Company registration number 10322363 (England and Wales)
K M PLANT LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
K M PLANT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
K M PLANT LTD
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,221,291
1,063,998
Current assets
Debtors
4
124,898
134,777
Cash at bank and in hand
87,908
74,205
212,806
208,982
Creditors: amounts falling due within one year
5
(488,513)
(464,523)
Net current liabilities
(275,707)
(255,541)
Total assets less current liabilities
945,584
808,457
Creditors: amounts falling due after more than one year
6
(465,804)
(494,963)
Provisions for liabilities
(98,852)
(57,128)
Net assets
380,928
256,366
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
380,828
256,266
Total equity
380,928
256,366

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
Mr K L Lynch
Director
Company Registration No. 10322363
K M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information

K M Plant Ltd is a private company limited by shares incorporated in England and Wales, The registered office is Merlin House, Langstone Business Park, Priory Drive, Langstone, Newport, NP18 2HJ.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, 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
15% reducing balance
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
20% reducing balance
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

K M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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.

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.

 

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.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
K M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 6 April 2023
796,271
-
0
4,484
487,792
1,288,547
Additions
330,042
1,758
2,988
111,990
446,778
Disposals
(84,200)
-
0
-
0
(8,700)
(92,900)
At 5 April 2024
1,042,113
1,758
7,472
591,082
1,642,425
Depreciation and impairment
At 6 April 2023
117,180
-
0
1,322
106,047
224,549
Depreciation charged in the year
125,860
564
2,161
86,911
215,496
Eliminated in respect of disposals
(18,476)
-
0
-
0
(435)
(18,911)
At 5 April 2024
224,564
564
3,483
192,523
421,134
Carrying amount
At 5 April 2024
817,549
1,194
3,989
398,559
1,221,291
At 5 April 2023
679,091
-
0
3,162
381,745
1,063,998
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,550
76,808
Amounts owed by group undertakings
66,078
45,100
Other debtors
2,270
12,869
124,898
134,777
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
170
27,034
Amounts owed to group undertakings
164,430
-
0
Taxation and social security
27,178
-
0
Other creditors
296,735
437,489
488,513
464,523
K M PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
465,804
494,963
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Related party transactions

During the year, the Company loaned money from K M Plant Hire & Groundworks Limited. At the year end, the amount owed to K M Plant Hire & Groundworks Limited was £164,430 (2023 - £157,911), this amount is included in creditors; amounts falling due within one year. Both entities are under the control of K M Holdings Group Limited.

9
Parent company

The parent company of K M Plant Ltd is K M Holdings Group Limited, by virtue of its 100% shareholding in the company.

 

The registered office of K M Holdings Group Limited is Merlin House, Langstone Business Park, Priory Drive, Langstone NP18 2HJ.

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