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REGISTERED NUMBER: 04549481 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KNIGHT PRECISION WIRE LIMITED

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KNIGHT PRECISION WIRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A J Ferguson
C Y Ferguson





SECRETARY: C Y Ferguson





REGISTERED OFFICE: Hadley Works
Cranborne Road
Potters Bar
Hertfordshire
EN6 3JL





REGISTERED NUMBER: 04549481 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 16,358
Tangible assets 5 2,496,902 2,476,991
Investments 6 5 5
2,496,907 2,493,354

CURRENT ASSETS
Stocks 7 879,857 1,007,693
Debtors 8 2,193,447 2,108,820
Cash at bank 72,812 105,755
3,146,116 3,222,268
CREDITORS
Amounts falling due within one year 9 1,099,494 1,284,889
NET CURRENT ASSETS 2,046,622 1,937,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,543,529

4,430,733

CREDITORS
Amounts falling due after more than one
year

10

(1,284,785

)

(1,343,891

)

PROVISIONS FOR LIABILITIES 13 (45,488 ) (16,416 )
NET ASSETS 3,213,256 3,070,426

CAPITAL AND RESERVES
Called up share capital 14 400,000 400,000
Retained earnings 2,813,256 2,670,426
SHAREHOLDERS' FUNDS 3,213,256 3,070,426

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





A J Ferguson - Director


KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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


1. STATUTORY INFORMATION

Knight Precision Wire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

There were no material departures from that standard.

Presentational and functional currency
The presentational and functional currency is Great British Pounds.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is the amount paid in connection with the acquisition of businesses and is being amortised evenly over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Land 0%, buildings 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a specific identification method, after making due allowance for obsolete and slow moving items. Cost is calculated using average cost.

Stocks are assessed for impairment on a perpetual basis. Impaired stock identified is reduced to its selling price less costs to complete and the impairment loss is recognised immediately within the cost of sales.

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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


2. ACCOUNTING POLICIES - continued

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the director considers the going concern assumption to still be appropriate. The director acknowledges that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

The directors have prepared detailed financial forecasts including cash flow forecasts. Based on the results of these, they consider the company retains sufficient working capital to continue trading for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 36 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 520,905
AMORTISATION
At 1 April 2023 504,547
Charge for year 16,358
At 31 March 2024 520,905
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 16,358

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 2,345,751 712,872 177,781
Additions 8,300 26,346 32,351
At 31 March 2024 2,354,051 739,218 210,132
DEPRECIATION
At 1 April 2023 118,131 560,536 115,157
Charge for year 16,876 36,122 20,074
At 31 March 2024 135,007 596,658 135,231
NET BOOK VALUE
At 31 March 2024 2,219,044 142,560 74,901
At 31 March 2023 2,227,620 152,336 62,624

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 34,593 120,790 3,391,787
Additions 18,458 24,813 110,268
At 31 March 2024 53,051 145,603 3,502,055
DEPRECIATION
At 1 April 2023 9,851 111,121 914,796
Charge for year 9,262 8,023 90,357
At 31 March 2024 19,113 119,144 1,005,153
NET BOOK VALUE
At 31 March 2024 33,938 26,459 2,496,902
At 31 March 2023 24,742 9,669 2,476,991

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 5
NET BOOK VALUE
At 31 March 2024 5
At 31 March 2023 5

The company owns 100% of the share capital in its subsidiary companies: K.C. Smith Ortho Limited, Omega Wire Limited, Omega Resistance Wire Limited and Rowan Cable Products Limited. All four subsidiaries are dormant companies.

7. STOCKS
2024 2023
£    £   
Stocks 879,857 1,007,693

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 752,113 779,217
Amounts owed by group undertakings 1,289,522 1,238,510
Other debtors 18,500 12,500
Directors' current accounts 37,815 -
Tax 12,763 -
Prepayments and accrued income 82,734 78,593
2,193,447 2,108,820

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 384,436 283,571
Trade creditors 295,455 482,319
Corporation tax 60,220 141,362
Social security and other taxes 37,713 31,746
VAT 114,073 133,341
Other creditors 389 7,429
Accruals and deferred income 207,208 205,121
1,099,494 1,284,889

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 66,113 64,533
Bank loans - 2-5 years 49,701 101,333
Bank loans more 5 yr by instal 1,168,971 1,178,025
1,284,785 1,343,891

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,168,971 1,178,025

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 10,562 -
Between one and five years 17,500 -
28,062 -

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,669,221 1,627,462

(1) The company banker, HSBC, have registered a fixed and floating charge over the assets of the company for any monies due to the bank. At 31 March 2024 bank borrowings with HSBC amounted to £1,349,321 (2023: £1,406,889).

(2) The company has a debt purchase agreement with Close Invoice Finance Limited. The balance owed to Close Invoice Finance Limited at 31 March 2024 was £319,902 (2023: £220,573). The security specified in the agreement is as follows:

- Guarantee and indemnity from Knight Group Limited and Sterling Springs Limited plus supporting debenture from Knight Group Limited.

- Cross guarantee and indemnity plus a letter of offset from Knight Precision Wire Limited and Knight Strip Metals Limited.

KNIGHT PRECISION WIRE LIMITED (REGISTERED NUMBER: 04549481)

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


13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 45,488 16,416

Deferred
tax
£   
Balance at 1 April 2023 16,416
Charge to Income Statement during year 29,072
Balance at 31 March 2024 45,488

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400,000 Ordinary 1 400,000 400,000

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Benjamin Young FCA (Senior Statutory Auditor)
for and on behalf of TC Group

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A J Ferguson and C Y Ferguson
Balance outstanding at start of year (1,666 ) -
Amounts advanced 71,389 27,823
Amounts repaid (31,908 ) (29,489 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,815 (1,666 )

17. RELATED PARTY DISCLOSURES

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.

18. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Knight Group Limited. There is no ultimate controlling party of Knight Group Limited.