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Registration number: 02753800

KLG Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

KLG Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

KLG Services Limited

(Registration number: 02753800)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Tangible assets

4

271,378

67,465

Current assets

 

Stocks

5

6,489

6,489

Debtors

6

524,804

579,889

Cash at bank and in hand

 

204,697

102,754

 

735,990

689,132

Creditors: Amounts falling due within one year

7

(197,484)

(109,613)

Net current assets

 

538,506

579,519

Total assets less current liabilities

 

809,884

646,984

Creditors: Amounts falling due after more than one year

7

(894,308)

(723,082)

Net liabilities

 

(84,424)

(76,098)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(84,426)

(76,100)

Shareholders' deficit

 

(84,424)

(76,098)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

KLG Services Limited

(Registration number: 02753800)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 26 September 2024
 

.........................................
Mr C White
Director

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Focus Court
South Way
Walworth Business Park
Andover
Hampshire
SP10 5AG

These financial statements were authorised for issue by the director on 26 September 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Summary of disclosure exemptions

The company is part of a small group. The company has taken advantage of the exemption provided by Section
398 of the Companies Act 2006 and has not prepared group accounts...

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section
398 of the Companies Act 2006 and has not prepared group accounts.
.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue 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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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

Freehold property

Purchased in prior year

Plant and machinery

25% Straight line

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.

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised 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 company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 12).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

74,698

55,745

399,130

529,573

Additions

6,030

37,675

275,338

319,043

Disposals

-

-

(171,991)

(171,991)

At 31 December 2023

80,728

93,420

502,477

676,625

Depreciation

At 1 January 2023

56,770

24,574

380,764

462,108

Charge for the year

7,574

20,356

87,200

115,130

Eliminated on disposal

-

-

(171,991)

(171,991)

At 31 December 2023

64,344

44,930

295,973

405,247

Carrying amount

At 31 December 2023

16,384

48,490

206,504

271,378

At 31 December 2022

17,928

31,171

18,366

67,465

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

31 December
2023
£

31 December
2022
£

Work in progress

3,605

3,605

Other inventories

2,884

2,884

6,489

6,489

6

Debtors

Current

Note

31 December
2023
£

31 December
2022
£

Trade debtors

 

136,983

125,807

Amounts owed by related parties

288,238

307,459

Prepayments

 

4,308

13,788

Other debtors

 

95,275

132,835

   

524,804

579,889

£80,471 (2022 - £118,029) of Deferred tax asset is classified as non current.

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Loans and borrowings

8

45,540

8,863

Trade creditors

 

77,137

47,906

Taxation and social security

 

41,008

27,189

Accruals and deferred income

 

28,649

24,148

Other creditors

 

5,150

1,507

 

197,484

109,613

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Loans and borrowings

8

194,121

22,895

Other non-current financial liabilities

 

700,187

700,187

 

894,308

723,082

Creditors include hire purchase contracts which are secured of £45,540 (less than one year) (2022: £8,863) and £194,121 (greater than one year) (2022 - £22,895). The hire purchase contracts are secured over the assets and under cross company guarantee by Ultraflow Group Ltd, the parent company.

 

KLG Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Non-current loans and borrowings

31 December
2023
£

31 December
2022
£

Hire purchase contracts

194,121

22,895

Current loans and borrowings

31 December
2023
£

31 December
2022
£

Hire purchase contracts

45,540

8,863

9

Parent and ultimate parent undertaking

The company's immediate parent is Ultraflow Group Limited, incorporated in England & Wales.

  These financial statements are available upon request from Focus Court, South Way, Walworth Business Park, Andover, Hampshire, United Kingdom, SP10 5AG