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Registration number: 5034728

Knowsley Engineering Services Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2024

 

Knowsley Engineering Services Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Knowsley Engineering Services Ltd

Company Information

Director

Mr Paul Davies

Registered office

Unit 6
Peel Road Industrial Estate
West Pimbo
Skelmersdale
Lancs
WN8 9PT

Accountants

Armstrong Tomkins
33 Thingwall Road
Irby
Wirral
CH61 3UE

 

Knowsley Engineering Services Ltd

(Registration number: 5034728)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

14,780

13,534

Current assets

 

Stocks

6

31,275

25,850

Debtors

7

883,503

843,730

Cash at bank and in hand

 

1,228,925

1,713,509

 

2,143,703

2,583,089

Prepayments and accrued income

 

2,860

2,360

Creditors: Amounts falling due within one year

(292,194)

(369,277)

Net current assets

 

1,854,369

2,216,172

Total assets less current liabilities

 

1,869,149

2,229,706

Accruals and deferred income

 

(8,582)

(7,420)

Net assets

 

1,860,567

2,222,286

Capital and reserves

 

Called up share capital

8

50

50

Share premium reserve

(300,259)

(300,259)

Retained earnings

2,160,776

2,522,495

Shareholders' funds

 

1,860,567

2,222,286

For the financial year ending 30 September 2024 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

Approved and authorised by the director on 20 November 2024
 

 

Knowsley Engineering Services Ltd

(Registration number: 5034728)
Abridged Balance Sheet as at 30 September 2024

.........................................
Mr Paul Davies
Director

 

Knowsley Engineering Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Unit 6
Peel Road Industrial Estate
West Pimbo
Skelmersdale
Lancs
WN8 9PT

These financial statements were authorised for issue by the director on 20 November 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 abridged 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 abridged 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.

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.

Tax

The tax expense for the period comprises current 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.

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 taxable income.

 

Knowsley Engineering Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

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

Plant and machinery

20% per annum on reducing balance

Motor vehicles

25% per annum on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Knowsley Engineering Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 8 (2023 - 8).

 

Knowsley Engineering Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 October 2023

576,413

At 30 September 2024

576,413

Amortisation

At 1 October 2023

576,413

At 30 September 2024

576,413

Carrying amount

At 30 September 2024

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

57,192

37,877

95,069

Additions

-

4,600

4,600

At 30 September 2024

57,192

42,477

99,669

Depreciation

At 1 October 2023

45,789

35,746

81,535

Charge for the year

2,851

503

3,354

At 30 September 2024

48,640

36,249

84,889

Carrying amount

At 30 September 2024

8,552

6,228

14,780

At 30 September 2023

11,403

2,131

13,534

6

Stocks

2024
£

2023
£

Work in progress

28,775

21,200

Other inventories

2,500

4,650

31,275

25,850

 

Knowsley Engineering Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

ordinary A shares of £1 each

47

47

47

47

ordinary B shares of £1 each

1

1

1

1

ordinary C shares of £1 each

1

1

1

1

ordinary D shares of £1 each

1

1

1

1

 

50

50

50

50

9

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £5,840.42 (2023 - £1,202.13) per each ordinary A shares

 

274,500

 

56,500

Final dividend of £274,500.00 (2023 - £56,500.00) per each ordinary B shares

 

274,500

 

56,500

Final dividend of £30,000.00 per each ordinary C shares

 

30,000

 

30,000

   

579,000

 

143,000

10

Related party transactions

 

Knowsley Engineering Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,000

9,050