Registration number:
Knightsbridge Mechanical Handling Limited
for the Year Ended 31 January 2024
Knightsbridge Mechanical Handling Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Knightsbridge Mechanical Handling Limited
(Registration number: 05266492)
Balance Sheet as at 31 January 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
116 |
116 |
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Retained earnings |
2,425,015 |
1,925,830 |
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Shareholders' funds |
2,425,131 |
1,925,946 |
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
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Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Unit 20 Newby Road
Newby Road Industrial Estate
Hazel Grove
Stockport
SK7 5DA
United Kingdom
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. Directors have assessed going concern based on forecasted financial resources and performance, which indicates the company to be operational for the foreseeable future.
Audit report
Prior period error
An adjustment has been made to restate the tax creditor and expenses by £173,586. The restatement is due a recalculation of creditor.
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.
Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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 |
Motor Vehicles |
20-25% straight line |
Plant and Machinery |
15-50% straight line |
Office Equipment |
33% straight line |
Tooling |
33% straight line |
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.
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.
Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 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 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 February 2023 |
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At 31 January 2024 |
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Amortisation |
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At 1 February 2023 |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
- |
- |
Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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- |
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Disposals |
( |
- |
( |
( |
At 31 January 2024 |
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- |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
( |
At 31 January 2024 |
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- |
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Carrying amount |
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At 31 January 2024 |
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- |
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At 31 January 2023 |
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Stocks |
2024 |
2023 |
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Other inventories |
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Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Debtors |
Current |
Note |
2024 |
(As restated) |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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The amounts owed by related parties are unsecured, interest free and repayable on demand. However, the company does not intend to recall the amounts owed in the next 18 months.
Creditors |
Creditors: amounts falling due within one year
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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The hire purchase facilities are secured against the fixed assets to which they relate.
The Company entered into a finance arrangement on 19 August 2022. The finance arrangements are asset-based lending arrangements as follows:
• A Receivables Finance Facility at a 2.45% discount margin repayable August 2025
• A P&M Loan Facility, interest bearing at 3.85% and repayable over 5 years on a monthly basis.
• A P&M Revolving Credit Facility, interest bearing at 5% and repayable in 3 year.
• A RLS Loan Facility, interest bearing at 5.4% and repayable in 6 years.
Related party transactions |
The company intends to take advantage of the exemption from disclosing related party transactions to wholly-owned group entities under FRS 102 Paragraph 33.1A.
Knightsbridge Mechanical Handling Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
13 Ultimate controlling party
The ultimate parent during the year was Tamworth Holdings Ltd, incorporated in England and Wales.
These financial statements are available upon request from Companies House
Crown Way
Cardiff
CF14 3UZ
See Note 14 for post balance sheet event associated with this.
Non adjusting events after the financial period |
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