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REGISTERED NUMBER: 04955173 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st December 2023

for

Kwiktuf Limited

Kwiktuf Limited (Registered number: 04955173)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Kwiktuf Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: P Myers
Mrs M Saville
J P Bradley
D Pinkney



SECRETARY: J P Bradley



REGISTERED OFFICE: 264 Wincolmlee
Hull
East Yorkshire
HU2 0PZ



REGISTERED NUMBER: 04955173 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Virgin Money
214 Holderness Road
Hull
HU9 2AA

Kwiktuf Limited (Registered number: 04955173)

Strategic Report
for the year ended 31st December 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The key financial performance indicators of turnover, turnover growth, gross profit and net profit before taxation communicate the financial performance of the company as a whole.

The key financial performance indicators for the last three years are as follows:

2023 2022 2021 2020
£ £ £ £
Turnover 11,819,379 12,623,788 10,884,413 8,709,930
Turnover Growth (6.4)% 16.4% 25% (1)%
Gross Profit Margin 31.1% 28.2% 28.4% 25.2%
Net Profit, before Taxation 1,200,445 1,514,065 1,250,072 839,716
Net Profit Margin 10.16% 11.99% 11.48% 9.64%

Despite a downturn in demand throughout the whole industry during the second half of the year, the directors are pleased with the overall performance of the business for 2023. It is important to highlight that the increase in gross margin achieved was wholly attributable to covering the significant energy cost increases which lie within the overhead structure, not cost of sales. Overall, a satisfactory year.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price and availability risk
The supply of raw materials is no longer an issue in our sector and raw material pricing have stabilised. Reduced demand, as a consequence of the general economic outlook, will be the biggest uncertainty in 2024.

Ongoing activity levels;
Demand in 2024 will inevitably create a more competitive environment and we will be working closely with our customer base to safeguard activity levels and defend as much volume as possible.

Manufacturing costs and Margin;
Due to reduced demand, maintaining margin will be challenging as we head into 2024. Pricing will undoubtedly be challenged. We will ensure best practices are adhered to when purchasing raw materials and we will continue to provide the level of quality and service to retain our position in the market.

Foreign exchange risk
Whilst not directly affected by foreign exchange, the buoyancy of the European market has resulted in a reduced desire for the European arms of the UK facilities to support UK production.

Credit risk
Credit checks are carried out on all customers and a comprehensive insurance policy is also in place.

Liquidity risk
The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


Kwiktuf Limited (Registered number: 04955173)

Strategic Report
for the year ended 31st December 2023

FUTURE DEVELOPMENTS AND STRATEGY
We will continue our program of continuous investment in capital, be that projects or replacement to keep us well positioned to provide a quality product and excellent customer service.

There are no significant product development plans for 2024 however it is the intention of the directors and current shareholders to transfer the ultimate ownership of Kwiktuf into an Employee Ownership Trust. This will consolidate our position in the market as an independent manufacturer and realise the benefits to the customer brought about as a result of employee ownership.

ON BEHALF OF THE BOARD:





J P Bradley - Director


11th September 2024

Kwiktuf Limited (Registered number: 04955173)

Report of the Directors
for the year ended 31st December 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of glass processing specialists.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 850,000 .

FUTURE DEVELOPMENTS
See strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

P Myers
Mrs M Saville
J P Bradley
D Pinkney

Other changes in directors holding office are as follows:

A G Thomas and N C Thomas ceased to be directors after 31st December 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and invoice financing. The main purpose of these instruments is to raise funds and finance the company's operations.

Revenue maintenance
The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the company's strategic report.

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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

Kwiktuf Limited (Registered number: 04955173)

Report of the Directors
for the year ended 31st December 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





J P Bradley - Director


11th September 2024

Report of the Independent Auditors to the Members of
Kwiktuf Limited

Opinion
We have audited the financial statements of Kwiktuf Limited (the 'company') for the year ended 31st December 2023 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 31st December 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
Kwiktuf 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, 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
Kwiktuf Limited


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 a holding company.
- 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, UK tax legislation, and data protection, anti-bribery, employment, environmental and 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; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 relationships;
- tested journal entries to identify unusual transactions;
- 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.

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, relevant regulators, and the company's legal advisors.

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.

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.

Report of the Independent Auditors to the Members of
Kwiktuf 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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

11th September 2024

Kwiktuf Limited (Registered number: 04955173)

Statement of Comprehensive
Income
for the year ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 11,819,379 12,623,788

Cost of sales 8,145,231 9,059,977
GROSS PROFIT 3,674,148 3,563,811

Administrative expenses 2,452,011 2,050,454
1,222,137 1,513,357

Other operating income 7,250 31,449
OPERATING PROFIT 4 1,229,387 1,544,806

Interest receivable and similar income 75 -
1,229,462 1,544,806

Interest payable and similar expenses 5 29,017 30,741
PROFIT BEFORE TAXATION 1,200,445 1,514,065

Tax on profit 6 262,750 403,877
PROFIT FOR THE FINANCIAL YEAR 937,695 1,110,188

OTHER COMPREHENSIVE INCOME
Property revaluation - 339,368
Income tax relating to other comprehensive
income

-

(54,185

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

-

285,183
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

937,695

1,395,371

Kwiktuf Limited (Registered number: 04955173)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,116,204 2,213,858

CURRENT ASSETS
Stocks 9 390,621 480,906
Debtors 10 3,441,157 3,365,805
Cash at bank and in hand 23,159 25,619
3,854,937 3,872,330
CREDITORS
Amounts falling due within one year 11 1,877,090 1,898,080
NET CURRENT ASSETS 1,977,847 1,974,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,094,051

4,188,108

CREDITORS
Amounts falling due after more than one
year

12

(569,831

)

(694,247

)

PROVISIONS FOR LIABILITIES 16 (247,796 ) (275,132 )

ACCRUALS AND DEFERRED INCOME 17 - (30,000 )
NET ASSETS 3,276,424 3,188,729

CAPITAL AND RESERVES
Called up share capital 18 150,080 150,080
Revaluation reserve 392,137 392,137
Retained earnings 2,734,207 2,646,512
SHAREHOLDERS' FUNDS 3,276,424 3,188,729

The financial statements were approved by the Board of Directors and authorised for issue on 11th September 2024 and were signed on its behalf by:





J P Bradley - Director


Kwiktuf Limited (Registered number: 04955173)

Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 150,080 2,536,324 106,954 2,793,358

Changes in equity
Dividends - (1,000,000 ) - (1,000,000 )
Total comprehensive income - 1,110,188 285,183 1,395,371
Balance at 31st December 2022 150,080 2,646,512 392,137 3,188,729

Changes in equity
Dividends - (850,000 ) - (850,000 )
Total comprehensive income - 937,695 - 937,695
Balance at 31st December 2023 150,080 2,734,207 392,137 3,276,424

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Kwiktuf 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 (£).


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 as modified by the revaluation of certain assets.

The company has taken advantage of the following disclosure exemptions 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;
the requirement of paragraph 33.7.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - 20% on cost

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,218,173 3,400,136
Social security costs 263,377 263,680
Other pension costs 62,442 59,888
3,543,992 3,723,704

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

Direct cost employees 110 138
Overhead cost employees 23 22
133 160

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 92,228 70,128

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 -

4. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 8,190 5,790
Depreciation - owned assets 211,761 215,937
Depreciation - assets on hire purchase contracts 53,555 56,048
Profit on disposal of fixed assets (1,000 ) (1,002 )
Auditors' remuneration 1,500 1,200

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 20,347 22,489
Hire purchase interest 8,670 8,252
29,017 30,741

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 290,086 273,960

Deferred taxation (27,336 ) 129,917
Tax on profit 262,750 403,877

UK corporation tax has been charged at 23.52% (2022 - 19%).

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 1,200,445 1,514,065
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

282,345

287,672

Effects of:
Expenses not deductible for tax purposes 769 550
Capital allowances in excess of depreciation (14,361 ) (7,611 )
Deferred tax - 75,732
Group relief (4,392 ) (6,461 )
Profit on disposal of assets - (190 )
Deferred tax on revaluation - 54,185
Change in tax provision rate (1,611 ) -
Total tax charge 262,750 403,877

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31st December 2023.

2022
Gross Tax Net
£    £    £   
Property revaluation 339,368 (54,185 ) 285,183

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 850,000 1,000,000

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st January 2023 1,430,000 3,779,782 70,791
Additions - 102,001 328
Disposals - (662,147 ) (22,135 )
At 31st December 2023 1,430,000 3,219,636 48,984
DEPRECIATION
At 1st January 2023 - 3,103,350 61,925
Charge for year - 214,335 2,221
Eliminated on disposal - (662,147 ) (22,135 )
At 31st December 2023 - 2,655,538 42,011
NET BOOK VALUE
At 31st December 2023 1,430,000 564,098 6,973
At 31st December 2022 1,430,000 676,432 8,866

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st January 2023 272,204 166,881 5,719,658
Additions 65,333 - 167,662
Disposals (44,914 ) (62,995 ) (792,191 )
At 31st December 2023 292,623 103,886 5,095,129
DEPRECIATION
At 1st January 2023 190,350 150,175 3,505,800
Charge for year 42,976 5,784 265,316
Eliminated on disposal (44,914 ) (62,995 ) (792,191 )
At 31st December 2023 188,412 92,964 2,978,925
NET BOOK VALUE
At 31st December 2023 104,211 10,922 2,116,204
At 31st December 2022 81,854 16,706 2,213,858

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st December 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2007 305,042 - -
Valuation in 2012 (173,000 ) - -
Valuation in 2022 285,183 - -
Cost 1,012,775 3,219,636 48,984
1,430,000 3,219,636 48,984

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2007 - - 305,042
Valuation in 2012 - - (173,000 )
Valuation in 2022 - - 285,183
Cost 292,623 103,886 4,677,904
292,623 103,886 5,095,129

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,012,775 1,012,775

The net book value of tangible fixed assets includes £ 173,276 (2022 - £ 226,831 ) in respect of assets held under hire purchase contracts.

9. STOCKS
2023 2022
£    £   
Raw materials 382,085 458,362
Work-in-progress 8,536 22,544
390,621 480,906

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,596,395 1,647,011
Amounts owed by group undertakings 1,762,221 1,648,728
Prepayments and accrued income 82,541 70,066
3,441,157 3,365,805

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 62,675 78,926
Hire purchase contracts (see note 14) 82,168 87,426
Trade creditors 585,098 763,687
Invoicing Discounting 414,743 312,102
Taxation 290,011 273,960
Social security and other taxes 330,455 283,941
Other creditors 2,409 1,800
Accruals and deferred income 109,531 96,238
1,877,090 1,898,080

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 467,455 511,657
Hire purchase contracts (see note 14) 102,376 182,590
569,831 694,247

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 62,675 78,926

Amounts falling due between two and five years:
Bank loans - 2-5 years 467,455 511,657

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 82,168 87,426
Between one and five years 102,376 182,590
184,544 270,016

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 530,130 590,583
Hire purchase contracts 184,544 270,016
Invoice discounting 414,743 312,102
1,129,417 1,172,701

The Bank loan, Invoice discounting facility and Hire Purchase are secured by way of a fixed and floating charge over the property, debtor book and assets of the company.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 247,796 275,132

Deferred
tax
£   
Balance at 1st January 2023 275,132
Credit to Statement of Comprehensive Income during year (27,336 )
Balance at 31st December 2023 247,796

17. ACCRUALS AND DEFERRED INCOME


Government
grants
Government
grants

2023 2022
£    £   
Balance at 1st January 2023 30,000 60,000
Amortisation in the year (30,000 ) (30,000 )
Balance at 31st December 2023 - 30,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150,000 Ordinary £1 150,000 150,000
80 Ordinary A £1 80 80
150,080 150,080

Kwiktuf Limited (Registered number: 04955173)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

19. ULTIMATE CONTROLLING PARTY

The entire share capital is owned by Kwiktuf Holdings Limited (registered no. 10111570) a company registered
in England and Wales.

After the year end, Kwiktuf Holdings Limited was acquired by KHL Trust. KHL Trust has 100% ownership of Kwiktuf Holdings Limited. KHL Trustees Limited, a company which is limited by guarantee (Reg. No. 15593754) is the sole Trustee of KHL Trust.