Caseware UK (AP4) 2023.0.135 2023.0.135 13334false2023-01-01No description of principal activity6567falsefalsefalse 03711044 2023-01-01 2023-12-31 03711044 2022-01-01 2022-12-31 03711044 2023-12-31 03711044 2022-12-31 03711044 2022-01-01 03711044 1 2023-01-01 2023-12-31 03711044 d:Director1 2023-01-01 2023-12-31 03711044 d:Director1 2023-12-31 03711044 d:Director2 2023-01-01 2023-12-31 03711044 d:Director2 2023-12-31 03711044 d:Director3 2023-01-01 2023-12-31 03711044 d:Director4 2023-01-01 2023-12-31 03711044 d:Director4 2023-12-31 03711044 d:Director5 2023-01-01 2023-12-31 03711044 d:Director5 2023-12-31 03711044 d:Director6 2023-01-01 2023-12-31 03711044 d:Director6 2023-12-31 03711044 d:RegisteredOffice 2023-01-01 2023-12-31 03711044 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 03711044 c:Buildings c:LongLeaseholdAssets 2023-12-31 03711044 c:Buildings c:LongLeaseholdAssets 2022-12-31 03711044 c:PlantMachinery 2023-01-01 2023-12-31 03711044 c:PlantMachinery 2023-12-31 03711044 c:PlantMachinery 2022-12-31 03711044 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711044 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03711044 c:MotorVehicles 2023-01-01 2023-12-31 03711044 c:MotorVehicles 2023-12-31 03711044 c:MotorVehicles 2022-12-31 03711044 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711044 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03711044 c:ComputerEquipment 2023-01-01 2023-12-31 03711044 c:ComputerEquipment 2023-12-31 03711044 c:ComputerEquipment 2022-12-31 03711044 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711044 c:ComputerEquipment c:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03711044 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711044 c:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03711044 c:CurrentFinancialInstruments 2023-12-31 03711044 c:CurrentFinancialInstruments 2022-12-31 03711044 c:CurrentFinancialInstruments 1 2023-12-31 03711044 c:CurrentFinancialInstruments 1 2022-12-31 03711044 c:Non-currentFinancialInstruments 2023-12-31 03711044 c:Non-currentFinancialInstruments 2022-12-31 03711044 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03711044 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 03711044 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 03711044 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 03711044 c:ShareCapital 2023-12-31 03711044 c:ShareCapital 2022-12-31 03711044 c:RetainedEarningsAccumulatedLosses 2023-12-31 03711044 c:RetainedEarningsAccumulatedLosses 2022-12-31 03711044 d:FRS102 2023-01-01 2023-12-31 03711044 d:Audited 2023-01-01 2023-12-31 03711044 d:FullAccounts 2023-01-01 2023-12-31 03711044 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03711044 c:WithinOneYear 2023-12-31 03711044 c:WithinOneYear 2022-12-31 03711044 c:BetweenOneFiveYears 2023-12-31 03711044 c:BetweenOneFiveYears 2022-12-31 03711044 c:MoreThanFiveYears 2023-12-31 03711044 c:MoreThanFiveYears 2022-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2023-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2022-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2023-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2022-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:MoreThanFiveYears 2023-12-31 03711044 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:MoreThanFiveYears 2022-12-31 03711044 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 03711044 c:HirePurchaseContracts c:WithinOneYear 2022-12-31 03711044 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 03711044 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-12-31 03711044 6 2023-01-01 2023-12-31 03711044 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03711044 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03711044 c:OtherDeferredTax 2023-12-31 03711044 c:OtherDeferredTax 2022-12-31 03711044 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-12-31 03711044 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-12-31 03711044 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03711044









William Kirk Limited









Directors' Report and Financial Statements

For the Year Ended 31 December 2023

 
William Kirk Limited
 
 
Company Information


Directors
C Wagstaffe 
B J Germany (appointed 21 December 2024)
G Jenkins (appointed 21 December 2024)
B Warrillow (appointed 21 December 2024)




Registered number
03711044



Registered office
Adlington Industrial Estate
London Road

Adlington

Macclesfield

Cheshire

SK10 4NL




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
William Kirk Limited
 

Contents



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Notes to the Financial Statements
 
9 - 22


 
William Kirk Limited
 
 
 
Directors' Report
For the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

G R Norfolk (resigned 21 December 2024)
P R Fields (resigned 21 December 2024)
C Wagstaffe 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
William Kirk Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

Post balance sheet events

On 21 December 2024, following an extended restructuring process, the Group repaid in full the entire term loan facility agreement with DE Shaw and replaced it with a new term loan of £39 million, alongside 90% equity in the Group. The loan notes carry a fixed interest rate of 8%, payable in cash if certain liquidity conditions are met or, alternatively, rolled up as Payment In Kind (PIK) interest. The loan is secured by a fixed and floating charge over the assets of the Group.
The new facility is due for repayment in June 2027, with an option to break in June 2026. This successful restructuring provides the Group with short- to medium-term financial stability, enabling it to focus on delivering its strategic objectives.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




B Warrillow
Director

Date: 31 January 2025

Page 2

 
William Kirk Limited
 
 
 
Independent Auditors' Report to the Members of William Kirk Limited
 

Opinion


We have audited the financial statements of William Kirk Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
William Kirk Limited
 
 
 
Independent Auditors' Report to the Members of William Kirk Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 
Page 4

 
William Kirk Limited
 
 
 
Independent Auditors' Report to the Members of William Kirk Limited (continued)



Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the company operates; the control environment and business     performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of local management and parent company management, including whether management    was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge   of any actual, suspected, or alleged fraud. 
• Supporting documentation relating to the Company's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Company operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or    which had a fundamental effect on the operations of the Company, including General Data Protection requirements,   Anti-bribery and Corruption,  Goods Vehicle (Licensing of Operators) Act, and The Vehicle Drivers Regulations.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with    laws and regulations and fraud.
• Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect    irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
• Reading minutes of meetings of those charges with governance.  
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to    identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or   error.
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of    business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Page 5

 
William Kirk Limited
 
 
 
Independent Auditors' Report to the Members of William Kirk Limited (continued)



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Glover (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

Date: 31 January 2025
Page 6

 
William Kirk Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
£
£

  

Turnover
  
7,487,063
8,625,353

Cost of sales
  
(6,282,468)
(7,185,625)

Gross profit
  
1,204,595
1,439,728

Administrative expenses
  
(1,393,838)
(1,313,209)

Operating (loss)/profit
  
(189,243)
126,519

Interest payable and similar expenses
  
(8,432)
(31,220)

(Loss)/profit before tax
  
(197,675)
95,299

Tax on (loss)/profit
  
741
(9,965)

(Loss)/profit for the financial year
  
(196,934)
85,334

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 9 to 22 form part of these financial statements.

Page 7

 
William Kirk Limited
Registered number: 03711044

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
501,525
654,516

Investments
 5 
53,795
53,795

  
555,320
708,311

Current assets
  

Stocks
 6 
43,859
59,335

Debtors: amounts falling due within one year
 7 
1,583,547
1,323,494

Cash at bank and in hand
 8 
24,488
94,768

  
1,651,894
1,477,597

Creditors: amounts falling due within one year
 9 
(1,751,044)
(1,470,008)

Net current (liabilities)/assets
  
 
 
(99,150)
 
 
7,589

Total assets less current liabilities
  
456,170
715,900

Creditors: amounts falling due after more than one year
 10 
-
(62,055)

Provisions for liabilities
  

Deferred tax
 12 
(1,418)
(2,159)

Net assets
  
454,752
651,686


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
444,752
641,686

  
454,752
651,686


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



B Warrillow
Director

Date: 31 January 2025


The notes on pages 9 to 22 form part of these financial statements.

Page 8

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

William Kirk Limited is a private company limited by shares and incorporated in England and Wales.  The address of the registered office and principal places of business is Adlington Industrial Estate, London Road, Adlington, Macclesfield, Cheshire, SK10 4NL. The company's registered number is 03711044.
The nature of the company's operation and its principal activity is the provision of road haulage and warehousing services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The following paragraph sets out the basis of which the directors have reached their conclusion.
The company has net current liabilities at 31 December 2023. Management has prepared forecasts which show the company will be able to realise its assets and discharge its liabilities in the normal course of business. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Page 9

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Contract haulage income is recognised on completion of the service.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 10

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight-line basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
Straight line over the length of lease
Plant and machinery
-
20% straight line basis
Motor vehicles
-
20-25% reducing balance basis
Computer equipment
-
20% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.



 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 12

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 13

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
Page 14

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Company only enters into basic financial instrument transactions 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
 

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Page 15

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 65 (2022 -67).


4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
286,487
95,614
1,360,667
129,212
1,871,980


Additions
-
8,454
15,727
1,544
25,725


Disposals
-
(10,300)
(358,200)
-
(368,500)



At 31 December 2023

286,487
93,768
1,018,194
130,756
1,529,205



Depreciation


At 1 January 2023
113,032
56,168
975,767
72,497
1,217,464


Charge for the year on owned assets
13,334
10,110
45,382
14,441
83,267


Charge for the year on financed assets
-
-
31,440
-
31,440


Disposals
-
(7,154)
(297,337)
-
(304,491)



At 31 December 2023

126,366
59,124
755,252
86,938
1,027,680



Net book value



At 31 December 2023
160,121
34,644
262,942
43,818
501,525



At 31 December 2022
173,455
39,446
384,900
56,715
654,516

Page 16

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
109,385
128,100


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
53,795



At 31 December 2023
53,795





6.


Stocks

2023
2022
£
£

Raw materials and consumables
43,859
59,335



7.


Debtors

2023
2022
£
£


Trade debtors
996,126
941,380

Amounts owed by group undertakings
316,092
107,824

Other debtors
1,557
879

Prepayments and accrued income
269,772
273,411

1,583,547
1,323,494


Page 17

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
24,488
94,768



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
441,736
430,446

Amounts owed to group undertakings
443,099
445,492

Other taxation and social security
182,143
242,045

Obligations under finance lease and hire purchase contracts
61,927
72,436

Proceeds of factored debts
533,184
192,190

Other creditors
29,725
29,124

Accruals and deferred income
59,230
58,275

1,751,044
1,470,008


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The invoice discounting facility is secured on certain book debts of the company.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
62,055


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 18

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
62,656
75,187

Between 1-5 years
-
62,656

62,656
137,843

Page 19

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,159)
7,806


Charged to profit or loss
741
(9,965)



At end of year
(1,418)
(2,159)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,925)
(2,958)

Other timing differences
1,507
799

(1,418)
(2,159)


13.


Contingent liabilities

The company is party to a fixed and floating charge over its assets to secure the liabilities of Kinaxia Logistics Limited and its subsidiary undertakings.


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £48,038 (2022: £47,978). Contributions totaling £6,027 (2022: £3,196) were payable to the fund at the balance sheet date.

Page 20

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

15.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
243,000
243,000

Later than 1 year and not later than 5 years
972,000
972,000

Later than 5 years
526,500
769,500

1,741,500
1,984,500

2023
2022

£
£

Plant and machinery


Not later than 1 year
502,660
378,377

Later than 1 year and not later than 5 years
928,934
642,772

Later than 5 years
29,707
-

1,461,301
1,021,149


16.


Post balance sheet events

On 21 December 2024, following an extended restructuring process, the Group repaid in full the entire term loan facility agreement with DE Shaw and replaced it with a new term loan of £39 million, alongside 90% equity in the Group. The loan notes carry a fixed interest rate of 8%, payable in cash if certain liquidity conditions are met or, alternatively, rolled up as Payment In Kind (PIK) interest. The loan is secured by a fixed and floating charge over the assets of the Group.
The new facility is due for repayment in June 2027, with an option to break in June 2026. This successful restructuring provides the Group with short- to medium-term financial stability, enabling it to focus on delivering its strategic objectives.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring.

Page 21

 
William Kirk Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

17.


Controlling party

The company's immediate parent undertaking is Kinaxia Transport and Warehousing Limited, a company registered in England and Wales, company number 09447448.
Kinaxia Limited is the parent company for the smallest and largest group for which consolidated group accounts are prepared. The registered address of Kinaxia Limited is Kinaxia, Adlington Business Park, Adlington, Macclesfield, England, SK10 4NL.
The consolidated financial statements of Kinaxia Limited is available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
Ensco 1477 Limited, a company registered in England and Wales, company number 14593321, was the immediate parent company of Kinaxia Limited and the ultimate parent company of the Group till 21 December 2024. The registered address of Ensco 1477 Limited is C/O Gateley Legal, Ship Canal House, 98 King Street, Manchester, Lancashire, M2 4WU. There is no overall controlling party of Ensco 1477 Limited.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring. The sole shareholder of DELALV Delaware Holdco, L.L.C. is DELALV Portfolios, L.L.C. 
Dr D.E.Shaw is considered the controlling party of Kinaxia Limited due to his ownership of the voting rights.

Page 22