Company registration number 01641848 (England and Wales)
KAYGEE ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KAYGEE ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
KAYGEE ENGINEERING LIMITED
BALANCE SHEET
AS AT
29 APRIL 2024
29 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,412
1,532
Current assets
Stocks
184,934
302,272
Debtors
4
640,114
576,977
Cash at bank and in hand
136,824
66,273
961,872
945,522
Creditors: amounts falling due within one year
5
(315,175)
(378,092)
Net current assets
646,697
567,430
Net assets
648,109
568,962
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
648,007
568,860
Total equity
648,109
568,962
KAYGEE ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 APRIL 2024
29 April 2024
- 2 -
For the financial year ended 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr P.S. Jackson
Mr C Adams
Director
Director
Mr LJ Sharp
Director
Company registration number 01641848 (England and Wales)
KAYGEE ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 APRIL 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 30 April 2022
102
504,005
504,107
Year ended 29 April 2023:
Profit and total comprehensive income
-
64,855
64,855
Balance at 29 April 2023
102
568,860
568,962
Year ended 29 April 2024:
Profit and total comprehensive income
-
79,147
79,147
Balance at 29 April 2024
102
648,007
648,109
KAYGEE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
- 4 -
1
Accounting policies
Company information
Kaygee Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4-6 Swaby's Yard, Walkergate, Beverley, East Yorkshire, United Kingdom, HU17 9BZ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 goods and 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 machinery
25% pa on written down value
Computers equipment
25% pa on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
KAYGEE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
25
KAYGEE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
Computers equipment
Total
£
£
£
Cost
At 30 April 2023
16,000
5,495
21,495
Additions
325
325
At 29 April 2024
16,000
5,820
21,820
Depreciation and impairment
At 30 April 2023
15,107
4,856
19,963
Depreciation charged in the year
224
221
445
At 29 April 2024
15,331
5,077
20,408
Carrying amount
At 29 April 2024
669
743
1,412
At 29 April 2023
893
639
1,532
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
631,201
552,835
Other debtors
8,913
24,142
640,114
576,977
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
83,694
162,977
Corporation tax
51,024
38,097
Other taxation and social security
158,957
150,164
Other creditors
1,754
Accruals and deferred income
21,500
25,100
315,175
378,092
6
Ultimate Controlling Party
No party is in ultimate control of the company.