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REGISTERED NUMBER: 01211144 (England and Wales)
















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KABY ENGINEERS LIMITED

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


KABY ENGINEERS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: S T Williams



REGISTERED OFFICE: 10 Sheene Road
Leicester
Leicestershire
LE4 1BF



REGISTERED NUMBER: 01211144 (England and Wales)



AUDITORS: SFB Group Limited
Chartered Accountants
Statutory Auditor
Unit 8 Oak Spinney Park
Ratby Lane
Leicester Forest East
Leicester
LE3 3AW



BANKERS: Santander UK PLC
BBAM
Bridle Road
Bootle
Merseyside
L304GB

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

GROUP STRATEGIC REPORT
for the Year Ended 31 March 2024

The director presents his strategic report of the company and the group 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 nature of our business and is written in the context of the risks and uncertainties we face.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and return on investment.

The accounts show a decrease in turnover for the year and gross profit decreasing from £4,911,811 to £4,871,015. The group made a operating profit of £437,868 for the year as compared to a profit of £403,968 in 2023.

The group declared a net profit after tax and other comprehensive income of £145,473 in the period compared to a profit of £67,647 in 2023.

The groups results for the year reflect the continued challenging environment for the global economy. The group with the support of its customers, suppliers and staff has been able to increase total comprehensive income from previous year. The coming year will continue to be challenging for us and the global economy but with a strong order book, valued staff support and continued controlling of costs we hope to see improvement in our results.

ON BEHALF OF THE BOARD:





S T Williams - Director


4 September 2024

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

REPORT OF THE DIRECTOR
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of light engineering.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
S T Williams has 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:

V L Nathwani - resigned 28 March 2024

EMPLOYEE INVOLVEMENT
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

DISABLED PERSONS
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

REPORT OF THE DIRECTOR
for the Year Ended 31 March 2024


AUDITORS
The auditors, SFB Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S T Williams - Director


4 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KABY ENGINEERS LIMITED

Opinion
We have audited the financial statements of Kaby Engineers Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 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 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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KABY ENGINEERS LIMITED


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 Report of the Director.

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 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

- 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;
- Enquiry of management around actual and potential litigation and claims;
- Enquiry of management to identify any instances of non-compliance with laws and regulations;
- We reviewed correspondence with legal and regulatory bodies where applicable;
- We agreed the financial statements disclosures to underlying supporting documentation
- We reviewed the detail of certain nominal accounts for indications of management override;
- We gained an understanding of the design and implementation of the processes and controls in place within the group which are designed to prevent, detect or correct fraud or error within the financial statements
- We challenged the accounting treatment applied in respect of revenue recognised during the year, in particular in relation to manual adjustments made to revenue, cut off between accounting periods;
- We identified and tested journal entries which we considered to be unusual and maybe indicative of bias on the part of management or those charged with governance, investigating the rationale behind significant or unusual transactions.

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
KABY ENGINEERS 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.




Paul Carvell BFP FCA (Senior Statutory Auditor)
for and on behalf of SFB Group Limited
Chartered Accountants
Statutory Auditor
Unit 8 Oak Spinney Park
Ratby Lane
Leicester Forest East
Leicester
LE3 3AW

4 September 2024

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 17,656,014 20,467,072

Cost of sales 12,784,999 15,555,261
GROSS PROFIT 4,871,015 4,911,811

Distribution costs 197,863 208,766
Administrative expenses 4,235,284 4,336,629
4,433,147 4,545,395
437,868 366,416

Other operating income - 37,551
OPERATING PROFIT 6 437,868 403,967

Interest receivable and similar income 7 248 -
438,116 403,967

Interest payable and similar expenses 8 392,643 336,321
PROFIT BEFORE TAXATION 45,473 67,646

Tax on profit 9 - -
PROFIT FOR THE FINANCIAL YEAR 45,473 67,646
Profit attributable to:
Owners of the parent 45,473 67,646

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 45,473 67,646


OTHER COMPREHENSIVE INCOME
Revaluation on freehold property 100,000 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

100,000

-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 145,473 67,646

Total comprehensive income attributable to:
Owners of the parent 145,473 67,646

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 94,612 189,208
Tangible assets 12 4,797,757 4,862,509
Investments 13 - -
4,892,369 5,051,717

CURRENT ASSETS
Stocks 14 1,927,916 2,057,443
Debtors 15 2,492,896 3,376,126
Cash at bank 106,493 440,973
4,527,305 5,874,542
CREDITORS
Amounts falling due within one year 16 3,950,612 5,260,498
NET CURRENT ASSETS 576,693 614,044
TOTAL ASSETS LESS CURRENT LIABILITIES 5,469,062 5,665,761

CREDITORS
Amounts falling due after more than one year 17 2,783,003 3,125,175
NET ASSETS 2,686,059 2,540,586

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Fair value reserve 1,711,216 1,611,216
Retained earnings 874,843 829,370
SHAREHOLDERS' FUNDS 2,686,059 2,540,586

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





S T Williams - Director


KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 94,612 189,208
Tangible assets 12 4,784,431 4,845,550
Investments 13 250,752 250,752
5,129,795 5,285,510

CURRENT ASSETS
Stocks 14 1,927,916 2,057,443
Debtors 15 2,832,795 3,780,035
Cash at bank 106,493 440,973
4,867,204 6,278,451
CREDITORS
Amounts falling due within one year 16 3,949,712 5,259,597
NET CURRENT ASSETS 917,492 1,018,854
TOTAL ASSETS LESS CURRENT LIABILITIES 6,047,287 6,304,364

CREDITORS
Amounts falling due after more than one year 17 2,783,003 3,125,175
NET ASSETS 3,264,284 3,179,189

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Fair value reserve 1,711,216 1,611,216
Retained earnings 1,453,068 1,467,973
SHAREHOLDERS' FUNDS 3,264,284 3,179,189

Company's (loss)/profit for the financial year (14,905 ) 7,248

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





S T Williams - Director


KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100,000 761,724 1,611,216 2,472,940

Changes in equity
Total comprehensive income - 67,646 - 67,646
Balance at 31 March 2023 100,000 829,370 1,611,216 2,540,586

Changes in equity
Total comprehensive income - 45,473 100,000 145,473
Balance at 31 March 2024 100,000 874,843 1,711,216 2,686,059

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100,000 1,460,725 1,611,216 3,171,941

Changes in equity
Total comprehensive income - 7,248 - 7,248
Balance at 31 March 2023 100,000 1,467,973 1,611,216 3,179,189

Changes in equity
Total comprehensive income - (14,905 ) 100,000 85,095
Balance at 31 March 2024 100,000 1,453,068 1,711,216 3,264,284

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 544,875 (1,016,009 )
Interest paid (386,234 ) (319,776 )
Interest element of hire purchase payments paid (6,409 ) (16,545 )
Tax paid - (18,494 )
Net cash from operating activities 152,232 (1,370,824 )

Cash flows from investing activities
Purchase of tangible fixed assets (157,531 ) (67,682 )
Sale of tangible fixed assets 13,500 5,400
Interest received 248 -
Net cash from investing activities (143,783 ) (62,282 )

Cash flows from financing activities
New loans in year - 2,737,000
Loan repayments in year (354,250 ) (886,583 )
Capital advances / (repayments) in year 11,321 (92,278 )
Amount introduced by directors - 42,906
Net cash from financing activities (342,929 ) 1,801,045

(Decrease)/increase in cash and cash equivalents (334,480 ) 367,939
Cash and cash equivalents at beginning of year 2 440,973 73,034

Cash and cash equivalents at end of year 2 106,493 440,973

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 45,473 67,646
Depreciation charges 416,879 460,721
Profit on disposal of fixed assets (13,500 ) (5,400 )
Finance costs 392,643 336,321
Finance income (248 ) -
841,247 859,288
Decrease/(increase) in stocks 129,527 (334,591 )
Decrease in trade and other debtors 883,230 361,536
Decrease in trade and other creditors (1,309,129 ) (1,902,242 )
Cash generated from operations 544,875 (1,016,009 )

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 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 106,493 440,973
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 440,973 73,034


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 440,973 (334,480 ) 106,493
440,973 (334,480 ) 106,493
Debt
Finance leases (29,212 ) (11,321 ) (40,533 )
Debts falling due within 1 year (354,250 ) - (354,250 )
Debts falling due after 1 year (2,117,063 ) 354,250 (1,762,813 )
(2,500,525 ) 342,929 (2,157,596 )
Total (2,059,552 ) 8,449 (2,051,103 )

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Kaby Engineers 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 General Information page.

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


2. ACCOUNTING POLICIES

Compliance with accounting standards
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 on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 March 2024. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consolidation.

Going concern
The group has carried out assessments of the future trading performance and cash flows with sensitivities completed to reflect the current uncertain environment. The results of these assessments were reviewed considering the financial position of the Group at 31 March 2024, the cost and cash mitigation measures available to it, and the access to ongoing funding facilities. Based on these assessments the director has a reasonable expectation that the Group will be able to meet its financial obligations for the foreseeable future and have adequate resources to continue to operate for at least 12 months from the date of this annual report. The director therefore considers it appropriate to adopt the going concern basis in preparing these financial statements.

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

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible fixed assets
Intangible fixed assets represent capitalised research and development costs. No amortisation is to be applied in the year of acquisition. The balance as at 31 March 2024 will be amortised over one year.

Tangible fixed assets
Tangible fixed assets include investment properties professionally valued by Chartered Surveyors on an existing use open market value basis. Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Freehold buildings - 2% per annum of cost or valuation
Leasehold property improvement - Straight line over 7 years
Plant, machinery, fixtures and fittings - 10%-50% per annum of cost & 15% reducing balance
Office equipment - 20% reducing balance
Motor vehicles - 20% per annum of cost & 25% reducing balance

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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 or the lease term, whichever is the shorter.

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

Rentals paid / received under operating leases are charged / credited to the profit and loss account on a straight line basis over the period of the lease.

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

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group accounting policies. Estimates and judgements 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 estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic lives and residual values of fixture & fittings and plant & machinery, and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values.

Finished Goods
Stock includes attributable labour and overheads and are based on management's estimate of the absorption of fixed and variable costs in the manufacturing process excluding selling and marketing costs.

Leases
The director determines whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 13,031,650 14,734,624
Europe 3,779,625 4,961,747
United States of America 611,902 770,701
Rest of the world 232,837 -
17,656,014 20,467,072

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,403,949 4,987,267
Social security costs 366,827 436,502
Other pension costs 78,383 77,878
4,849,159 5,501,647

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

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

Staff 23 23
Production 126 141
149 164

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 149,710 125,265

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 19,678 19,441
Other operating leases 143,500 166,769
Depreciation - owned assets 295,120 340,336
Depreciation - assets on hire purchase contracts 27,163 25,789
Profit on disposal of fixed assets (13,500 ) (5,400 )
Development costs amortisation 94,596 94,596
Auditors' remuneration 13,535 10,300

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Other interest 248 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 137,832 93,523
Bank loan interest 248,402 226,253
Hire purchase 6,409 16,545
392,643 336,321

9. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation on freehold property 100,000 - 100,000

The amount of unused tax losses is £8,404,035 (2023 £8,382,675). There is no expiry date on timing differences and unused tax losses.

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £14,905 (2023 - £7,248 profit).

11. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
At 1 April 2023
and 31 March 2024 473,000
AMORTISATION
At 1 April 2023 283,792
Amortisation for year 94,596
At 31 March 2024 378,388
NET BOOK VALUE
At 31 March 2024 94,612
At 31 March 2023 189,208

Company
Development
costs
£   
COST
At 1 April 2023
and 31 March 2024 473,000
AMORTISATION
At 1 April 2023 283,792
Amortisation for year 94,596
At 31 March 2024 378,388
NET BOOK VALUE
At 31 March 2024 94,612
At 31 March 2023 189,208

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 3,600,000 14,132,467 247,907 17,980,374
Additions - 92,492 65,039 157,531
Disposals - - (186,525 ) (186,525 )
Revaluations 100,000 - - 100,000
At 31 March 2024 3,700,000 14,224,959 126,421 18,051,380
DEPRECIATION
At 1 April 2023 - 12,879,721 238,144 13,117,865
Charge for year - 304,180 18,103 322,283
Eliminated on disposal - - (186,525 ) (186,525 )
At 31 March 2024 - 13,183,901 69,722 13,253,623
NET BOOK VALUE
At 31 March 2024 3,700,000 1,041,058 56,699 4,797,757
At 31 March 2023 3,600,000 1,252,746 9,763 4,862,509

Freehold land and buildings was revalued on 2 July 2024 by Avison Young (UK) Limited in accordance with the RICS Valuation Global Standards effective from 31 January 2022 and the Red Book UK National Supplement effective from 1 May 2024.This was incorporated into the 2024 accounts. If freehold land and buildings had not been revalued it would have been included at a cost of £2,157,363.

The net book value of tangible fixed assets include £33,949 (2023 - £24,511) in respect of assets held under hire purchase contracts.

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 3,600,000 14,056,376 247,907 17,904,283
Additions - 92,492 65,039 157,531
Disposals - - (186,525 ) (186,525 )
Revaluations 100,000 - - 100,000
At 31 March 2024 3,700,000 14,148,868 126,421 17,975,289
DEPRECIATION
At 1 April 2023 - 12,820,589 238,144 13,058,733
Charge for year - 300,547 18,103 318,650
Eliminated on disposal - - (186,525 ) (186,525 )
At 31 March 2024 - 13,121,136 69,722 13,190,858
NET BOOK VALUE
At 31 March 2024 3,700,000 1,027,732 56,699 4,784,431
At 31 March 2023 3,600,000 1,235,787 9,763 4,845,550

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Company

Freehold land and buildings was revalued on 2 July 2024 by Avison Young (UK) Limited in accordance with the RICS Valuation Global Standards effective from 31 January 2022 and the Red Book UK National Supplement effective from 1 May 2024.This was incorporated into the 2024 accounts. If freehold land and buildings had not been revalued it would have been included at a cost of £2,157,363.

The net book value of tangible fixed assets include £33,949 (2023 - £24,511) in respect of assets held under hire purchase contracts.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 250,752
NET BOOK VALUE
At 31 March 2024 250,752
At 31 March 2023 250,752

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cadet Engineering Limited
Registered office: 10 Sheene Road,Leicester,England,LE4 1BF
Nature of business: Provision of specialist engineering
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (327,473 ) (448,248 )
Profit for the year 60,377 60,398


14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Raw materials 612,433 924,933 612,433 924,933
Work-in-progress 731,089 620,205 731,089 620,205
Finished goods 584,394 512,305 584,394 512,305
1,927,916 2,057,443 1,927,916 2,057,443

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,627,610 2,426,739 1,627,610 2,426,739
Amounts owed by group undertakings - - 339,899 403,909
Other debtors 752,217 780,298 752,217 780,298
Prepayments and accrued income 113,069 169,089 113,069 169,089
2,492,896 3,376,126 2,832,795 3,780,035

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 354,250 354,250 354,250 354,250
Hire purchase contracts (see note 19) 14,774 15,531 14,774 15,531
Invoice financing 1,353,770 2,133,140 1,353,770 2,133,140
Trade creditors 1,832,597 2,229,074 1,832,597 2,229,073
Social security and other taxes 71,641 90,747 71,641 90,747
VAT 152,166 164,873 152,166 164,873
Other creditors 87,043 151,223 87,043 151,223
Accruals and deferred income 84,371 121,660 83,471 120,760
3,950,612 5,260,498 3,949,712 5,259,597

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 1,762,813 2,117,063 1,762,813 2,117,063
Hire purchase contracts (see note 19) 25,759 13,681 25,759 13,681
Other creditors 994,431 994,431 994,431 994,431
2,783,003 3,125,175 2,783,003 3,125,175

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 354,250 354,250 354,250 354,250
Amounts falling due between one and two years:
Bank loans - 1-2 years 354,250 354,250 354,250 354,250
Amounts falling due between two and five years:
Bank loans - 2-5 years 693,563 827,812 693,563 827,812
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 715,000 935,001 715,000 935,001

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

18. LOANS - continued

The bank loans and overdraft are secured by a fixed and floating charge over the assets of the Group.

The two bank loan terms of repayments are 99 and 27 months respectively at 31st March 2024.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,774 15,531
Between one and five years 25,759 13,681
40,533 29,212

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,774 15,531
Between one and five years 25,759 13,681
40,533 29,212

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 131,250 143,500
Between one and five years 186,667 201,250
In more than five years - 116,667
317,917 461,417

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 131,250 143,500
Between one and five years 186,667 201,250
In more than five years - 116,667
317,917 461,417

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,000 Ordinary 20p 100,000 100,000

KABY ENGINEERS LIMITED (REGISTERED NUMBER: 01211144)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

21. ULTIMATE PARENT PARTY

The group is controlled by the Sanghera family trusts.

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 43,845

23. RELATED PARTY DISCLOSURES

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.

The below are related by common persons with significant influence.

Included in other creditors is a unsecured loan of £494,431 (2023 - £494,431). The amount is interest free and repayable on demand.

Included in other debtors is a unsecured loan of £747,668 (2023 - £747,668). This amount is net of interest.

The below are related by common control.

Included in other debtors is a unsecured loan of NIL (2023 £14,136) due by previous director Mr B S Sanghera.

During the year the company was charged rent and property insurance of £73,575 (2023 - £94,356) by BPC (Holdings) Ltd.

Included in trade creditors is a rent deposit of £30,000 (2023 £30,000) paid to BPC Holdings Ltd.

During the year the company received rent of £NIL (2023 £37,551) from BPC Electronics Ltd.

During the year the company paid £42,991 (2023 £16,564) for IT services received during the year and reimbursements of Business rates to BPC Electronics Ltd.

Included in other creditors is a secured loan of £500,000 (2023 £600,000) from The Sanghera Trust.The amount is net of interest. Interest accrued during the year amounted to £31,879 (2023 £41,000).