IRIS Accounts Production v24.1.9.2 08775179 Board of Directors 1.12.22 30.11.23 30.11.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh087751792022-11-30087751792023-11-30087751792022-12-012023-11-30087751792021-11-30087751792021-12-012022-11-30087751792022-11-3008775179ns15:EnglandWales2022-12-012023-11-3008775179ns14:PoundSterling2022-12-012023-11-3008775179ns10:Director12022-12-012023-11-3008775179ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3008775179ns10:FRS1022022-12-012023-11-3008775179ns10:Audited2022-12-012023-11-3008775179ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-3008775179ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-012023-11-3008775179ns10:FullAccounts2022-12-012023-11-3008775179ns10:OrdinaryShareClass12022-12-012023-11-3008775179ns10:Director22022-12-012023-11-3008775179ns10:RegisteredOffice2022-12-012023-11-3008775179ns5:CurrentFinancialInstruments2023-11-3008775179ns5:CurrentFinancialInstruments2022-11-3008775179ns5:ShareCapital2023-11-3008775179ns5:ShareCapital2022-11-3008775179ns5:RetainedEarningsAccumulatedLosses2023-11-3008775179ns5:RetainedEarningsAccumulatedLosses2022-11-3008775179ns5:ShareCapital2021-11-3008775179ns5:RetainedEarningsAccumulatedLosses2021-11-3008775179ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-3008775179ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-300877517912022-12-012023-11-3008775179ns5:FurnitureFittings2022-12-012023-11-3008775179ns5:ComputerEquipment2022-12-012023-11-3008775179ns5:OwnedAssets2022-12-012023-11-3008775179ns5:OwnedAssets2021-12-012022-11-300877517912022-12-012023-11-300877517912021-12-012022-11-3008775179ns10:OrdinaryShareClass12021-12-012022-11-3008775179ns5:FurnitureFittings2022-11-3008775179ns5:ComputerEquipment2022-11-3008775179ns5:FurnitureFittings2023-11-3008775179ns5:ComputerEquipment2023-11-3008775179ns5:FurnitureFittings2022-11-3008775179ns5:ComputerEquipment2022-11-3008775179ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3008775179ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3008775179ns10:OrdinaryShareClass12023-11-3008775179ns5:RetainedEarningsAccumulatedLosses2022-11-30
REGISTERED NUMBER: 08775179 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

KLIFER DEVELOPMENTS LTD

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


KLIFER DEVELOPMENTS LTD

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: Mr Y Frankel
Mr A Klein





REGISTERED OFFICE: Suite B
26 Theydon Road
London
E5 9NA





REGISTERED NUMBER: 08775179 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

STRATEGIC REPORT
for the year ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
General Overview
The initial surge in construction projects following the Coronavirus pandemic has slowed with inflation and the cost of living crisis putting a damper on the appetite to spend both in the private and investment sectors. Lingering supply chain issues and global conflicts have caused substantial price increases in oil and other resources with the knock-on effect of pushing prices well above what is the norm for products used within the industry.

Business Environment
In spite of the general economic downturn, the construction and development industry remains strong. Pledges by the Government to substantially increase homebuilding has encouraged the market and suggests that there will be development opportunities accross the country. The market remains competitive, however clients requiring larger projects appreciate the expertise and stability of larger firms.

Trading Results
The directors are pleased to report a successful year for the company. Turnover has decreased to £16.69 million (2022: £21.38 million) but margins have improved with gross profit at £2.76 million (2022: £2.85 million) is reported. The directors consider the profit achieved on ordinary activities before taxation to be particularly satisfactory given the continued pressure on margins due to increased competition and costs of construction.

As shown in the profit and loss account, the company's operating profit for the year was £968,752 (2022: £1,449,267).
The company's balance sheet shows net assets of £2,879,155 (2022: £2,267,076) at the end of the year, with a cash position of £45,436 (2022: £76,599). The state of affairs at the balance sheet date is considered to be satisfactory.

Strategy
The improving economic climate and continued major contracts allow the directors to announce that the current trading year continues with a strong turnover and a number of new opportunities. The directors will continually review the marketplace and manage the risks to maintain and improve the company's profitability.

Social responsibility is a core principal on which the company is based and the directors are pleased that the company has been able to make charitable donations in excess of £230,000 (2022: £268,000).

Future Contracts/Order Book
The company has maintained a good level of activity and currently has a good order book. The company continues to successfully tender for work scheduled to commence in the next six to twelve months.


KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

STRATEGIC REPORT
for the year ended 30 November 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board but work closely with their financial and other professional advisers in managing this. The policies set by the directors are implemented by the company's finance department.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services purchased in the UK but mitigates this by ensuring contracts allow for increases to be recovered. The company has no exposure to equity securities price risk as it holds no significant listed or other equity investments.

Liquidity risk
The company actively maintains short-term debt facilities which are designed to ensure that the company has sufficient available funds for operations and planned expansions.

Interest rate risk
The company has interest bearing liabilities. Short term debt is sensitive to fluctuations in interest rates and these are kept under regular review. The directors will revisit the appropriateness of this policy if the operations of the company change in size or nature.

KEY PERFORMANCE INDICATORS
The key performance indicators for the company are as follows -

2023 2022 Measure

Gross profit margin 16.5% 13% Gross profit/turnover

Debtor days 98 days 71 days Trade debtors/turnover

Creditor days 80 days 62 days Trade creditors/cost of sales

These indicators suggest that the company has maintained effective controls. In spite of pressures on margins, constant monitoring as well as efficiencies have resulted in the gross profit margin remaining stable. Debtor days have decreased and this has also enabled the company to reduce its creditor days.

- Client satisfaction - Maintaining high standards of client satisfaction and developing relationships during periods of growth is a key target for management.

- Employee satisfaction and skills - Hiring a good workforce and upskilling them has been a key factor in the company's growth. This in turn improves morale and employee satisfaction.

- Reliability of supply chains - Developing relationships with suppliers is essential in ensuring materials are ready on site when required and efficiencies are maintained.


KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

STRATEGIC REPORT
for the year ended 30 November 2023

EMPLOYEES
Whilst staffing levels have increased in line with in the additional contracts taken on, the company has successfully implemented flexible working arrangements whereby staff are able to tailor their attendance by liaising with the managers of the site they are on.

The policy of the company is to employ the most suitably qualified persons regardless of age, religion, gender, sexual orientation or ethnic origin or any other grounds not related to a person's ability to work safely and effectively for the business. The directors recognise the importance of ensuring that relevant business information is provided to the employees prior to the employee's commencement date. This is achieved through initial induction (Health Questionnaire, Health & Safety, Anti-Bribery Policy, Skills and Qualifications Assessment) and regular training as required per the Construction Industry Standards.

ON BEHALF OF THE BOARD:





Mr A Klein - Director


28 August 2024

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

REPORT OF THE DIRECTORS
for the year ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of development of buildings projects.

DIVIDENDS
Interim dividends of £1,310 per share were paid with total distributions of £131,000 for the year. The directors recommend that a final dividend is not paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Mr Y Frankel
Mr A Klein

CHARITABLE DONATIONS
During the year the company made charitable donations aggregating £230,535 (2022: £268,156).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

REPORT OF THE DIRECTORS
for the year ended 30 November 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



Mr A Klein - Director


28 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KLIFER DEVELOPMENTS LTD

Opinion
We have audited the financial statements of Klifer Developments Ltd (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KLIFER DEVELOPMENTS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page five, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KLIFER DEVELOPMENTS LTD


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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KLIFER DEVELOPMENTS LTD

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Mr Yedidya Zaiden (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

28 August 2024

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

INCOME STATEMENT
for the year ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 16,688,244 21,376,361

Cost of sales (14,265,701 ) (18,527,195 )
GROSS PROFIT 2,422,543 2,849,166

Administrative expenses (1,549,166 ) (1,399,899 )
OPERATING PROFIT 4 873,377 1,449,267


Interest payable and similar expenses 5 (673 ) (999 )
PROFIT BEFORE TAXATION 872,704 1,448,268

Tax on profit 6 (203,000 ) (276,000 )
PROFIT FOR THE FINANCIAL YEAR 669,704 1,172,268

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

OTHER COMPREHENSIVE INCOME
for the year ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 669,704 1,172,268


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

669,704

1,172,268

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 11,596 12,794
Investments 9 1,350 1,350
12,946 14,144

CURRENT ASSETS
Stocks 10 1,070,713 1,012,095
Debtors 11 6,822,739 6,055,195
Cash at bank 45,436 76,599
7,938,888 7,143,889
CREDITORS
Amounts falling due within one year 12 5,146,054 4,890,957
NET CURRENT ASSETS 2,792,834 2,252,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,805,780

2,267,076

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 2,805,680 2,266,976
SHAREHOLDERS' FUNDS 2,805,780 2,267,076

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr A Klein - Director


KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 100 1,324,708 1,324,808

Changes in equity
Dividends - (230,000 ) (230,000 )
Total comprehensive income - 1,172,268 1,172,268
Balance at 30 November 2022 100 2,266,976 2,267,076

Changes in equity
Dividends - (131,000 ) (131,000 )
Total comprehensive income - 669,704 669,704
Balance at 30 November 2023 100 2,805,680 2,805,780

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

CASH FLOW STATEMENT
for the year ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 151,993 662,867
Interest paid (673 ) (999 )
Tax paid (9,220 ) (452,541 )
Net cash from operating activities 142,100 209,327

Cash flows from investing activities
Purchase of tangible fixed assets (2,263 ) -
Net cash from investing activities (2,263 ) -

Cash flows from financing activities
Amount introduced by directors - 40,000
Amount withdrawn by directors (40,000 ) -
Equity dividends paid (131,000 ) (230,000 )
Net cash from financing activities (171,000 ) (190,000 )

(Decrease)/increase in cash and cash equivalents (31,163 ) 19,327
Cash and cash equivalents at beginning of year 2 76,599 57,272

Cash and cash equivalents at end of year 2 45,436 76,599

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 872,704 1,448,268
Depreciation charges 3,461 3,752
Finance costs 673 999
876,838 1,453,019
Increase in stocks (58,618 ) (652,829 )
Increase in trade and other debtors (767,544 ) (1,825,794 )
Increase in trade and other creditors 101,317 1,688,471
Cash generated from operations 151,993 662,867

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 45,436 76,599
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 76,599 57,272


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank 76,599 (31,163 ) 45,436
76,599 (31,163 ) 45,436
Total 76,599 (31,163 ) 45,436

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Klifer Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as described in the directors' report. This assumes that sufficient funds will be available for the company to continue in operational existence for the foreseeable future.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these judgements and estimates have been made include:
- assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge, and
- the provision required for any bad or doubtful debts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Work in progress
Work in progress is valued at cost and includes a relevant proportion of overheads according to the stage of completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Interest bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
(i)the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;
(ii)the company and the party are subject to common control;
(iii)the party is an associate of the company or a joint venture in which the company is a venturer;
(iv)the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v)the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals;
(vi)the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or
(vii)the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independently administered fund.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 964,358 810,456
Social security costs 49,071 28,246
Other pension costs 10,545 15,277
1,023,974 853,979

The average number of employees during the year was as follows:
2023 2022

Administration 15 15
Construction personnel 52 60
67 75

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 29,200 27,100

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 3,461 3,752
Auditors' remuneration 15,000 15,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on late payment of
tax 673 999
673 999

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 203,000 276,000
Tax on profit 203,000 276,000

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 872,704 1,448,268
Profit multiplied by the standard rate of corporation tax in the UK of 23% (2022 -
19%)

200,722

275,171

Effects of:
Expenses not deductible for tax purposes 2,345 160
Capital allowances in excess of depreciation (257 ) -
Depreciation in excess of capital allowances - 713
Rounding 190 (44 )
Total tax charge 203,000 276,000

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 131,000 230,000

8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 December 2022 19,020 19,835 38,855
Additions - 2,263 2,263
At 30 November 2023 19,020 22,098 41,118
DEPRECIATION
At 1 December 2022 12,851 13,210 26,061
Charge for year 1,234 2,227 3,461
At 30 November 2023 14,085 15,437 29,522
NET BOOK VALUE
At 30 November 2023 4,935 6,661 11,596
At 30 November 2022 6,169 6,625 12,794

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

9. FIXED ASSET INVESTMENTS

Fixed asset investments are held at cost less amounts provided for permanent diminution in value. The carrying values of fixed asset investment are reviewed for impairment where events or changes in circumstance indicate the carrying value may not be recoverable.

10. STOCKS
2023 2022
£    £   
Work-in-progress 1,070,713 1,012,095

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,420,059 4,163,566
Other debtors 2,274,477 1,788,649
VAT 99,854 55,424
Prepayments and accrued income 28,349 47,556
6,822,739 6,055,195

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,077,048 3,200,005
Tax 203,000 9,220
Social security and other taxes 214,494 236,266
Pensions 3,425 975
Other creditors 1,446,097 1,124,593
Directors' current accounts - 40,000
Accruals and deferred income 201,990 279,898
5,146,054 4,890,957

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

14. RESERVES
Retained
earnings
£   

At 1 December 2022 2,266,976
Profit for the year 669,704
Dividends (131,000 )
At 30 November 2023 2,805,680

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for certain members of staff and the pension charge represents the amounts paid by the company to the fund during the year. Payments during the year amounted to £10,545 (2022: £15,277). These contributions are invested separately from the company's assets.

16. CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or end of the financial year.

17. CAPITAL COMMITMENTS

As at 30 November 2023 the company had no capital commitments which had been contracted for but not provided in the financial statements

18. RELATED PARTY DISCLOSURES

During the year dividends of £131,000 (2022: £230,000) were paid to the directors and their close family members.

Included in sales are amounts aggregating £1.7m (2022: £2m) relating to a company of which one of the directors of this company is a director.

Included in other debtors are amounts aggregating £894,931 (2022: £1,065,466) due from companies of which certain of the directors of this company are directors. The loans are interest free and repayable on demand.

Included in other creditors are amounts aggregating £481,209 (2022: £222,200) due from companies of which certain of the directors of this company are directors. The loans are interest free and repayable on demand.

19. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers LLP, the statutory auditor, in respect of the statutory audit for the period ended 30 November 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 8 November 2023.