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Company No: 03529754

KGAL Consulting Engineers Ltd

Financial Statements

Year Ended

31 December 2023

 

KGAL Consulting Engineers Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

KGAL Consulting Engineers Ltd

Company Information

Directors

R J Digby

S Wingrove

T J Doyle

D Griffiths

Registered office

Suite 4 Bourne Gate
Bourne Valley Road
Poole
Dorset
BH12 1DY

Auditors

Hill Osborne Ltd
Chartered Accountants and Registered Auditors
Tower House
Parkstone Road
Poole
Dorset
BH15 2JH

 

KGAL Consulting Engineers Ltd

(Registration number: 03529754)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

43,168

35,510

Current assets

 

Debtors

6

708,624

752,670

Cash at bank and in hand

 

1,311,469

884,817

 

2,020,093

1,637,487

Creditors: Amounts falling due within one year

7

(505,908)

(428,958)

Net current assets

 

1,514,185

1,208,529

Total assets less current liabilities

 

1,557,353

1,244,039

Provisions for liabilities

(57,088)

(54,856)

Net assets

 

1,500,265

1,189,183

Capital and reserves

 

Called up share capital

8

25,000

25,000

Share premium reserve

78,150

78,150

Retained earnings

1,397,115

1,086,033

Shareholders' funds

 

1,500,265

1,189,183

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

R J Digby
Director

 

KGAL Consulting Engineers Ltd

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

1

General information

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

The address of its registered office is:
Suite 4 Bourne Gate
Bourne Valley Road
Poole
Dorset
BH12 1DY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 which is the functional currency, monetary amounts in these financial statements are rounded to the nearest £.

KGAL Consulting Engineers Ltd is a wholly owned subsidiary of Whessoe Sdn Bhd and the results of KGAL Consulting engineers Ltd are included in the consolidated financial statements of Whessoe Sdn Bhd which are available from Companies House Maylaysia.

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.

 

KGAL Consulting Engineers Ltd

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

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 28 March 2024 was Andrew Hill, who signed for and on behalf of Hill Osborne Ltd.

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Turnover 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 turnover can be measured reliably;
 it is probable that the Company 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the funds or asset received or receivable.

Government grants in respect of capital expenditure are credited to deferred income and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Finance income and costs policy

Interest income is recognised in the Profit and Loss Account using the effective interest method.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

KGAL Consulting Engineers Ltd

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

Tangible assets

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

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

Depreciation

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 write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

4 years straight line

Office and computer equipment

25% reducing balance

Amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Computer software included within intangible assets is amortised over 3 years on a straight line basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

 

KGAL Consulting Engineers Ltd

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

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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

The contributions are recognised as an expense in the Profit and Loss account 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 Company in independently administered funds.

 

KGAL Consulting Engineers Ltd

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

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 27).

 

KGAL Consulting Engineers Ltd

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

4

Intangible assets

Computer software
 £

Total
£

Cost or valuation

At 1 January 2023

22,515

22,515

At 31 December 2023

22,515

22,515

Amortisation

At 1 January 2023

22,515

22,515

At 31 December 2023

22,515

22,515

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,527

78,456

80,983

Additions

-

19,401

19,401

At 31 December 2023

2,527

97,857

100,384

Depreciation

At 1 January 2023

2,527

42,946

45,473

Charge for the year

-

11,743

11,743

At 31 December 2023

2,527

54,689

57,216

Carrying amount

At 31 December 2023

-

43,168

43,168

At 31 December 2022

-

35,510

35,510

 

KGAL Consulting Engineers Ltd

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

512,786

585,532

Amounts owed by related parties

10

47,483

4,432

Other debtors

 

358

4,741

Prepayments

 

147,997

157,965

 

708,624

752,670

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

19,050

30,234

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

185,137

185,137

Taxation and social security

 

169,319

132,979

Accruals and deferred income

 

24,051

19,160

Other creditors

 

108,351

61,448

 

505,908

428,958

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

Ordinary B of £1 each

5,000

5,000

5,000

5,000

 

25,000

25,000

25,000

25,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £147,825 (2022 - £132,760).

 

KGAL Consulting Engineers Ltd

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

10

Related party transactions

Summary of transactions with related parties


At the balance sheet date, £185,137 was owed to Whessoe Sdn Bhd the ultimate parent undertaking.