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REGISTERED NUMBER: 03067652 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 July 2024

for

KWI Grinding Limited

KWI Grinding Limited (Registered number: 03067652)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KWI Grinding Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: P F Kelly
C F Kelly





REGISTERED OFFICE: Leofric House
Binley Road
Coventry
West Midlands
CV3 1JN





REGISTERED NUMBER: 03067652 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

KWI Grinding Limited (Registered number: 03067652)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 225,734 266,027
225,734 266,027

CURRENT ASSETS
Stocks 27,500 8,000
Debtors 6 306,101 348,444
Cash at bank 69,462 48,420
403,063 404,864
CREDITORS
Amounts falling due within one year 7 238,660 211,650
NET CURRENT ASSETS 164,403 193,214
TOTAL ASSETS LESS CURRENT
LIABILITIES

390,137

459,241

CREDITORS
Amounts falling due after more than one
year

8

(50,221

)

(94,614

)

PROVISIONS FOR LIABILITIES (44,974 ) (66,584 )
NET ASSETS 294,942 298,043

CAPITAL AND RESERVES
Called up share capital 4,500 4,500
Capital redemption reserve 4,500 4,500
Retained earnings 285,942 289,043
SHAREHOLDERS' FUNDS 294,942 298,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KWI Grinding Limited (Registered number: 03067652)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





P F Kelly - Director


KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

KWI Grinding 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - Straight line over 4 years

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.

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.

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Deferred taxation
Deferred taxation arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the coompany's accounts. Deferred taxation is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 11,500
AMORTISATION
At 1 August 2023
and 31 July 2024 11,500
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2023
and 31 July 2024 82,969 866,114 9,413
DEPRECIATION
At 1 August 2023 13,894 693,867 9,250
Charge for year 8,297 25,837 24
At 31 July 2024 22,191 719,704 9,274
NET BOOK VALUE
At 31 July 2024 60,778 146,410 139
At 31 July 2023 69,075 172,247 163

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 50,648 8,746 1,017,890
DEPRECIATION
At 1 August 2023 26,106 8,746 751,863
Charge for year 6,135 - 40,293
At 31 July 2024 32,241 8,746 792,156
NET BOOK VALUE
At 31 July 2024 18,407 - 225,734
At 31 July 2023 24,542 - 266,027

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 225,434 36,653 262,087
Transfer to ownership (13,340 ) (31,728 ) (45,068 )
At 31 July 2024 212,094 4,925 217,019
DEPRECIATION
At 1 August 2023 131,745 15,677 147,422
Charge for year 13,009 5,244 18,253
Transfer to ownership (6,376 ) (19,458 ) (25,834 )
At 31 July 2024 138,378 1,463 139,841
NET BOOK VALUE
At 31 July 2024 73,716 3,462 77,178
At 31 July 2023 93,689 20,976 114,665

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 293,522 290,030
Staff loans 6,985 9,279
Directors' loan accounts - 42,181
Prepayments 5,594 6,954
306,101 348,444

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 9,768 9,766
Hire purchase contracts 19,076 23,659
Trade creditors 107,004 73,747
Tax 33,607 32,188
VAT 41,629 40,627
Other creditors - 500
Pension control account 2,236 2,073
Social security and other tax 11,698 12,351
Accrued expenses 13,642 16,739
238,660 211,650

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 9,848 9,768
Bank loans - 2-5 years 294 10,388
Hire purchase contracts 40,079 74,458
50,221 94,614

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 19,910 29,922
Hire purchase contracts 59,155 98,117
79,065 128,039

The hire purchase creditor is secured on the asset purchased under the agreement.
The bank loan is secured by way of fixed and floating charges over the assets of the company and
is also secured by way of personal guarantee from the director, Mr P Kelly, up to a limit of £30,000.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
C F Kelly
Balance outstanding at start of year 42,181 -
Amounts advanced - 42,181
Amounts repaid (42,181 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 42,181

KWI Grinding Limited (Registered number: 03067652)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Interest is charged on the Director's loan at the HMRC official rate of interest. The loan is repayable on demand.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Kelly via virtue of his majority shareholding in the parent company Errigal Holdings Limited