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REGISTERED NUMBER: 06298371 (England and Wales)





















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

K J RYAN LIMITED

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


K J RYAN LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: K J Ryan
G Maiolo
E Riccobon





REGISTERED OFFICE: One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB





REGISTERED NUMBER: 06298371 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

STRATEGIC REPORT
for the year ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The main business activities are to provide tier two supplies within the automotive supply chain. The company has now been successful in attracting new streams of work and expanded its client base both in the UK and Europe.

PRINCIPAL RISKS AND UNCERTAINTIES
The slower than anticipated recovery of the global markets still pose a threat to UK manufacturing business. This coupled with the rise in utilities, wage costs and interest rates will continue to hamper the 2023/24 trading year.
Material costs have now settled in the current contracts but the transportation of goods within Europe is still proving costly and time consuming.

A large rise in sales turnover was achieved in 2023/24 following confirmation from main customers of build quantities, these increases will need careful management of productivity and cash resources to achieve bast results.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial performance of the company as a whole, these being turnover, gross margin and return on capital employed.

2024 2023
£'000 £'000

Turnover 17,157 11,493
Gross profit margin % 17.6% 14.1%
Profit before tax 1,212 49

Both gross profit margin and pre-tax profits have remained within acceptable levels, driven by the turnover increase during the financial year.

Return on capital employed has increased to 55.9% (2023: 3.0%).

ON BEHALF OF THE BOARD:





K J Ryan - Director


26 July 2024

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of supply and manufacture of soft trim of automotive components.

DIVIDENDS
An interim dividend of £130.82 per share on the Ordinary B £1 shares was paid on 26 March 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary A £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2024 will be £ 392,470 .

FUTURE DEVELOPMENTS
Future developments have been detailed in the strategic report in accordance with s414C(11) CA 2006.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
K J Ryan held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

G Maiolo and E Riccobon were appointed as directors after 31 March 2024 but prior to the date of this report.

GOING CONCERN
The directors have considered the working capital requirements of the company and believe that the resources available to them are sufficient and appropriate for the continuing trading needs of the company. As a result of this assessment, the going concern assumption continues to be adopted in the preparation of these financial statements.

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.

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


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:





K J Ryan - Director


26 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
K J RYAN LIMITED

Opinion
We have audited the financial statements of K J Ryan Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 March 2024 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
K J RYAN LIMITED


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 three, 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.

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:

- Enquiry of management around actual and potential litigation and claims;
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
K J RYAN LIMITED


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.




Martin Gibbs FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

26 July 2024

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 4 17,156,713 11,492,594

Cost of sales 14,133,554 9,876,873
GROSS PROFIT 3,023,159 1,615,721

Administrative expenses 1,801,774 1,563,265
OPERATING PROFIT 6 1,221,385 52,456


Interest payable and similar expenses 8 9,122 3,584
PROFIT BEFORE TAXATION 1,212,263 48,872

Tax on profit 9 311,000 7,963
PROFIT FOR THE FINANCIAL YEAR 901,263 40,909

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

901,263

40,909

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 419,431 517,110

CURRENT ASSETS
Stocks 12 491,493 422,819
Debtors 13 4,825,585 3,986,261
Cash at bank and in hand 368,778 37,194
5,685,856 4,446,274
CREDITORS
Amounts falling due within one year 14 3,920,497 3,206,313
NET CURRENT ASSETS 1,765,359 1,239,961
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,184,790

1,757,071

CREDITORS
Amounts falling due after more than one
year

15

(43,291

)

(108,365

)

PROVISIONS FOR LIABILITIES 18 (96,000 ) (112,000 )
NET ASSETS 2,045,499 1,536,706

CAPITAL AND RESERVES
Called up share capital 19 20,000 20,000
Retained earnings 20 2,025,499 1,516,706
SHAREHOLDERS' FUNDS 2,045,499 1,536,706

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





K J Ryan - Director


K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 20,000 1,868,297 1,888,297

Changes in equity
Dividends - (392,500 ) (392,500 )
Total comprehensive income - 40,909 40,909
Balance at 31 March 2023 20,000 1,516,706 1,536,706

Changes in equity
Dividends - (392,470 ) (392,470 )
Total comprehensive income - 901,263 901,263
Balance at 31 March 2024 20,000 2,025,499 2,045,499

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

K J Ryan Limited 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 (£).


The Company's place of business is Unit 3, Wayside Business Park, Coventry, CV6 6NY.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, typically on dispatch of the goods.

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the income statement in the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Plant and machinery- 20% on reducing balance
Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33% on reducing balance

Any gains and losses on the disposal of tangible fixed assets are recognised in the income statement in the year that the disposal takes place.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of raw materials includes all costs in bringing the product to its current location and condition. Stocks are maintained on a first in, first out basis.

As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised.

At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed in the year that the reversal occurs.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

3. 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 16,299,732 10,820,282
Europe 836,986 664,160
South America 19,995 8,152
17,156,713 11,492,594

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,813,981 2,838,278
Social security costs 334,868 240,893
Other pension costs 119,099 109,621
4,267,948 3,188,792

The average number of employees during the year was as follows:
2024 2023

Management & administration 8 8
Production 144 117
152 125

2024 2023
£    £   
Director's remuneration 12,000 8,844

Key management are considered to be the directors of the company and their compensation paid or payable is shown above.

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 64,563 71,212
Depreciation - assets on hire purchase contracts 42,641 32,752
Foreign exchange differences 2,293 40,345

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

6,300

6,600

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 9,122 3,584

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 327,000 (6,120 )
Prior year adjustment - 83
Total current tax 327,000 (6,037 )

Deferred tax (16,000 ) 14,000
Tax on profit 311,000 7,963

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:

2024 2023
£    £   
Profit before tax 1,212,263 48,872
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

303,066

9,286

Effects of:
Expenses not deductible for tax purposes 7,739 (5,128 )
Adjustments to tax charge in respect of previous periods - 83
Adjustments in respect of deferred tax change in rate - 3,246
Group relief - 6,120
Group relief repaid - (6,120 )
Rounding 195 476
Total tax charge 311,000 7,963

10. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 392,470 392,500

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,697,561 56,011 58,247 71,844 1,883,663
Additions 2,500 6,445 - 580 9,525
At 31 March 2024 1,700,061 62,456 58,247 72,424 1,893,188
DEPRECIATION
At 1 April 2023 1,215,357 38,069 51,195 61,932 1,366,553
Charge for year 94,921 7,046 1,763 3,474 107,204
At 31 March 2024 1,310,278 45,115 52,958 65,406 1,473,757
NET BOOK VALUE
At 31 March 2024 389,783 17,341 5,289 7,018 419,431
At 31 March 2023 482,204 17,942 7,052 9,912 517,110

Included in the total net book value of plant and machinery and motor vehicles was £170,564 (2023: £213,205) in respect of assets held under finance leases.

12. STOCKS
2024 2023
£    £   
Raw materials 491,493 422,819

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,782,914 3,944,644
Amounts owed by group undertakings - 6,120
Directors' current accounts 16,562 -
Prepayments and accrued income 26,109 35,497
4,825,585 3,986,261

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 67,774 67,774
Trade creditors 1,703,171 1,480,004
Amounts owed to group undertakings 1,129,246 1,129,247
Tax 327,000 -
VAT 573,053 421,594
Other creditors 318 10,853
Directors' current accounts - 3,211
Accruals and deferred income 119,935 93,630
3,920,497 3,206,313

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 43,291 108,365

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 67,774 67,774
Between one and five years 43,291 108,365
111,065 176,139

Non-cancellable operating leases
2024 2023
£    £   
Within one year 142,363 290,140
Between one and five years 443,680 482,203
In more than five years - 18,880
586,043 791,223

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 111,065 176,139
K J Ryan Holdings Limited 1,129,247 1,129,247
1,240,312 1,305,386

The bank overdraft is secured by fixed and floating charges dated 16 January 2015 over all assets of the company.

The balance due to the holding company is secured by a debenture dated 25 November 2011 over all assets of the company.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 96,000 112,000

Deferred
tax
£   
Balance at 1 April 2023 112,000
Credit to Statement of Comprehensive Income during year (16,000 )
Balance at 31 March 2024 96,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
17,000 Ordinary A £1 17,000 17,000
3,000 Ordinary B £1 3,000 3,000
20,000 20,000

K J RYAN LIMITED (REGISTERED NUMBER: 06298371)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

20. RESERVES
Retained
earnings
£   

At 1 April 2023 1,516,706
Profit for the year 901,263
Dividends (392,470 )
At 31 March 2024 2,025,499

Retained Earnings

The retained earnings account represents cumulative profits and losses net of dividends and other adjustments.

21. PENSION COMMITMENTS

The company operates a defined contribution scheme for the director and certain employees. Contributions to the scheme during the financial year amounting to £119,099 (2023: £109,621) have been charged to the profit and loss account. At 31 March 2024 there were £nil of contributions that had not been paid over to the pension scheme (2023: £12,761).

22. ULTIMATE PARENT COMPANY

KJ Ryan Holdings Limited is regarded by the directors as being the company's ultimate parent company.

The company is a wholly-owned subsidiary of KJ Ryan Holdings Limited.

23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
K J Ryan
Balance outstanding at start of year - -
Amounts advanced 409,032 -
Amounts repaid (392,470 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,562 -

24. POST BALANCE SHEET EVENTS

On 12 June 2024 the directors completed on the part sale of the immediate parent company, resulting in a change of ownership. At the date of these financial statements, the immediate parent undertaking of the Company remains KJ Ryan Holdings Limited.

The ultimate parent undertaking and controlling party is Haworth Inc, incorporated in Michigan.