2023-01-012023-12-312023-12-31false01407276KAY DEE ENGINEERING (PLASTICS) 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KAY DEE ENGINEERING (PLASTICS) LIMITED

Registered Number
01407276
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

KAY DEE ENGINEERING (PLASTICS) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

WARD, Rob Frazer
WARD, Stephen Christopher
WINSHIP, Stuart William

Registered Address

Jubilee Court
Thackley Old Road
Shipley
BD18 1QF

Registered Number

01407276 (England and Wales)
KAY DEE ENGINEERING (PLASTICS) LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3601,647630,103
601,647630,103
Current assets
Stocks5364,859268,267
Debtors61,284,7661,244,027
Current asset investments545,430500,357
Cash at bank and on hand159,56481,369
2,354,6192,094,020
Creditors amounts falling due within one year7(498,583)(308,594)
Net current assets (liabilities)1,856,0361,785,426
Total assets less current liabilities2,457,6832,415,529
Creditors amounts falling due after one year8-(10,666)
Provisions for liabilities9(215,536)(223,664)
Net assets2,242,1472,181,199
Capital and reserves
Called up share capital10,00010,000
Profit and loss account2,232,1472,171,199
Shareholders' funds2,242,1472,181,199
The financial statements were approved and authorised for issue by the Board of Directors on 3 September 2024, and are signed on its behalf by:
WARD, Rob Frazer
Director
Registered Company No. 01407276
KAY DEE ENGINEERING (PLASTICS) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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 the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and shareholders and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery: between 15% and 25% reducing balance, and 5% straight line

Straight line (years)
Vehicles4
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company 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.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year2227
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 January 232,554,76033,9142,588,674
Additions69,019-69,019
At 31 December 232,623,77933,9142,657,693
Depreciation and impairment
At 01 January 231,924,65733,9141,958,571
Charge for year97,475-97,475
At 31 December 232,022,13233,9142,056,046
Net book value
At 31 December 23601,647-601,647
At 31 December 22630,103-630,103
4.Revaluation of fixed asset investments

2023

2022

££
Other investments other than loans545,430500,357
5.Stocks

2023

2022

££
Raw materials and consumables138,65086,307
Finished goods226,209181,960
Total364,859268,267
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables571,962451,798
Amounts owed by group undertakings662,252689,077
Other debtors42,60593,389
Prepayments and accrued income7,9479,763
Total1,284,7661,244,027
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables310,099241,810
Bank borrowings and overdrafts-10,000
Taxation and social security162,13736,428
Accrued liabilities and deferred income26,34720,356
Total498,583308,594
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts-10,666
Total-10,666
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)159,000165,000
Other provisions56,53658,664
Total215,536223,664
10.Pension commitments
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £121,270 (2022 - £107,021).
11.Other commitments
At 31 December 2023, the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: Not later than 1 year £42,928 (2022 - £140,998) Later than 1 year and not later than 5 years £18,839 (2022 - £142,239)
12.Contingent liabilities
The company holds a cross guarantee with KDEP Holdings Limited to secure borrowings. At the year end the net outstanding borrowings with Barclays Bank PLC were £353,787 (2022 - £420,633).
13.Related party transactions
Included within other debtors, is an amount of £Nil (2022 - £1,175) due from J Ward, a director. The balance is interest free and repayable on demand. Included within other debtors, is an amount of £Nil (2022 - £2,000) due from D Bairstow, a shareholder of KDEP Holdings Limited. The balance is interest free and repayable on demand. The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group.
14.Parent-subsidiary relationships
The company is a wholly owned subsidiary of KDEP Holdings Limited, a company registered in England and Wales and is not under the control of any individual or body. The financial statements of KDEP Holdings Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.