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Kestrel Valve And Engineering Services Limited
























Financial statements



For the period ended 31 December 2023



Registered number: 03333534
Information for filing with the registrar

 
Kestrel Valve And Engineering Services Limited - Registered number: 03333534

Statement of financial position
As at 31 December 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
19,806
33,680

  
19,806
33,680

Current assets
  

Stocks
  
51,124
25,607

Debtors
 5 
1,345,605
275,655

Cash at bank and in hand
 6 
196,870
487,361

  
1,593,599
788,623

Creditors: amounts falling due within one year
 7 
(637,939)
(269,642)

Net current assets
  
 
 
955,660
 
 
518,981

Total assets less current liabilities
  
975,466
552,661

Creditors: amounts falling due after more than one year
 8 
(850,000)
(14,400)

  

Net assets
  
125,466
538,261


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
125,366
538,161

  
125,466
538,261


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board on 21 May 2024 and were signed on its behalf by:


Steve Jones
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
Kestrel Valve And Engineering Services Limited - Registered number: 03333534

Statement of financial position (continued)
As at 31 December 2023


Page 2

 
Kestrel Valve And Engineering Services Limited

 
Notes to the financial statements
For the period ended 31 December 2023

1.


General information

Kestrel Valve and Engineering Services Limited is a private company limited by shares and its registered office is 46/48 Beak Street, London, England, W1F 9RJ. The principal place of business is Unit 3 Woodrow Wat, Glouchester, GL2 5DX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the company as lessee

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Page 3

 
Kestrel Valve And Engineering Services Limited

Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Kestrel Valve And Engineering Services Limited

Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties,
loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at
the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the
arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt
deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate,
the financial asset or liability is measured, initially at the present value of future cash flows discounted at a
market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as
a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss
is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised
when paid. Final equity dividends are recognised when approved by the shareholders at an annual general
meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 7 (year ended 31 March 2023 - 9 (unaudited)).

Page 5

 
Kestrel Valve And Engineering Services Limited

 
Notes to the financial statements
For the period ended 31 December 2023

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023 (unaudited)
181,041
59,380
33,541
273,962



At 31 December 2023

181,041
59,380
33,541
273,962



Depreciation


At 1 April 2023 (unaudited)
174,266
38,035
27,981
240,282


Charge for the period
2,414
11,134
326
13,874



At 31 December 2023

176,680
49,169
28,307
254,156



Net book value



At 31 December 2023
4,361
10,211
5,234
19,806



At 31 March 2023 (unaudited)
6,775
21,345
5,560
33,680


5.


Debtors

31 December
Unaudited
31 March
2023
2023
£
£


Trade debtors
827,097
275,655

Amounts owed by group undertakings
482,500
-

Prepayments and accrued income
36,008
-

1,345,605
275,655


Page 6

 
Kestrel Valve And Engineering Services Limited

 
Notes to the financial statements
For the period ended 31 December 2023

6.


Cash and cash equivalents

31 December
Unaudited
31 March
2023
2023
£
£

Cash at bank and in hand
196,870
487,361

196,870
487,361



7.


Creditors: amounts falling due within one year

31 December
Unaudited
31 March
2023
2023
£
£

Trade creditors
300,195
163,712

Corporation tax
98,203
83,881

Other taxation and social security
94,459
14,179

Obligations under finance lease and hire purchase contracts
9,000
-

Other creditors
63,224
-

Accruals and deferred income
72,858
7,870

637,939
269,642



8.


Creditors: amounts falling due after more than one year

31 December
Unaudited
31 March
2023
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
14,400

Amounts owed to group undertakings
850,000
-

850,000
14,400


The amounts owed to group undertakings relates to a loan with the parent company which is secured by fixed and
floating charges. The loan incurs interest at 5% above the base rate set by the Bank of England. The loan is
repayable in 2026.

Page 7

 
Kestrel Valve And Engineering Services Limited

 
Notes to the financial statements
For the period ended 31 December 2023

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 December
Unaudited
31 March
2023
2023
£
£


Within one year
9,000
9,000

Between 1-5 years
-
5,400

9,000
14,400


10.


Contingent liabilities

The company had no contingent liabilities at 31 December 2023 or 31 March 2023 (unaudited).


11.


Capital commitments

The company had no capital commitments at 31 December 2023 or 31 March 2023 (unaudited).




12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the company in independently administered funds. The pension cost charge represents contributions
payable by the company to the fund and amounted to £13,088 (year ended 31 March 2023 - £71,606 (unaudited)). Contributions totalling £nil (31 March 2023 - £nil (unaudited)) were payable to the fund at the reporting date and are inducted in creditors.


13.


Commitments under operating leases

At 31 December 2023, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
Unaudited
31 March
2023
2023
£
£


Not later than 1 year
16,435
32,870

Later than 1 year and not later than 5 years
-
16,435

16,435
49,305

Page 8

 
Kestrel Valve And Engineering Services Limited

 
Notes to the financial statements
For the period ended 31 December 2023

14.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 section 1a whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertakings of the group headed by Amcomri Group Limited.


15.


Controlling party

The smallest group of undertakings for which consolidated group accounts, which include the company, have been
drawn up is headed by Amcomri Group Limited. Amcomri Group Limited has its registered office at 46/48 Beak
Street, London, W1F 9RJ.


16.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

The prior year financial statements were not subject to audit.

The audit report was signed on 22 May 2024 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 9