Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
COMPANY INFORMATION
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KW SPECIAL PROJECTS LIMITED
CONTENTS
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KW SPECIAL PROJECTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The principal activity of KW Special Projects Limited (the “Company” or “KWSP”) is the provision of specialist engineering together with design and build expertise to build hyper cars for global automotive manufactures and show cars for well-known organistions competing at the highest levels of motor racing.
The Company achieved a turnover of £6.1 million and an EBITDA loss of £5.5 million in the financial year ended 31 March 2024. This represented a growth in turnover of £1.5 million and an improvement in EBITDA losses of £2.4 million.
The principal risks facing the Company are summarised in the following table alongside mitigations identified and implemented.
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KW SPECIAL PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
In the opinion of the Directors the key performance indicators of the Company are operational and financial.
We focus on meeting all customer requirements including delivery dates and quality standards. As the business strengthens its grip in these areas following the acquisition on 24 May 2024, the Directors are confident that the business will be able to attract new business and grow significantly. The principal key performance indicators are:
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KW SPECIAL PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Company is an Equal Opportunity Employer. It will not unlawfully discriminate against any of the protected characteristics as identified by the Equality Act 10 of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race (including colour, nationality, and ethnic or national origin), region or belief, sex (gender) and sexual orientation.
Applications for employment by disabled persons are always fully considered, considering the aptitudes of the applicant concerned and the safety requirements of the role being applied for. In the event of employees becoming disabled every effort is made to ensure that their employment with the Group continues and that appropriate training and support is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Under section 172(1) of the Companies Act 2006, the Directors of a company have a duty to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:
• the likely consequences of any decision in the long-term; • the interest of the Company’s employees; • the need to foster the company’s business relationships with suppliers, customers, and others; • the impact of the company’s operations on the community and environment; • the desirability of the company maintaining a reputation for high standards of business conduct; and • the need to act fairly between members of the company. Whilst the current Directors are unable to comment about the historic actions of the Company, but as at the date of signing of these Statutory Accounts, they believe the following to be relevant statements: • the appointment of a new Board on 24 May 2024 has provided the necessary leadership and management bandwidth to undertake the intensive internal restructuring of the Company; • the combination of Hypercar Solutions Group Limited and KWSP has enabled a resetting of the business and its values; • there has been a a proactive decision to invest significant time in improving the relationships and level of transparency with all stakeholders of the Group, internally and externally; and • efforts have been made to enhance the involvement and interactions between all employees at all levels in the Company.
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KW SPECIAL PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Stakeholder engagement
The current Directors are not able to comment on the engagement with stakeholders prior to their involvement but believe that the current approach to stakeholder engagement is more relevant and a true and fair reflection of the Company as it stands today. The Company’s key stakeholders are regarded as being: • KWSP team Post acquisition the current Directors have introduced a weekly newsletter, K-News, that provide the KWSP team with regular updates on the business, events in the local community and important relevant information. This is augmented with regular “all hands” briefings by the Directors. Team members are encouraged to ask questions and the Directors have committed to open and transparent communication with the team at all times. • Suppliers The current Directors recognise the challenges suppliers have faced in recent times in dealing with the Company and express their gratitude for the continuing support. Significant efforts have been made to improve transparency and the levels of communications with suppliers and this will continue. • Credit insurers The current Directors recognise the importance of credit insurers to the Company and its suppliers. Recently the Company has sought to proactively engage with credit insurers known to have an interest in the Company to ensure open and transparent communication together with an enhanced understanding of the business’s activities. • Customers The close working relationships with the Company’s customers has been essential in ensuring its survival in 2024. Post acquisition the business has adopted a position of much greater clarity and transparency with its key customers. The ethos within the business is now to ensure that there is always absolute alignment with customers to jointly celebrate successes and communicate early, and comprehensively, should issues arise. • Regulator bodies and similar The current Directors recognise that prior to their appointment to the Board the business has missed significant deadlines such as the filing of the Company’s financial statements in a timely manner and adherence to Section 830 of the Companies Act 2006 in respect of dividend payments. Upon their appointment the Directors have proactively engaged with Companies House and HM Revenue and Customs to put the Company’s affairs in order. This includes but is not limited to the early filing of these statutory accounts.
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KW SPECIAL PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Future plans
Since completing the transaction to acquire the Company in May 2024, the current Directors and employees, together with immense support from external stakeholders, have led a significant turnaround of the business. This has enabled the business to be stabilised and is now on a more financially secure footing. Accordingly the Directors have now had an opportunity to undertake a strategic review of the business. The outcome of this review is that the Board has determined that the optimal future direction of the business is to focus on securing and delivering hypercar and motorsport projects with its commercial partner McLaren Automotive Limited. The impact of this decision is that: • the Company will fulfil its existing orders for showcars after which it will seek to sell that part of the business to a third party. No new orders will be received by the Company. • The Company’s shareholder, Hypercar Solutions Group Limited has entered a put and call option agreement with McLaren Automotive Limited thereby securing the future of the Company as a going concern. This option is binding on both parties. The Directors believe that these changes will ensure that the business has a successful future and the employees of the Company have greater opportunities within a larger group once the option is exercised. The timing of when the option is to be exercised is still being determined by both parties however it is expected that this will occur during the calendar year 2025.
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KW SPECIAL PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £5,532,419 (2023 - loss £8,143,240).
The Directors do not recommend the payment of a final dividend nor any dividends for the financial year ended 31 March 2024.
The Directors who served post year end but prior to signing of thes accounts were:
Mr A J S Burn (appointed 24 May 2024) Mr J D Smith (appointed 24 May 2024)
The directors who served during the year were:
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KW SPECIAL PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Following the turnaround of the business and a strategic review by the Board, the Directors have concluded that the optimal future for the Company is to focus on securing and delivering supercar and motorsport projects with McLaren Automotive Limited.
In around January 2021, KW Special Projects Limited (the “Company” or “KWSP”) entered a significant contract with a customer to support the design and assembly of a hyper car.
During the first phase of that contract, which ended July 2023, the Company overspent by circa £4.8 million. Of this, £4.0 million was addressed with a further £800,000 being incorrectly capitalised by the Company on its balance sheet. These monies were subsequently written off in the Company’s accounts on or around 24 May 2024 and adjustments made to the reported financial statements for the financial year ended 31 March 2024. The second phase of the contract commenced on or around July 2023 and was due to be completed in December 2023. As a result of poor financial management and control systems within the Company and poor operational management together with a reduction in the level of confidence in the business from suppliers, the Company began to experience significant delays in advancing the work under the contract alongside experiencing significant financial difficulties during the calendar year 2023. Despite receiving significant support from one of the Company’s customers, and the introduction of a new Chief Executive Officer and Chief Financial Officer in around October 2023, formally being appointed to the board in January 2024, the underlying issues in the business were not fully understood and consequently were not addressed. Relationships with the key customer and with suppliers deteriorated further during the period between January and May 2024 and it became increasingly obvious that the business was insolvent on both balance sheet and cash flow tests. Despite the difficult circumstances an offer was made to the previous directors and shareholder of the Company to acquire the entire issued share capital of the Company, also allowing an injection of substantial funds and thereby seeking to restore the solvency of the business. In turn this helped provide a satisfactory solution to the Company's suppliers, customers and most importantly ensuring that the staff had continued employment. The offer referred to above was rejected by the previous directors and shareholder. In early May 2024, the shareholder then sold a majority stake in the business to a third party and put in place a £5 million loan facility. Whilst at no time was any of the loan ever drawn a facility arrangement fee of £750,000 was agreed to by the previous directors.
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KW SPECIAL PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
In parallel, the Company’s main creditor became concerned about the ability to recover its monies given the concerning lack of liquidity in the business. Consequently, in around early May 2024, an application was filed by the creditor for the Company's solvency to be considered in Court and for an administrator to be appointed. The hearing was scheduled for 24 May 2024.
During this time, the Company’s main creditor continued to encourage the Director and Shareholders to consummate a solvent solution for the reasons set out above. On 24 May 2024, agreement was reached with the previous Directors and the Company’s shareholders and the entire issued share capital of KW Special Projects Limited was acquired by Hypercar Solutions Group Limited and the previous directors of the Company were removed from office. Since the acquisition, KWSP has subsequently seen a significant injection of funds into the business to restore the solvency of the Company and the business. An intense turnaround exercise has also been underway since the transaction occurred to address the operational and financial challenges of the business. This has enabled the business to be stabilised and for a strategic review to be undertaken by the Board. The refocussing of the business is currently underway and it is expected that in November 2024 the business will have exited its showcar production activities. As a consequence of these recovery actions and the commercial arrangements now in place with McLaren Automotive Limited the present Statutory Directors have every confidence that the Company now has a secure future with access to sufficient funding. Following the filing of these accounts the Board will also seek to change the Company’s year end to 31 December 2024.
The auditor, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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KW SPECIAL PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF KW SPECIAL PROJECTS LIMITED
We have audited the financial statements of KW Special Projects Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were not appointed as auditor of the Company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2023 of £1,341,925. Consequently, we were unable to determine whether any adjustment to this amount at 31 March 2023 was necessary or whether there was any consequential effect on the cost of sales and therefore also reserves for the year ended 31 March 2024 which may be misstated for the same reasons.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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KW SPECIAL PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF KW SPECIAL PROJECTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,341,925 held at 31 March 2023 we have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially mistated for the same reason.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
Arising solely from the limitation of scope of our work relating to the inventory, referred to above: - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and - we were unable to determine whether adequate accounting records have been kept We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made.
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KW SPECIAL PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF KW SPECIAL PROJECTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Act (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's Financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved making enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in the preparation of the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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KW SPECIAL PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF KW SPECIAL PROJECTS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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KW SPECIAL PROJECTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
REGISTERED NUMBER: 07935897
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 31 form part of these financial statements.
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KW SPECIAL PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The company is a private limited company limited by shares, registered in England and Wales. The address of the registered office is Unit 1130 Silverstone Park, Dadford Road, Silverstone, Towcester, NN12 8FU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Directors have undertaken an exercise to review the appropriateness of the continued use of the Going Concern basis that underpins the preparation of the financial statements. This review considers the likely performance of the Company, with reference to the forecasts for the period to December 2025.
The key assumptions in the cash flow forecasts considered by the Directors are as follows: • the continued financial support of Hypercar Solutions Group Limited and McLaren Automotive Limited; • the advancement of the Company’s contracts with key customers and the ability to fulfil those contracts in a timely manner to the required standards; • the ability of the Company to secure new contracts with key customers based on the current positive discussions with stakeholders about the future direction of the business; and • the continued and sustained improvement to performance levels because of the intensive turnaround activities in the Company since May 2024. Whilst relatively early days, the Company’s plans to strengthen the business and drive efficiencies is continuing, and the Directors are satisfied with the rate of progress and future direction of the business. In addition, at the time of the acquisition in May 2024, the Company entered into new funding arrangements with Hypercar Solutions Group Limited and McLaren Automotive Limited. The Directors are satisfied that because of these arrangements the Company has adequate funding available to it for the foreseeable future to support the current activities and future plans for the business. The Directors have also considered and applied the “reasonably severe but plausible” downside sensitivity of delays in orders from its key customers. The Directors also believe that the funding put into place at the time of the transaction, together with the stronger financial performance of the business is sufficient to meet the Company’s obligations under the reasonably severe but plausible downside scenario. Therefore, the Directors conclude that it is appropriate to continue to adopt the going concern principle in preparing the financial statements.
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line method and reducing balance basis.
Depreciation is provided on the following basis:
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.
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. in the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
8.Taxation (continued)
There were no factors that may affect future tax charges.
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Profit and loss account
The Company operates a defined contributions pension 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 £82,737 (2023 - £94,539). Contributions totalling £1,578 (2023 - £13,394) were payable to the fund at the balance sheet date and are included in creditors.
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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KW SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Further post balance sheet events have been disclosed within the Directors' Report.
At the balance sheet date the Company was under control of the previous Director and Shareholder Mr K Salter.
As disclosed in Note 22 Post balance sheet events, on the 24 May 2024 the entire share capital of the company was acquired by Hypercar Solutions Group Limited which is the controlling party at the date the financial statements were authorised.
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