Company registration number 04685454 (England and Wales)
KAUG REFINERY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
KAUG REFINERY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KAUG REFINERY SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
117,463
122,892
Current assets
Stocks
1,995,163
4,545,242
Debtors
5
105,795
90,255
Cash at bank and in hand
304,029
488,968
2,404,987
5,124,465
Creditors: amounts falling due within one year
6
(689,175)
(1,243,565)
Net current assets
1,715,812
3,880,900
Total assets less current liabilities
1,833,275
4,003,792
Provisions for liabilities
(30,724)
Net assets
1,802,551
4,003,792
Capital and reserves
Called up share capital
7
3,981
7,481
Profit and loss reserves
1,798,570
3,996,311
Total equity
1,802,551
4,003,792
The notes on pages 3 to 6 form part of these financial statements.
KAUG REFINERY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr J S Horne
Mr A Coldicutt
Director
Director
Company registration number 04685454 (England and Wales)
KAUG REFINERY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Kaug Refinery Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Green Street, Deritend, Birmingham, B12 ONB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on cost
Fixtures and fittings
15% on cost
Motor vehicles
25% on cost
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KAUG REFINERY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
333,333
Amortisation and impairment
At 1 April 2023 and 31 March 2024
333,333
Carrying amount
At 31 March 2024
At 31 March 2023
KAUG REFINERY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
383,862
Additions
22,622
At 31 March 2024
406,484
Depreciation and impairment
At 1 April 2023
260,970
Depreciation charged in the year
28,051
At 31 March 2024
289,021
Carrying amount
At 31 March 2024
117,463
At 31 March 2023
122,892
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
51,849
26,229
Other debtors
53,946
64,026
105,795
90,255
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,551
(38)
Taxation and social security
434,478
410,109
Other creditors
241,146
833,494
689,175
1,243,565
KAUG REFINERY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
3,500
7,000
3,500
7,000
B Ordinary of £1 each
480
480
480
480
C Ordinary of £1 each
1
1
1
1
3,981
7,481
3,981
7,481
During the year, the company purchased 3,500 Ordinary A shares for £2,999,998.