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Registration number: 05266492

Knightsbridge Mechanical Handling Limited

Filleted Financial Statements

for the Year Ended 31 January 2024

 

Knightsbridge Mechanical Handling Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 10

 

Knightsbridge Mechanical Handling Limited

(Registration number: 05266492)
Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

2,698,821

2,401,541

Current assets

 

Stocks

6

371,793

189,365

Debtors

7

3,259,208

3,235,457

Cash at bank and in hand

 

59,115

8,006

 

3,690,116

3,432,828

Creditors: Amounts falling due within one year

8

(3,372,594)

(2,329,419)

Net current assets

 

317,522

1,103,409

Total assets less current liabilities

 

3,016,343

3,504,950

Creditors: Amounts falling due after more than one year

8

(346,389)

(1,359,247)

Provisions for liabilities

(244,823)

(219,757)

Net assets

 

2,425,131

1,925,946

Capital and reserves

 

Called up share capital

116

116

Retained earnings

2,425,015

1,925,830

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 Board on 7 January 2025 and signed on its behalf by:
 

.........................................
P Vousden
Director

 

Knightsbridge Mechanical Handling Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Unit 10 & 11
Pipers Lane Industrial Estate
Pipers Lane
Thatcham
RG19 4NA
United Kingdom

The principal place of business is:
Unit 20 Newby Road
Newby Road Industrial Estate
Hazel Grove
Stockport
SK7 5DA
United Kingdom

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. 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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 January 2025 was Emily Ness FCA, who signed for and on behalf of UHY Ross Brooke.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 14).

 

Knightsbridge Mechanical Handling Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

40,649

40,649

At 31 January 2024

40,649

40,649

Amortisation

At 1 February 2023

40,649

40,649

At 31 January 2024

40,649

40,649

Carrying amount

At 31 January 2024

-

-

 

Knightsbridge Mechanical Handling Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

3,307,804

58,332

112,549

3,478,685

Additions

1,060,798

1,562

-

1,062,360

Disposals

(239,249)

-

(112,549)

(351,798)

At 31 January 2024

4,129,353

59,894

-

4,189,247

Depreciation

At 1 February 2023

963,473

55,422

58,249

1,077,144

Charge for the year

553,341

1,243

12,096

566,680

Eliminated on disposal

(83,053)

-

(70,345)

(153,398)

At 31 January 2024

1,433,761

56,665

-

1,490,426

Carrying amount

At 31 January 2024

2,695,592

3,229

-

2,698,821

At 31 January 2023

2,344,331

2,910

54,300

2,401,541

6

Stocks

2024
£

2023
£

Other inventories

371,793

189,365

 

Knightsbridge Mechanical Handling Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Debtors

Current

Note

2024
£

(As restated)

2023
£

Trade debtors

 

1,193,120

1,175,964

Amounts owed by group undertakings

11

1,934,880

1,726,900

Prepayments

 

65,235

289,909

Other debtors

 

65,973

42,684

   

3,259,208

3,235,457

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.

8

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Loans and borrowings

1,648,164

752,192

Trade creditors

590,293

867,196

Amounts owed to related parties

380,920

292,207

Taxation and social security

575,760

182,725

Other creditors

177,457

235,099

3,372,594

2,329,419

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

346,389

1,359,247

 

Knightsbridge Mechanical Handling Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

38,000

38,000

Later than one year and not later than five years

9,500

47,500

47,500

85,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £38,000 (2023 - £64,107).

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

1,648,164

749,659

Hire purchase contracts

-

2,533

1,648,164

752,192

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

346,389

1,359,247

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.
 

11

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.

12

Non adjusting events after the financial period

On 27th August 2024 the ultimate controlling party changed, as Tamworth Holdings Limited was acquired by Shoo 677 Limited.