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Company Registration number: 13200257

Kentra Bay Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 29 February 2024

 

Kentra Bay Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Financial Statements

18 to 36

 

Kentra Bay Holdings Limited

Company Information

Directors

B Hill

G A Hill

S Malpas

F A L Marx

T K Marx

F J Wingfield-Digby

Registered office

Abpac House
Wessex Way
Wincanton Business Park
Wincanton
Somerset
BA9 9RR

Auditors

Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

Kentra Bay Holdings Limited

Strategic Report for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

Principal activity

The principal activity of the company is holding company.

Fair review of the business

The group is a wholesaler and distributor of bakery packaging, which is sold into the bakery and butchery sectors.

Turnover reduced very slightly in the year, as the group consolidated its product offering. The Board are optimistic that turnover will increase in future years.

The group continues to offer bespoke products to its customers & this sector continues to expand.

Equality, diversity and inclusion

The group welcomes applications from all backgrounds as it believes an inclusive culture is beneficial for all.

The group is committed to promoting working environment based on dignity, trust and respect and is free from harassment, bullying, victimisation, and discrimination.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Profit before tax margin

%

13

14

Stock days

Days

48

51

Trade debtor days

Days

38

41

The directors do not consider there are any other appropriate non-financial KPIs relevant to the understanding of the business.

Principal risks and uncertainties

Cash flow risk - the directors review facilities on a regular basis.

Credit risk - the group operates in a highly competitive market and uses the facilities of credit agencies in estimating risk and operates a rigorous credit control system.

Competition risk - the group operates in a very competitive market, this can lead to downward pressure on prices.

Interest rate risk - the group minimises net interest expense.

Currency risk - the group has very little currency exposure, but mitigates this by offsetting currency income wherever possible.

Material supplies risk - the group recognises it has material supplies risk and mitigates this as much as possible by increasing stock holdings where necessary.

 

Kentra Bay Holdings Limited

Strategic Report for the Year Ended 29 February 2024

Approved by the Board on 5 September 2024 and signed on its behalf by:


F A L Marx
Director

   
 

Kentra Bay Holdings Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the consolidated financial statements for the year ended 29 February 2024.

Directors of the group

The directors who held office during the year were as follows:

B Hill

G A Hill

S Malpas

F A L Marx

T K Marx

F J Wingfield-Digby

Financial instruments

Objectives and policies

The group's financial instrurments comprise bank balances, trade debtors, trade creditors, lease purchase finance agreements shareholders' loans and bank loans. The main purpose of these instruments is to maintain funds to finance the group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed through treasury management in respect of cash balances with the use of a deposit account and fixed term deposits as necessary. The risk associated with the bank loan is managed through fixed interest rates with the structured loan finance being used to fund the acquisition of the subsidiary in April 2021.

Trade debtors are managed by policies concerning the credit offering to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

Lease purchase finance agreement liquidity risk is managed in the same way as trade creditors above.

In respect of shareholders' loans, the shareholders are aware of the group's cash working capital requirements and receive a set amount monthly. Any repayment over and above this amount would be by agreement when finance was available without compromising the group's working capital requirements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Future Developments

The future developments of the business are included within the strategic report.

 

Kentra Bay Holdings Limited

Directors' Report for the Year Ended 29 February 2024

Approved by the Board on 5 September 2024 and signed on its behalf by:


F A L Marx
Director

   
 

Kentra Bay Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

Qualified opinion

We have audited the financial statements of Kentra Bay Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 29 February 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 qualified opinion on financial statements

An audit of the company's financial statements was not undertaken for the year ended 28 February 2023 and thus no observation of the counting of physical stock at the end of the previous year was undertaken. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 28 February 2023, which are included in the profit and loss account and balance sheet at £1,303,886, by using other audit procedures. Consequently, we were unable to determine whether this amount was materially correct and if any adjustment to this amount was necessary.

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 auditor 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 qualified opinion.

The prior period financial statements were not audited because the group was under the threshold and did not elect to have a voluntary audit.

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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

 

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

In preparing the financial statements, the directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the packaging sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, 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:

 

Kentra Bay Holdings Limited

Independent Auditor's Report to the Members of Kentra Bay Holdings Limited

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 auditor's report.

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 an auditor’s report 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.





Joseph Doggrell FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

10 September 2024

 

Kentra Bay Holdings Limited

Consolidated Profit and Loss Account
for the Year Ended 29 February 2024

Note

2024
 £

2023
 £

Turnover

3

13,099,926

13,368,397

Cost of sales

 

(8,941,045)

(9,344,862)

Gross profit

 

4,158,881

4,023,535

Distribution costs

 

(279,920)

(346,777)

Administrative expenses

 

(2,172,990)

(2,281,673)

Operating profit

4

1,705,971

1,395,085

Other interest receivable and similar income

5

29,494

28

Interest payable and similar charges

6

(419,000)

(350,170)

Profit before tax

 

1,316,465

1,044,943

Taxation

10

(453,724)

(297,425)

Profit for the financial year

 

862,741

747,518

Profit/(loss) attributable to:

 

Owners of the company

 

862,741

747,518

 

Kentra Bay Holdings Limited

Consolidated Statement of Comprehensive Income
for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

862,741

747,518

Total comprehensive income for the year

862,741

747,518

Total comprehensive income attributable to:

Owners of the company

862,741

747,518

 

Kentra Bay Holdings Limited

(Registration number: 13200257)
Consolidated Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

3,469,635

3,943,319

Tangible assets

12

277,602

338,558

 

3,747,237

4,281,877

Current assets

 

Stocks

14

1,173,924

1,303,886

Debtors

15

1,422,964

1,583,436

Cash at bank and in hand

 

1,832,783

1,712,050

 

4,429,671

4,599,372

Creditors: Amounts falling due within one year

17

(2,835,493)

(3,027,901)

Net current assets

 

1,594,178

1,571,471

Total assets less current liabilities

 

5,341,415

5,853,348

Creditors: Amounts falling due after more than one year

17

(3,181,299)

(4,038,795)

Provisions for liabilities

18

(57,326)

(64,504)

Net assets

 

2,102,790

1,750,049

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,102,690

1,749,949

Equity attributable to owners of the company

 

2,102,790

1,750,049

Shareholders' funds

 

2,102,790

1,750,049

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 


F A L Marx
Director

   
 

Kentra Bay Holdings Limited

(Registration number: 13200257)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

13

9,695,977

9,695,977

Current assets

 

Debtors

15

169

140

Cash at bank and in hand

 

208

186

 

377

326

Creditors: Amounts falling due within one year

17

(3,978,799)

(3,414,205)

Net current liabilities

 

(3,978,422)

(3,413,879)

Total assets less current liabilities

 

5,717,555

6,282,098

Creditors: Amounts falling due after more than one year

17

(3,141,710)

(3,951,833)

Net assets

 

2,575,845

2,330,265

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,575,745

2,330,165

Shareholders' funds

 

2,575,845

2,330,265

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £755,580 (2023 - loss of £352,783).

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 


F A L Marx
Director

   
 

Kentra Bay Holdings Limited

Consolidated Statement of Changes in Equity
for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 March 2023

100

1,749,949

1,750,049

1,750,049

Profit for the year

-

862,741

862,741

862,741

Dividends

-

(510,000)

(510,000)

(510,000)

At 29 February 2024

100

2,102,690

2,102,790

2,102,790

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 March 2022

100

1,002,431

1,002,531

1,002,531

Profit for the year

-

747,518

747,518

747,518

At 28 February 2023

100

1,749,949

1,750,049

1,750,049

 

Kentra Bay Holdings Limited

Statement of Changes in Equity
for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

2,330,165

2,330,265

Profit for the year

-

755,580

755,580

Dividends

-

(510,000)

(510,000)

At 29 February 2024

100

2,575,745

2,575,845

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

2,682,948

2,683,048

Loss for the year

-

(352,783)

(352,783)

At 28 February 2023

100

2,330,165

2,330,265

 

Kentra Bay Holdings Limited

Consolidated Statement of Cash Flows
for the Year Ended 29 February 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

862,741

747,518

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

567,351

561,897

Profit on disposal of tangible assets

(18,843)

(2,515)

Finance income

5

(29,494)

(28)

Finance costs

6

419,000

350,170

Income tax expense

10

453,724

297,425

 

2,254,479

1,954,467

Working capital adjustments

 

Decrease/(increase) in stocks

14

129,962

(24,140)

Decrease/(increase) in trade debtors

15

160,472

(273,213)

Increase in trade creditors

17

47,461

159,246

Cash generated from operations

 

2,592,374

1,816,360

Income taxes paid

10

(435,000)

(285,000)

Net cash flow from operating activities

 

2,157,374

1,531,360

Cash flows from investing activities

 

Interest received

29,494

28

Acquisitions of tangible assets

(29,069)

(1,353)

Proceeds from sale of tangible assets

 

54,573

30,350

Acquisition of intangible assets

11

(10,770)

-

Net cash flows from investing activities

 

44,228

29,025

Cash flows from financing activities

 

Interest paid

6

(412,081)

(349,139)

Repayment of bank borrowing

 

(3,950,720)

(1,122,000)

Proceeds from other borrowing draw downs

 

3,046,496

-

Repayment of other borrowing

 

(200,000)

-

Payments to finance lease creditors

 

(47,645)

(10,778)

Dividends paid

(510,000)

-

Interest on obligations under finance leases and hire purchase contracts

 

(6,919)

(1,031)

Net cash flows from financing activities

 

(2,080,869)

(1,482,948)

Net increase in cash and cash equivalents

 

120,733

77,437

Cash and cash equivalents at 1 March 2023

 

1,712,050

1,634,613

Cash and cash equivalents at 29 February 2024

 

1,832,783

1,712,050

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Abpac House
Wessex Way
Wincanton Business Park
Wincanton
Somerset
BA9 9RR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 29 February 2024.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the group has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the group’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 group operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line

Furniture, fittings and equipment

15% reducing balance

Motor vehicles

25% straight line

Plant and machinery

25% reducing balance

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software costs

10 years straight line

Goodwill

10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

13,099,926

13,367,983

Other revenue

-

414

13,099,926

13,368,397

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

82,897

77,443

Amortisation expense

484,454

484,454

Foreign exchange losses

278

4,354

Operating lease expense - plant and machinery

32,257

8,827

Profit on disposal of property, plant and equipment

(18,843)

(2,515)

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

29,494

28

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

365,733

297,912

Interest on obligations under finance leases and hire purchase contracts

6,919

1,031

Interest expense on other finance liabilities

46,348

51,227

419,000

350,170

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,285,276

1,407,916

Social security costs

123,946

144,016

Pension costs, defined contribution scheme

31,272

31,469

Other employee expense

41,491

2,340

1,481,985

1,585,741

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

44

49

44

49

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

197,513

185,116

Contributions paid to money purchase schemes

5,925

5,877

203,438

190,993

In respect of the highest paid director:

2024
£

2023
£

Remuneration

96,414

96,564

Company contributions to money purchase pension schemes

2,892

2,897

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

10,500

-


 

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

460,902

283,965

Deferred taxation

Arising from origination and reversal of timing differences

(7,178)

13,460

Tax expense in the income statement

453,724

297,425

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 24.5% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,316,465

1,044,943

Corporation tax at standard rate

322,534

198,539

Tax increase/(decrease) from effect of capital allowances and depreciation

8,553

(16,163)

Effect of expense not deductible in determining taxable profit (tax loss)

119,090

92,237

Tax increase from effect of unrelieved tax losses carried forward

3,547

-

Tax increase from other tax effects

-

22,812

Total tax charge

453,724

297,425

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

11

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 March 2023

4,858,536

-

4,858,536

Additions acquired separately

-

10,770

10,770

At 29 February 2024

4,858,536

10,770

4,869,306

Amortisation

At 1 March 2023

915,217

-

915,217

Amortisation charge

484,454

-

484,454

At 29 February 2024

1,399,671

-

1,399,671

Carrying amount

At 29 February 2024

3,458,865

10,770

3,469,635

At 28 February 2023

3,943,319

-

3,943,319

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2023

23,293

397,561

469,986

134,309

1,025,149

Additions

-

-

57,671

-

57,671

Disposals

-

-

(131,603)

-

(131,603)

At 29 February 2024

23,293

397,561

396,054

134,309

951,217

Depreciation

At 1 March 2023

8,219

338,167

219,355

120,850

686,591

Charge for the year

2,232

10,562

66,352

3,751

82,897

Eliminated on disposal

-

-

(95,873)

-

(95,873)

At 29 February 2024

10,451

348,729

189,834

124,601

673,615

Carrying amount

At 29 February 2024

12,842

48,832

206,220

9,708

277,602

At 28 February 2023

15,074

59,394

250,631

13,459

338,558

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £12,842 (2023 - £15,074) in respect of short leasehold land and buildings.
 

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

9,695,977

9,695,977

Subsidiaries

£

Cost or valuation

At 1 March 2023

9,695,977

Provision

Carrying amount

At 29 February 2024

9,695,977

At 28 February 2023

9,695,977

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Abpac Limited

Abpac House, Wessex Way, Wincanton Business Park, Wincanton, Somerset, BA9 9RR

Ordinary shares

100%

100%

 

United Kingdom

     

Subsidiary undertakings

Abpac Limited

The principal activity of Abpac Limited is Selling and distribution of packaging.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stock

1,173,924

1,303,886

-

-

15

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

1,357,802

1,510,097

-

-

Other debtors

6,704

3,110

69

40

Called up share capital not paid

100

100

100

100

Prepayments

58,358

70,129

-

-

 

1,422,964

1,583,436

169

140

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

-

173

-

-

Cash at bank

1,832,783

1,711,877

208

186

1,832,783

1,712,050

208

186

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

17

Creditors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

20

875,258

1,141,029

827,830

1,122,000

Trade creditors

 

1,270,465

1,326,715

-

-

Amounts owed to group undertakings

 

-

-

2,917,068

2,197,302

Social security and other taxes

 

225,299

218,683

-

-

Outstanding defined contribution pension costs

 

8,541

8,633

-

-

Other creditors

 

676

676

676

676

Accrued expenses

 

258,372

161,185

183,923

94,227

Corporation tax

10

196,882

170,980

49,302

-

 

2,835,493

3,027,901

3,978,799

3,414,205

Due after one year

 

Loans and borrowings

20

3,181,299

4,038,795

3,141,710

3,951,833

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 March 2023

64,504

64,504

Increase (decrease) in existing provisions

(7,178)

(7,178)

At 29 February 2024

57,326

57,326

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

57,331

Other timing differences

6

-

6

57,331

2023

Asset
£

Liability
£

Accelerated capital allowances

-

68,936

Other timing differences

4,432

-

4,432

68,936

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £31,272 (2023 - £31,469).

Contributions totalling £8,541 (2023 - £8,633) were payable to the scheme at the end of the year and are included in creditors.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

20

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

202,830

497,000

202,830

497,000

Hire purchase contracts

47,428

19,029

-

-

Other borrowings

625,000

625,000

625,000

625,000

875,258

1,141,029

827,830

1,122,000

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

2,741,710

2,726,833

2,741,710

2,726,833

Hire purchase contracts

39,589

86,962

-

-

Other borrowings

400,000

1,225,000

400,000

1,225,000

3,181,299

4,038,795

3,141,710

3,951,833

Group

Bank borrowings

Bank borrowings is denominated in with a nominal interest rate of between 5.5% and 7.15%, and the final instalment is due on 2 August 2028. The carrying amount at year end is £2,927,198 (2023 - £3,222,833).

The security given for bank loans comprises legal mortgages over freehold land and buildings, and fixed charges over a subsidiary's assets. A personal guarantee has been provided by the directors up to an amount of £150,000.

Other borrowings is denominated in with a nominal interest rate of 8%, and the final instalment is due on 21 April 2026. The carrying amount at year end is £400,000 (2023 - £600,000).

The loans are unsecured.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

21

Obligations under leases and hire purchase contracts

Group

Finance leases

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance leases of £87,017 (2023 - £105,991) have been secured against the assets to which they relate.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

47,428

19,029

Later than one year and not later than five years

39,589

86,962

87,017

105,991

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

248,795

244,814

Later than one year and not later than five years

787,846

856,510

Later than five years

198,144

357,516

1,234,785

1,458,840

The amount of non-cancellable operating lease payments recognised as an expense during the year was £247,829 (2023 - £244,380).

22

Dividends

 

2024

2023

 

£

£

Interim dividends paid during the year

510,000

-

     
 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

23

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

301,605

298,755

Post-employment benefits

7,467

7,389

309,072

306,144

Summary of transactions with subsidiaries

The company has taken advantage of the exemption in FRS 102 paragraph 33.1A from disclosing transactions and balances with its subsidiary company on the grounds it is a wholly owned subsidiary.
 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

600,000

600,000

Repaid

(200,000)

(200,000)

At end of period

400,000

400,000

2023

Other related parties
£

Total
£

At start of period

600,000

600,000

At end of period

600,000

600,000

Terms of loans from related parties

The loans have interest applied at 8% per annum.

 

Kentra Bay Holdings Limited

Notes to the Financial Statements
for the Year Ended 29 February 2024

Company

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

301,605

298,755

Post-employment benefits

7,389

7,389

308,994

306,144

Other transactions with directors

A director maintain interest free loan accounts with the group. At the year end, £676 (2023: £676) was owed to the director.

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

676

600,000

600,676

Repaid

-

(200,000)

(200,000)

At end of period

676

400,000

400,676

2023

Key management
£

Other related parties
£

Total
£

At start of period

676

600,000

600,676

At end of period

676

600,000

600,676

Terms of loans from related parties

The loans have interest applied at 8% per annum.