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Registration number: 05099203

Knight Rigging Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Knight Rigging Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Knight Rigging Services Limited

Company Information

Directors

Mr Sven Knight

Mrs Carrie Rooney

Registered office

Unit 5
Aldon Road
Poulton-le-Fylde
Lancashire
FY6 8JL

Accountants

Beckett Rawcliffe Limited
Chartered Accountants
Unit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

 

Knight Rigging Services Limited

(Registration number: 05099203)
Balance Sheet as at 5 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,054,097

939,316

Current assets

 

Debtors

5

477,739

214,041

Cash at bank and in hand

 

2,001,247

2,691,415

 

2,478,986

2,905,456

Creditors: Amounts falling due within one year

6

(1,014,920)

(1,155,638)

Net current assets

 

1,464,066

1,749,818

Total assets less current liabilities

 

2,518,163

2,689,134

Creditors: Amounts falling due after more than one year

6

(351,902)

(555,599)

Provisions for liabilities

(185,533)

(196,214)

Net assets

 

1,980,728

1,937,321

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,980,628

1,937,221

Shareholders' funds

 

1,980,728

1,937,321

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

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 December 2024 and signed on its behalf by:
 

 

Knight Rigging Services Limited

(Registration number: 05099203)
Balance Sheet as at 5 April 2024

.........................................
Mr Sven Knight
Director

   
     
 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Unit 5
Aldon Road
Poulton-le-Fylde
Lancashire
FY6 8JL

The principal place of business is:
Unit 5
Aldon Road
Poulton-le-Fylde
Lancashire
FY6 8JL

These financial statements were authorised for issue by the Board on 16 December 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 & machinery

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Fixtures, fittings & equipment

15% reducing balance

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.

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.

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 directors) during the year, was 10 (2023 - 9).

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2023

58,007

44,087

138,687

1,670,303

1,911,084

Additions

12,103

5,206

51,700

241,413

310,422

At 5 April 2024

70,110

49,293

190,387

1,911,716

2,221,506

Depreciation

At 6 April 2023

10,110

33,019

59,326

869,313

971,768

Charge for the year

3,535

2,452

32,851

156,803

195,641

At 5 April 2024

13,645

35,471

92,177

1,026,116

1,167,409

Carrying amount

At 5 April 2024

56,465

13,822

98,210

885,600

1,054,097

At 5 April 2023

47,897

11,068

79,361

800,990

939,316

Included within the net book value of land and buildings above is £56,465 (2023 - £47,897) in respect of freehold land and buildings.
 

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

130,511

186,641

Amounts owed by related parties

10

316

-

Prepayments

 

73,031

27,400

Other debtors

 

273,881

-

   

477,739

214,041

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

8

180,388

174,159

Trade creditors

 

264,289

250,923

Amounts due to related parties

10

292,388

297,085

Social security and other taxes

 

57,476

90,604

Outstanding defined contribution pension costs

 

10,753

-

Other payables

 

(55)

(191)

Accruals

 

184,809

74,990

Income tax liability

24,872

268,068

 

1,014,920

1,155,638

Due after one year

 

Loans and borrowings

8

351,902

555,599

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

8

351,902

555,599

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

80

80

80

80

Ordinary A of £1 each

10

10

10

10

Ordinary B of £1 each

10

10

10

10

100

100

100

100

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

(As restated)

2023
£

Bank borrowings

303,334

433,333

Hire purchase contracts

48,568

122,266

351,902

555,599

Current loans and borrowings

2024
£

(As restated)

2023
£

Bank borrowings

130,000

130,000

Bank overdrafts

6,187

-

Finance lease liabilities

44,201

44,159

180,388

174,159

Bank borrowings

NatWest CBIL's Loan is denominated in GBP with a nominal interest rate of 7.0%, and the final instalment is due on 12 August 2027. The carrying amount at year end is £433,334 (2023 - £563,334).

None

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,012.50 (2023 - £3,218.75) per each Ordinary

81,000

257,500

Interim dividend of £8,800.00 (2023 - £14,000.00) per each Ordinary A

88,000

140,000

Interim dividend of £8,350.00 (2023 - £8,500.00) per each Ordinary B

83,500

85,000

252,500

482,500

10

Related party transactions

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Transactions with directors

2024

At 6 April 2023
£

Advances to director
£

At 5 April 2024
£

Mr Sven Knight

Directors loan repaid within 9 months of year end

-

123,988

123,988

Mrs Carrie Rooney

Directors loan repaid within 9 months of year end

-

123,988

123,988

 

Knight Rigging Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,000

24,000

Contributions paid to money purchase schemes

122,400

40,000

146,400

64,000

Summary of transactions with entities with joint control or significant interest

KRS Productions Ltd
 Inter Company Loan Account
Management Charges

 

Income and receivables from related parties

2024

2023

Entities with joint control or significant influence
£

Receipt of services

156,000

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

296,862

296,862

At end of period

296,862

296,862

2023

Entities with joint control or significant influence
£

Total
£

At start of period

158,146

158,146

Advanced

138,716

138,716

At end of period

296,862

296,862

11

Parent and ultimate parent undertaking

The ultimate controlling party is Sven Knight.