Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseManufacture of grease fittings4748truefalse 00519472 2023-06-01 2024-05-31 00519472 2022-06-01 2023-05-31 00519472 2024-05-31 00519472 2023-05-31 00519472 c:Director2 2023-06-01 2024-05-31 00519472 c:Director4 2023-06-01 2024-05-31 00519472 d:Buildings 2023-06-01 2024-05-31 00519472 d:Buildings 2024-05-31 00519472 d:Buildings 2023-05-31 00519472 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00519472 d:PlantMachinery 2023-06-01 2024-05-31 00519472 d:PlantMachinery 2024-05-31 00519472 d:PlantMachinery 2023-05-31 00519472 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00519472 d:FurnitureFittings 2023-06-01 2024-05-31 00519472 d:FurnitureFittings 2024-05-31 00519472 d:FurnitureFittings 2023-05-31 00519472 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00519472 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00519472 d:CurrentFinancialInstruments 2024-05-31 00519472 d:CurrentFinancialInstruments 2023-05-31 00519472 d:Non-currentFinancialInstruments 2024-05-31 00519472 d:Non-currentFinancialInstruments 2023-05-31 00519472 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 00519472 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00519472 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 00519472 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 00519472 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 00519472 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 00519472 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 00519472 d:ShareCapital 2024-05-31 00519472 d:ShareCapital 2023-05-31 00519472 d:CapitalRedemptionReserve 2023-06-01 2024-05-31 00519472 d:CapitalRedemptionReserve 2024-05-31 00519472 d:CapitalRedemptionReserve 2023-05-31 00519472 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 00519472 d:RetainedEarningsAccumulatedLosses 2024-05-31 00519472 d:RetainedEarningsAccumulatedLosses 2023-05-31 00519472 c:OrdinaryShareClass1 2023-06-01 2024-05-31 00519472 c:OrdinaryShareClass1 2024-05-31 00519472 c:OrdinaryShareClass1 2023-05-31 00519472 c:OrdinaryShareClass2 2023-06-01 2024-05-31 00519472 c:OrdinaryShareClass2 2024-05-31 00519472 c:OrdinaryShareClass2 2023-05-31 00519472 c:FRS102 2023-06-01 2024-05-31 00519472 c:Audited 2023-06-01 2024-05-31 00519472 c:FullAccounts 2023-06-01 2024-05-31 00519472 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00519472 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 00519472 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 00519472 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 00519472 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 00519472 d:HirePurchaseContracts d:MoreThanFiveYears 2024-05-31 00519472 d:HirePurchaseContracts d:MoreThanFiveYears 2023-05-31 00519472 c:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 00519472 2 2023-06-01 2024-05-31 00519472 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 00519472














KINGFISHER (LUBRICATION) LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024

 
KINGFISHER (LUBRICATION) LIMITED
REGISTERED NUMBER:00519472

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,982,052
1,732,453

  
1,982,052
1,732,453

Current assets
  

Stocks
  
1,742,436
1,940,892

Debtors: amounts falling due within one year
 6 
445,188
329,043

Cash at bank and in hand
 7 
1,061,451
759,760

  
3,249,075
3,029,695

Creditors: amounts falling due within one year
 8 
(568,052)
(517,528)

Net current assets
  
 
 
2,681,023
 
 
2,512,167

Total assets less current liabilities
  
4,663,075
4,244,620

Creditors: amounts falling due after more than one year
 9 
(372,105)
(230,508)

Provisions for liabilities
  

Deferred tax
  
(70,000)
-

  
 
 
(70,000)
 
 
-

Net assets
  
4,220,970
4,014,112


Capital and reserves
  

Called up share capital 
  
31,949
31,949

Capital redemption reserve
  
68,051
68,051

Profit and loss account
  
4,120,970
3,914,112

  
4,220,970
4,014,112


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 and were signed on its behalf by: 



L Nugent
H Thornley
Director
Director
Date: 31 October 2024
Page 1

 
KINGFISHER (LUBRICATION) LIMITED
REGISTERED NUMBER:00519472

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024


The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The principal activity of the company continues to be the manufacture of grease fittings.
The company is a private company limited by shares, registered in England and Wales (no. 00519472). The address of the registered office is 136 Meanwood Road, Leeds, LS7 2BT.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
This assessment is based on the understanding that the company will continue to trade and, with retained reserves, will be able to continue to meet its obligations as they fall due and operate as a going concern.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 3

 
KINGFISHER (LUBRICATION) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

 
KINGFISHER (LUBRICATION) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Government grants

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
KINGFISHER (LUBRICATION) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.12

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
50 years
Plant and machinery
-
3 - 10 years
Fixtures and fittings
-
3 - 10 years

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.

Page 6

 
KINGFISHER (LUBRICATION) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 7

 
KINGFISHER (LUBRICATION) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 8

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and
the amounts reported for revenues and expenses during the year. However, the nature of estimation
means that actual outcomes could differ from those estimates. Details of these judgements are set out in
the accounting policies

Key sources of estimation uncertainty
The estimates and assumptions which have a heightened risk of causing a material adjustment to the
carrying amount of assets and liabilities are as follows:
Stock Valuation
At each reporting date the directors assess whether the amounts included within stock are fully recoverable. The directors use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary against stock lines.


4.


Employees

The average monthly number of employees, including directors, during the year was 47 (2023 - 48).


5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
1,812,827
4,274,452
290,640
6,377,919


Additions
-
313,905
28,510
342,415


Disposals
-
(166,638)
(82,429)
(249,067)



At 31 May 2024

1,812,827
4,421,719
236,721
6,471,267



Depreciation


At 1 June 2023
241,411
4,124,738
279,317
4,645,466


Charge for the year on owned assets
26,897
60,434
5,485
92,816


Disposals
-
(166,638)
(82,429)
(249,067)



At 31 May 2024

268,308
4,018,534
202,373
4,489,215



Net book value



At 31 May 2024
1,544,519
403,185
34,348
1,982,052



At 31 May 2023
1,571,416
149,714
11,323
1,732,453

Page 9

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           5.Tangible fixed assets (continued)

The company's freehold property was included at its deemed cost on transition to FRS102, being the revalued amount on transition of £1,800,000.
The historic cost of the freehold property is £2,372,058.

The net book value of assets held under hire purchase contracts, included in plant and machinery above, is £227,851.


6.


Debtors

2024
2023
£
£


Trade debtors
327,495
234,599

Other debtors
12,898
11,943

Prepayments and accrued income
104,795
82,501

445,188
329,043



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,061,451
759,760

1,061,451
759,760


Page 10

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
22,693
23,033

Trade creditors
176,248
179,114

Corporation tax
30,000
86,000

Other taxation and social security
38,079
31,437

Obligations under finance lease and hire purchase contracts
45,655
-

Accruals and deferred income
255,377
197,944

568,052
517,528


The following liabilities were secured:

2024
2023
£
£



Bank loans
22,693
22,033

Obligations under finance lease and hire purchase contracts
45,655
-

68,348
22,033

Details of security provided:

See note 9 for details of security provided.

Page 11

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
208,509
230,508

Obligations under finance leases and hire purchase contracts
163,596
-

372,105
230,508


The following liabilities were secured:

2024
2023
£
£



Bank loans
208,509
230,508

Obligations under finance leases and hire purchase contracts
163,596
-

372,105
230,508

Details of security provided:

The company has three bank loans which are secured against fixed charges on the company's land and buildings.
Two of the loans have been taken out over a term of 15 years to 14 May 2035. One has a fixed interest rate of 4.57% and the other has an interest rate of 3.15% above base.
The remaining loan is over a term of 6 years ending on 14/03/2027 with interest being charged at a fixed rate of  2.5% per annum.
Net obligations under hire purchase agreements are secured on the assets acquired. The lease agreements generally include fixed lease payments and a purchase option at the end of the lease term.

Page 12

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Loans


2024
2023
£
£

Amounts falling due within one year

Bank loans
22,693
23,033


22,693
23,033

Amounts falling due 1-2 years

Bank loans
23,013
23,389


23,013
23,389

Amounts falling due 2-5 years

Bank loans
49,512
60,519


49,512
60,519

Amounts falling due after more than 5 years

Bank loans
135,984
146,600

135,984
146,600

231,202
253,541



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
53,593
-

Between 1-5 years
192,042
-

Future finance costs
(36,384)
-

209,251
-


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



31,948 (2023 - 31,948) Ordinary Shares shares of £1.00 each
31,948
31,948
1 (2023 - 1) Fisher Family Shares share of £1.00
1
1
Page 13

 
KINGFISHER (LUBRICATION) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.Share capital (continued)


31,949

31,949


For details of rights attaching to different classes of shares, see the Company Articles.


13.


Reserves

Capital redemption reserve

This reserve records capital redemption amounts and is non-distributable.

Profit and loss account

This reserve records retained earnings and accumulated losses.


14.


Capital commitments


At 31 May 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
1,079,724
228,274

1,079,724
228,274


15.


Related party transactions

The company is under the control of the Kingfisher (Lubrication) Employee Ownership Trust ("EOT"). The funding for the purchase of the shares has been partly through deferred consideration, which is represented within the EOT (over a 12 year term, interest free, subject to cash availability), however the company is guarantor. During the year, the company made payments to the EOT totalling £38,508 (2023: £38,508), which are included as a movement on reserves in the period.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 31 October 2024 by Susan Seaman BA FCA CIOT (Senior statutory auditor) on behalf of Sagars Accountants Ltd.


Page 14