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REGISTERED NUMBER: 00666951 (England and Wales)



















K.L.GIDDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,133,223 613,454

CURRENT ASSETS
Stocks 34,894 33,394
Debtors 5 654,336 791,200
Cash at bank and in hand 41,696 26,388
730,926 850,982
CREDITORS
Amounts falling due within one year 6 306,855 292,501
NET CURRENT ASSETS 424,071 558,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,557,294

1,171,935

CREDITORS
Amounts falling due after more than one year 7 (192,691 ) (299,028 )

PROVISIONS FOR LIABILITIES (112,199 ) (7,192 )
NET ASSETS 1,252,404 865,715

CAPITAL AND RESERVES
Called up share capital 600 600
Revaluation reserve 9 479,158 -
Other reserves 386 386
Retained earnings 772,260 864,729
SHAREHOLDERS' FUNDS 1,252,404 865,715

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

BALANCE SHEET - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 January 2025 and were signed by:





Mr R M Stokes - Director


K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

K.L.Giddings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00666951

Registered office: Lion Works
Station Rd
Whittlesford
Cambridge
CB22 4WL

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Changes in accounting policies
During the year, the accounting policy for freehold property has changed from the cost accounting method to the revaluation method. We consider the revaluation method to provide a more accurate, reliable representation of the freehold property at the year end.

The aggregate amount that would have been shown in respect of the revalued asset if the asset’s carrying value had been determined by the historical cost accounting rules would have been £315,586 and accumulated depreciation of £157,139.

The following adjustments have been made to the financial statements during the year:

a) accumulated depreciation of £157,139 has been transferred to the revaluation reserve;
b) freehold property has been uplifted by £434,413, to a valuation of £750,000;
c) a revaluation reserve account has been created to account for the above fair value adjustments;
d) a deferred tax liability of £112,395 has been recognised.

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is derived from production and assembly of high quality machined components and tools and is recognised when the customer has received the product. Turnover is recorded at the fair value of the consideration received or receivable, and excludes value added tax and rebates.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

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.

Significant judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to leasehold property - 10% on cost
Plant and machinery - 12.5% on cost
Computer equipment - 33% on cost
Motor vehicle - 20% on cost
Office equipment - 15% on reducing balance
Freehold property - at valuation

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 25 ) .

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Improvements
to
Freehold leasehold Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 February 2023 315,587 36,743 3,969,208
Additions - - -
Revaluations 434,413 - -
At 31 January 2024 750,000 36,743 3,969,208
DEPRECIATION
At 1 February 2023 157,139 31,155 3,618,551
Charge for year - 1,444 70,880
Revaluation adjustments (157,139 ) - -
At 31 January 2024 - 32,599 3,689,431
NET BOOK VALUE
At 31 January 2024 750,000 4,144 279,777
At 31 January 2023 158,448 5,588 350,657

Computer Motor Office
equipment vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2023 66,919 167,069 104,822 4,660,348
Additions - 16,534 8,970 25,504
Revaluations - - - 434,413
At 31 January 2024 66,919 183,603 113,792 5,120,265
DEPRECIATION
At 1 February 2023 64,603 85,134 90,312 4,046,894
Charge for year 962 21,455 2,546 97,287
Revaluation adjustments - - - (157,139 )
At 31 January 2024 65,565 106,589 92,858 3,987,042
NET BOOK VALUE
At 31 January 2024 1,354 77,014 20,934 1,133,223
At 31 January 2023 2,316 81,935 14,510 613,454

Included in the cost of freehold property is land of £35,593 (2023 - £35,593) which is not depreciated.

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2024 is represented by:

Improvements
to
Freehold leasehold Plant and
property property machinery
£    £    £   
Valuation in 2024 434,414 - -
Cost 315,586 36,743 3,969,208
750,000 36,743 3,969,208

Computer Motor Office
equipment vehicles equipment Totals
£    £    £    £   
Valuation in 2024 - - - 434,414
Cost 66,919 183,603 113,792 4,685,851
66,919 183,603 113,792 5,120,265

If freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 315,586 -
Aggregate depreciation 157,139 -

Value of land in freehold land and buildings 750,000 -

Freehold property were valued on an open market basis on 31 January 2024 by director .

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 1,008,620 101,658 1,110,278
DEPRECIATION
At 1 February 2023 731,625 19,746 751,371
Charge for year 43,823 18,960 62,783
At 31 January 2024 775,448 38,706 814,154
NET BOOK VALUE
At 31 January 2024 233,172 62,952 296,124
At 31 January 2023 276,995 81,912 358,907

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 273,928 262,916
Amounts recoverable on contract 50,870 127,803
Other debtors 329,538 400,481
654,336 791,200

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,947 19,033
Hire purchase contracts 84,879 68,490
Trade creditors 43,175 56,897
Taxation and social security 106,059 58,882
Other creditors 51,795 89,199
306,855 292,501

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 47,561 69,192
Hire purchase contracts 145,130 229,836
192,691 299,028

K.L.GIDDINGS LIMITED (REGISTERED NUMBER: 00666951)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 68,508 88,225
Hire purchase 230,009 298,326
298,517 386,551

The bank loans and overdrafts are secured against assets of the company.

The hire purchase contracts are secured against plant and machinery and motor vehicles.

9. RESERVES
Revaluation
reserve
£   
Fair value movements 591,553
Deferred tax on revaluations (112,395 )

At 31 January 2024 479,158

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr R M Stokes
Balance outstanding at start of year 98,771 98,771
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 98,771 98,771

The loan is unsecured, no interest is payable on the loan and there are no agreed repayment terms.