within one year
 18 
(1,097,072)
(970,254)

Net current assets
  
 
 
6,225,201
 
 
5,041,151

Total assets less current liabilities
  
13,966,794
11,856,880

  

Creditors: amounts falling due after more than one year
 19 
(769,330)
(956,173)

Provisions for liabilities
  

Deferred taxation
 23 
(736,554)
(599,177)

  
 
 
(736,554)
 
 
(599,177)

Net assets
  
12,460,910
10,301,530


Capital and reserves
  

Called up share capital 
 24 
184
184

Profit and loss account brought forward
  
10,301,346
8,805,349

Profit for the year
  
5,089,050
3,895,077

Other changes in the profit and loss account

  

(2,929,670)
(2,399,080)

Profit and loss account carried forward
  
12,460,726
10,301,346

  
12,460,910
10,301,530


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.


................................................
Keith McWilliams
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 11

 
KAMM (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 December 2021
184
12,637,097
12,637,281
40
12,637,321


Comprehensive income for the year

Profit for the year

-
5,511,312
5,511,312
-
5,511,312


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,399,080)
(2,399,080)
-
(2,399,080)



At 1 December 2022
184
15,749,329
15,749,513
40
15,749,553


Comprehensive income for the year

Profit for the year

-
5,348,879
5,348,879
-
5,348,879


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,929,670)
(2,929,670)
-
(2,929,670)


At 30 November 2023
184
18,168,538
18,168,722
40
18,168,762

Page 12

 
KAMM (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
184
8,805,349
8,805,533


Comprehensive income for the year

Profit for the year

-
3,895,077
3,895,077


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,399,080)
(2,399,080)



At 1 December 2022
184
10,301,346
10,301,530


Comprehensive income for the year

Profit for the year

-
5,089,050
5,089,050


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,929,670)
(2,929,670)


At 30 November 2023
184
12,460,726
12,460,910


The notes on pages 16 to 35 form part of these financial statements.

Page 13

 
KAMM (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,834,572
6,082,638

Adjustments for:

Depreciation of tangible assets
1,232,948
1,004,221

Loss on disposal of tangible assets
(49,548)
(90,082)

Interest paid
115,739
100,235

Interest received
(54,722)
(6,278)

Taxation charge
1,833,071
1,815,634

(Increase) in stocks
(22,668)
(41,680)

Decrease/(increase) in debtors
1,577,408
(2,463,144)

(Decrease)/increase in creditors
(1,636,554)
1,923,157

Corporation tax (paid)
(1,780,491)
(881,074)

Net cash generated from operating activities

7,049,755
7,443,627


Cash flows from investing activities

Purchase of tangible fixed assets
(2,892,881)
(2,113,756)

Sale of tangible fixed assets
418,317
334,000

Interest received
54,722
6,278

HP interest paid
(75,566)
(47,794)

Net cash from investing activities

(2,495,408)
(1,821,272)

Cash flows from financing activities

Repayment of loans
(277,952)
(283,126)

Repayment of/new finance leases
192,153
(636,106)

Dividends paid
(2,929,670)
(2,399,080)

Interest paid
(40,173)
(52,441)

Dividends paid to non-controlling interests
(485,693)
(571,326)

Net cash used in financing activities
(3,541,335)
(3,942,079)

Net increase in cash and cash equivalents
1,013,012
1,680,276

Cash and cash equivalents at beginning of year
5,953,068
4,272,792

Cash and cash equivalents at the end of year
6,966,080
5,953,068


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,966,080
5,953,068

6,966,080
5,953,068


Page 14

 
KAMM (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

5,953,068

1,013,012

6,966,080

Debt due after 1 year

(600,316)

288,326

(311,990)

Debt due within 1 year

(85,417)

(12,179)

(97,596)

Finance leases

(1,256,856)

(192,153)

(1,449,009)


4,010,479
1,097,006
5,107,485

The notes on pages 16 to 35 form part of these financial statements.

Page 15

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The Company is a private company limited by share capital and incorporated in England and Wales. The Company's registered office and principal place of business is Bridge House, 21 West Street, Ringwood, Hampshire, BH24 1DY. The principal activity of the Group is civil engineering.

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 financial statements are presented in Sterling (£).

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 judgement 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 Profit and loss account in these financial statements.

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 profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 December 2014.

Page 16

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

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.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 December 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

Page 17

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution 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.

 
2.9

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.

 
2.10

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.

Page 18

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Short-term leasehold property
-
5%
reducing balance
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures, fittings and equipment
-
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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

Page 19

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
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.

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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not believe that the financial statements are materially impacted by their use of
judgements.


4.


Turnover

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


2023
2022
£
£

Exterior building work
66,145,576
61,156,086

66,145,576
61,156,086


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Insurance claims receivable
11,905
-

Sundry income
117,908
156,837

129,813
156,837



6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
13,150
10,600

Fees payable to the Company's auditors in respect of:

The auditing of accounts of associates of the Company
31,885
27,050

Page 21

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Employees

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


Group
Group
2023
2022
£
£


Wages and salaries
3,325,215
3,141,370

Social security costs
400,076
397,206

Cost of defined contribution scheme
141,002
118,739

3,866,293
3,657,315


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


        2023
        2022
            No.
            No.







Employees
65
62


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
89,430
75,000

Group contributions to defined contribution pension schemes
21,868
21,868

111,298
96,868


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

Page 22

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
54,722
6,278

54,722
6,278


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
22,048
32,086

Finance leases and hire purchase contracts
75,566
47,794

Other interest payable
18,125
20,355

115,739
100,235


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,703,795
1,420,983

Adjustments in respect of previous periods
-
329,820


Deferred tax


Origination and reversal of timing differences
129,276
64,831


Taxation on profit on ordinary activities
1,833,071
1,815,634
Page 23

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.01% based on 19% to 31 March 2023 and 25% from 1 April 2023 (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,667,643
7,898,272


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19%)
1,764,325
1,500,672

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
63,683
42,795

Capital allowances for year in excess of depreciation
(124,286)
(122,484)

Adjustments to tax charge in respect of prior periods
-
329,820

Other timing differences leading to an increase (decrease) in taxation
129,276
64,831

Rounding
73
-

Total tax charge for the year
1,833,071
1,815,634


Factors that may affect future tax charges

There were no factors that may affect tax charges.


12.


Dividends

2023
2022
£
£


Dividends on A shares
2,929,670
2,399,080

2,929,670
2,399,080

Page 24

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 December 2022
1,834,116
876,745
7,300,273
96,659
79,463
10,187,256


Additions
-
550,884
1,968,118
355,877
18,002
2,892,881


Disposals
-
(175,143)
(367,574)
-
(957)
(543,674)



At 30 November 2023

1,834,116
1,252,486
8,900,817
452,536
96,508
12,536,463



Depreciation


At 1 December 2022
109,548
98,946
2,209,354
50,922
40,697
2,509,467


Charge for the year on owned assets
36,682
60,577
643,070
74,887
14,120
829,336


Charge for the year on financed assets
-
-
378,094
25,518
-
403,612


Disposals
-
(57,990)
(116,260)
-
(655)
(174,905)



At 30 November 2023

146,230
101,533
3,114,258
151,327
54,162
3,567,510



Net book value



At 30 November 2023
1,687,886
1,150,953
5,786,559
301,209
42,346
8,968,953



At 30 November 2022
1,724,568
777,799
5,090,919
45,737
38,766
7,677,789

Page 25

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold property - investment property rented to group entity
1,687,886
1,724,568

Short-term leasehold property
1,150,953
777,799

2,838,839
2,502,367


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
2,142,511
2,329,481

Motor vehicles
110,855
45,737

2,253,366
2,375,218

Page 26

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£

Cost or valuation


At 1 December 2022
1,834,116
7,300,273
-
9,134,389


Additions
-
1,895,944
355,877
2,251,821


Disposals
-
(295,400)
-
(295,400)



At 30 November 2023

1,834,116
8,900,817
355,877
11,090,810



Depreciation


At 1 December 2022
109,548
2,209,354
-
2,318,902


Charge for the year on owned assets
36,682
643,070
63,453
743,205


Charge for the year on financed assets
-
378,094
25,518
403,612


Disposals
-
(116,260)
-
(116,260)



At 30 November 2023

146,230
3,114,258
88,971
3,349,459



Net book value



At 30 November 2023
1,687,886
5,786,559
266,906
7,741,351



At 30 November 2022
1,724,568
5,090,919
-
6,815,487






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
2,142,511
2,329,481

Motor vehicles
76,552
-

2,219,063
2,329,481

Page 27

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
242



At 30 November 2023
242





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

KAMM Civil Engineering Limited
Bridge House, 21 West Street, Ringwood, Hampshire, BH24 1DY
Ordinary A & Ordinary B
79%
Suction for Construction Limited
Bridge House, 21 West Street, Ringwood, Hampshire, BH24 1DY
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Profit/(Loss)
£

KAMM Civil Engineering Limited
5,708,004

Suction for Construction Limited
90


15.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
88,848
66,180

88,848
66,180


Page 28

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
9,711,364
11,174,427
-
-

Other debtors
2,709,931
3,018,842
907,450
848,811

Prepayments and accrued income
268,109
414,498
19,536
104,407

Amounts recoverable on long-term contracts
60,694
28,650
-
-

12,750,098
14,636,417
926,986
953,218


Included within other debtors due within one year are loans to the following directors:
Adam McCormack £311,850 (2022 - £311,850),
Keith McWilliams £311,850 (2022 - £311,850).


17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
6,966,080
5,953,068
6,395,287
5,058,187

6,966,080
5,953,068
6,395,287
5,058,187


Page 29

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
78,262
67,888
78,262
67,888

Trade creditors
5,403,954
6,655,587
38,939
15,319

Corporation tax
1,180,344
1,565,951
-
17,971

Other taxation and social security
129,093
109,750
-
-

Obligations under finance lease and hire purchase contracts
981,136
877,201
967,871
859,076

Other creditors
804,684
1,271,031
-
-

Accruals and deferred income
496,023
433,940
12,000
10,000

9,073,496
10,981,348
1,097,072
970,254



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
78,262
67,888
78,262
67,888

Hire purchase contracts
981,136
877,201
967,871
859,076

1,059,398
945,089
1,046,133
926,964

Details of security provided:

The hire purchase contracts are secured on the assets concerned. The bank loan is secured against the property.

Page 30

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
311,990
600,316
311,990
600,316

Net obligations under finance leases and hire purchase contracts
467,873
379,655
457,340
355,857

779,863
979,971
769,330
956,173



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Hire purchase contracts
467,873
379,655
457,340
355,857

Bank loans
311,990
600,316
311,990
600,316

779,863
979,971
769,330
956,173

Details of security provided:

The hire purchase contracts are secured on the assets concerned. The bank loan is secured against the property.




20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
78,262
67,888
78,262
67,888


Amounts falling due 2-5 years

Bank loans
311,990
297,853
311,990
297,853

Amounts falling due after more than 5 years

Bank loans
-
302,463
-
302,463

390,252
668,204
390,252
668,204


Page 31

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
981,136
877,201
967,871
859,076

Between 1-5 years
481,138
379,655
457,340
355,857

1,462,274
1,256,856
1,425,211
1,214,933

Certain plant and machinery and motor vehicles are held under hire purchase contracts. These liabilities are secured by the related assets. The contracts generally include a period of fixed payments and a purchase option at the end of the contract term.


22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
6,966,080
5,953,068
6,395,287
5,058,187




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 32

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

23.


Deferred taxation


Group



2023


£






At beginning of year
(622,582)


Charged to profit or loss
(129,276)



At end of year
(751,858)

Company


2023


£






At beginning of year
(599,177)


Charged to profit or loss
(137,377)



At end of year
(736,554)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(751,858)
(622,582)
(736,554)
(599,177)

(751,858)
(622,582)
(736,554)
(599,177)

Page 33

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

24.


Share capital

2023
2022
£
£
Authorised



500 (2022 - 500) Ordinary A shares of £1 each
500
500
500 (2022 - 500) Ordinary B shares of £1 each
500
500

1,000

1,000

Allotted, called up and fully paid



180 (2022 - 180) Ordinary A shares of £1 each
180
180
4 (2022 - 4) Ordinary B shares of £1 each
4
4

184

184



25.


Reserves

Profit and loss account

Includes all current and prior period profits and losses.


26.


Pension commitments

The Group operates a defined contributions 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 Group  to the fund and amounted to £141,002 (2022 - £118,739). Contributions totalling £19,334 (2022 - £17,529) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 30 November 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
2,605
2,942

Later than 1 year and not later than 5 years
4,493
3,112

7,098
6,054
Page 34

 
KAMM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

28.


Related party transactions

During the year, the Company made net loans of £6,300,000 (2022 - £5,900,000), net bank receipts/payments of £nil (2022 - £11,943), net sales of £2,925,601 (2022 - £2,544,586), net purchases of £964,612 (2022 - £933,642), received rental including recharged rates and utilities of £167,586 (2022 - £156,733) and received dividends of £4,635,142 (2022 - £3,210,307), with its subsidiary company KAMM Civil Engineering Limited. At the year end £nil (2022 - £nil) was owed by KAMM Civil Engineering Limited. These transactions and balances have been removed in the consolidated statement of income and retained earnings, balance sheet, statement of cash flows, analysis of net debt and relevant notes.


29.


Controlling party

The Company is controlled by the directors, Keith McWilliams and Adam McCormack, by virtue of their shareholding as described in the Directors' report.

Page 35