REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
R & A Kay Inspection Services Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
R & A Kay Inspection Services Limited |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Profit and Loss Account | 3 |
Balance Sheet | 4 |
Statement of Changes in Equity | 5 |
Notes to the Financial Statements | 6 |
R & A Kay Inspection Services Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of inspection work at oil refineries and petrochemical installations. |
DIRECTORS |
J W Lennox was appointed as a director after 30 April 2024 but later resigned as a director prior to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Profit and Loss Account |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
311,093 | 1,170,890 |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
318,808 | 1,190,444 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 4 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Profit for the year | - | 954,349 | 954,349 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 April 2023 |
Changes in equity |
Profit for the year | - | 183,087 | 183,087 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 April 2024 |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
R & A Kay Inspection Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
Related party transactions |
All transactions entered into with companies under common control were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1A. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Income recognition |
Income is recognised when the conditions contained within a contract for services have been met. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant & machinery - 3 years straight line |
Fixtures and fittings - 3 years straight line |
Motor vehicles - 3 years straight line |
Computer equipment - 3 years straight line |
Tangible fixed assets are recognised at cost less accumulated depreciation. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Grants received |
Grants received in respect of expenditure within the year are transferred to the profit and loss account during the year the expenditure is incurred. |
Grants received in respect of tangible fixed assets are treated as deferred income and transferred to the profit and loss account over the expected useful life of the relevant fixed asset. |
Invoice discounting |
The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice financing are recognised in the profit and loss account over the relevant period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(over) provisions in |
prior years | - | (1,273 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
5. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors | 36,067 | 36,067 |
Confidential invoice |
discounting |
Amount owed by group |
undertaking | 203,808 | - |
Directors' loan accounts | 138,433 | 138,571 |
Prepayments and accrued income |
Included within debtors on the balance sheet are amounts of £1,109,068 (2023: £774,553) relating to debtors held under an invoice discounting agreement. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Accruals and deferred income |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The confidential invoice discounting is secured against related debts. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | - | 21,431 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Accelerated capital allowances | (21,431 | ) |
Balance at 30 April 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2024 |
R & A Kay Inspection Services Limited (Registered number: 01874086) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year interest was charged at 2.5%. The amount of interest paid on the loan from the director D Jarrett was £3,462 (2023: £3,467)). |
15. | ULTIMATE PARENT COMPANY |
The immediate parent company is British Engineering Services Holdco Limited, a company incorporated in the United Kingdom. The registered address for the immediate parent company is British Engineering Services, Unit 718 Eddington Way, Birchwood Park, Warrington, United Kingdom, WA3 6BA. |
The largest and smallest group in which the results of the Company are consolidated is that headed by British Engineering Services Topco 1 Limited, a company incorporated in the United Kingdom. The consolidated financial statements of British Engineering Services Topco 1 Limited are available to the public and may be obtained from the registered address, British Engineering Services, Unit 718 Eddington Way, Birchwood Park, Warrington, United Kingdom, WA3 6BA. |
Funds managed by Inflexion Private Equity Partners LLP are the majority shareholders and ultimate controlling party of British Engineering Services Topco 1 Limited. The registered address of Inflexion Private Equity Partners LLP is 47 Queen Anne Street, London, W1G 9JG, United Kingdom. |