REGISTERED NUMBER: 11698906 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KNIGHT GROUP LIMITED |
REGISTERED NUMBER: 11698906 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KNIGHT GROUP LIMITED |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
KNIGHT GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Knight Group Limited's principal activity continued to be that of processors, stockholders and distributors of precision metal wire and strip. |
The Group supplies metals to a number of manufacturing sectors including aerospace, precision stampings, photo/laser etch, telecoms, automotive and renewable energies. It is recognised for the quality of product, customer service, extensive stocks of a wide range of materials, processing expertise and recognised industry approvals and it has therefore been able to establish and maintain long-term relationships with many of its customers. |
The trading year to end March 2024 was a rebalancing of the business from an environment of high inflation and low material availability to more traditionally established levels. Due to the reduced lead times of supply we were able to reduce the stock level substantially. Although Group sales held up well, these were achieved at lower margin. Recruitment opportunities were tight resulting in salaries increased at above national levels. These issues resulted in final profit levels reducing slightly. The forthcoming year is anticipated to further stabilise the business environment, and prospects for FY25 remain positive. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group does not use derivative financial instruments to manage interest rate costs and, as such, no hedge accounting is applied. |
Given the size of the Group, the Directors themselves are responsible for monitoring financial risks that the Group faces. |
Price risk |
The Group is exposed to price risk due to normal inflationary increases in the purchase price of goods and services. The Group has no exposure to equity securities price risk as it holds no listed or other equity instruments. |
Credit risk |
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed continuously based on the manner of recoveries from particular customers. |
Liquidity risk |
The Group actively maintains short-term debt finance that is designed to ensure that the company has sufficient funds for operations and planned expansions. |
Interest rate risk |
The Group does hold substantial cash balances at the present time and assets which only earn a very low rate of interest due to the present economic situation. However, the Directors will review this policy as the Group's operations may well change in the future. |
ANALYSIS BASED ON KEY PERFORMANCE INDICATORS |
2024 | 2023 |
Turnover | £20,821,219 | £22,020,560 |
Gross Profit % | 27.86% | 28.30% |
Operating Profit % | 9.31% | 11.98% |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FUTURE DEVELOPMENTS |
The Group intends to continue its present management policies for the foreseeable future and will continue to seek to grow the business through organic growth and, where appropriate, acquisition. |
ON BEHALF OF THE BOARD: |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of processors, stockholders and distributors of precision metal wire and strip. |
DIVIDENDS |
Dividends paid in the year were £299,650 (2023: £179,834). |
RESEARCH AND DEVELOPMENT |
The Group spends time, effort and its monies in supporting our client's product development requirements with substantial research and development activities in the early stages of material and product life cycles. The Group's intention being to ensure we remain part of the supply chain as both materials and manufacturing processes develop. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The Group utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the Group's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail in the Strategic Report. |
DISCLOSURE IN THE STRATEGIC REPORT |
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Future development, Principal risks and uncertainties and Key performance indicators. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KNIGHT GROUP LIMITED |
Opinion |
We have audited the financial statements of Knight Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 31 March 2024 and of the group's profit 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KNIGHT GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent 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 a Report of the Auditors 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: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KNIGHT GROUP LIMITED |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 20,821,219 | 22,020,560 |
Cost of sales | 15,020,685 | 15,788,345 |
GROSS PROFIT | 5,800,534 | 6,232,215 |
Distribution costs | 372,121 | 440,595 |
Administrative expenses | 3,490,166 | 3,206,734 |
3,862,287 | 3,647,329 |
1,938,247 | 2,584,886 |
Other operating income | - | 52,628 |
OPERATING PROFIT | 5 | 1,938,247 | 2,637,514 |
Interest receivable and similar income | 277 | 25 |
1,938,524 | 2,637,539 |
Interest payable and similar expenses | 6 | 131,499 | 134,797 |
PROFIT BEFORE TAXATION | 1,807,025 | 2,502,742 |
Tax on profit | 7 | 441,251 | 447,045 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,365,774 |
2,055,697 |
Profit attributable to: |
Owners of the parent | 1,365,774 | 2,055,697 |
Total comprehensive income attributable to: |
Owners of the parent | 1,365,774 | 2,055,697 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | 16,358 |
Tangible assets | 11 | 2,876,887 | 2,871,067 |
Investments | 12 | 8 | 8 |
2,876,895 | 2,887,433 |
CURRENT ASSETS |
Stocks | 13 | 6,039,163 | 7,397,202 |
Debtors | 14 | 4,195,349 | 4,189,081 |
Cash at bank | 1,194,764 | 971,672 |
11,429,276 | 12,557,955 |
CREDITORS |
Amounts falling due within one year | 15 | 3,687,785 | 5,546,666 |
NET CURRENT ASSETS | 7,741,491 | 7,011,289 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,618,386 |
9,898,722 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,414,057 |
) |
(1,556,854 |
) |
PROVISIONS FOR LIABILITIES | 20 | (121,813 | ) | (101,201 | ) |
NET ASSETS | 9,082,516 | 8,240,667 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 2,122,230 | 2,346,505 |
Retained earnings | 6,960,286 | 5,894,162 |
SHAREHOLDERS' FUNDS | 9,082,516 | 8,240,667 |
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 GROUP LIMITED (REGISTERED NUMBER: 11698906) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 524,100 | 299,833 |
The financial statements were approved by the Board of Directors and authorised for issue on |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 2,231,939 | 4,018,299 | 6,250,238 |
Changes in equity |
Issue of share capital | 114,566 | - | 114,566 |
Dividends | - | (179,834 | ) | (179,834 | ) |
Total comprehensive income | - | 2,055,697 | 2,055,697 |
Balance at 31 March 2023 | 2,346,505 | 5,894,162 | 8,240,667 |
Changes in equity |
Issue of share capital | (224,275 | ) | - | (224,275 | ) |
Dividends | - | (299,650 | ) | (299,650 | ) |
Total comprehensive income | - | 1,365,774 | 1,365,774 |
Balance at 31 March 2024 | 2,122,230 | 6,960,286 | 9,082,516 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | ( |
) |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,248,353 | (689,988 | ) |
Interest paid | (131,499 | ) | (134,797 | ) |
Tax paid | (679,928 | ) | (481,850 | ) |
Net cash from operating activities | 2,436,926 | (1,306,635 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (150,269 | ) | (150,519 | ) |
Sale of tangible fixed assets | - | 15,538 |
Exchange differences on fixed assets | 531 | (474 | ) |
Interest received | 277 | 25 |
Net cash from investing activities | (149,461 | ) | (135,430 | ) |
Cash flows from financing activities |
Loan repayments in year | (168,681 | ) | (173,809 | ) |
Movement in facilities | (1,324,312 | ) | 1,034,998 |
Capital repayments in year | (9,640 | ) | - |
Amount introduced by directors | 33,574 | - |
Amount withdrawn by directors | (71,389 | ) | - |
Share issue | - | 114,566 |
Share redemption | (224,275 | ) | - |
Equity dividends paid | (299,650 | ) | (179,834 | ) |
Net cash from financing activities | (2,064,373 | ) | 795,921 |
Increase/(decrease) in cash and cash equivalents | 223,092 | (646,144 | ) |
Cash and cash equivalents at beginning of year |
2 |
971,672 |
1,617,816 |
Cash and cash equivalents at end of year | 2 | 1,194,764 | 971,672 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,807,025 | 2,502,742 |
Depreciation charges | 206,476 | 209,456 |
Profit on disposal of fixed assets | - | (12,362 | ) |
Finance costs | 131,499 | 134,797 |
Finance income | (277 | ) | (25 | ) |
2,144,723 | 2,834,608 |
Decrease/(increase) in stocks | 1,358,037 | (3,196,974 | ) |
Decrease in trade and other debtors | 44,310 | 770,401 |
Decrease in trade and other creditors | (298,717 | ) | (1,098,023 | ) |
Cash generated from operations | 3,248,353 | (689,988 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,194,764 | 971,672 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 971,672 | 1,617,816 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 971,672 | 223,092 | 1,194,764 |
971,672 | 223,092 | 1,194,764 |
Debt |
Finance leases | - | (36,560 | ) | (36,560 | ) |
Debts falling due within 1 year | (1,847,329 | ) | 1,322,776 | (524,553 | ) |
Debts falling due after 1 year | (1,556,854 | ) | 170,217 | (1,386,637 | ) |
(3,404,183 | ) | 1,456,433 | (1,947,750 | ) |
Total | (2,432,511 | ) | 1,679,525 | (752,986 | ) |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Knight Group Limited is a |
As well as the registered office the Group trades out of: |
Unit 3-4 |
Saltley Business Park |
Cumbria Way |
Saltley |
Birmingham |
B8 1BH |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
Presentational and functional currency |
The functional and presentational currency is Great British Pounds. |
Basis of consolidation |
The financial statements consolidate the accounts of Knight Group Limited and its subsidiary undertakings from the date of acquisition or incorporation. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Significant judgements and estimates |
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover represents the value, net of value added tax, of goods and services supplied to customers during the year. Turnover is recognised when the goods are physically delivered to the customer and when the services are provided. |
- the group has transferred the significant risks and rewards of ownership to the buyer; |
- the group retains neither continuing managerial involvement to the degree usually associated with |
ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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. |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Improvements to property - Straight line over 15 years |
Plant and machinery - 10% on cost to 33% on cost |
Fixtures and fittings - 15% on costs and 20% 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. |
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 within 'administrative expenses' in the profit and loss account. |
At each balance sheet date, the Group reviews the carrying amounts of its tangible fixed assets to determine whether there is an indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying |
amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense |
immediately. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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 on 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 GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED 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 Consolidated Statement of Comprehensive Income, 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors 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. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 15,494,987 | 16,867,360 |
Europe | 4,658,574 | 4,424,013 |
Rest of world | 667,658 | 729,187 |
20,821,219 | 22,020,560 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,788,246 | 2,710,544 |
Social security costs | 283,692 | 275,097 |
Other pension costs | 238,487 | 213,869 |
3,310,425 | 3,199,510 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Production | 45 | 43 |
Administration | 32 | 31 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 24,000 | 34,000 |
Directors' pension contributions to money purchase schemes | 1,126 | 1,603 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 362,645 | 365,075 |
Depreciation - owned assets | 185,883 | 184,168 |
Depreciation - assets on hire purchase contracts | 4,235 | - |
Profit on disposal of fixed assets | - | (12,362 | ) |
Goodwill amortisation | 16,358 | 25,288 |
Auditors' remuneration | 37,580 | 34,345 |
Auditors' remuneration for non audit work | 4,560 | 4,345 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 1,733 | 2,167 |
Bank loan interest | 31,861 | 26,335 |
Other interest | 64,497 | 71,392 |
Mortgage | 33,408 | 34,903 |
131,499 | 134,797 |
7. | 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 | 348,600 | 369,427 |
Tax under provision | (67,727 | ) | - |
Foreign tax | 139,766 | 113,297 |
Total current tax | 420,639 | 482,724 |
Deferred tax | 20,612 | (35,679 | ) |
Tax on profit | 441,251 | 447,045 |
UK corporation tax has been charged at 25 % . |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,807,025 | 2,502,742 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
451,756 |
475,521 |
Effects of: |
Expenses not deductible for tax purposes | 9,106 | 1,282 |
Depreciation in excess of capital allowances | 7,928 | 4,510 |
Adjustments to tax charge in respect of previous periods | (67,727 | ) | - |
Deferred tax | 20,612 | (35,679 | ) |
Foreign tax | 139,766 | 113,296 |
Provisions | - | 18,758 |
expenditure |
Losses | - | (44,655 | ) |
Double taxation relief | (120,190 | ) | (83,639 | ) |
Profit on disposals | - | (2,349 | ) |
Total tax charge | 441,251 | 447,045 |
From 1st April 2023 the corporation tax main rate increased from 19% to 25% for companies with profits over £250,000. The small company rate remains at 19% for taxable profits under £50,000. For profits falling between £50,000 and £250,000 marginal relief is applied. Deferred tax has therefore been calculated at 25%. |
The group have capital losses carried forward at 31 March 2024 of £84,131 (2023: £84,131). |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim | 299,650 | 179,834 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 520,905 |
AMORTISATION |
At 1 April 2023 | 504,547 |
Amortisation for year | 16,358 |
At 31 March 2024 | 520,905 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | 16,358 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2023 | 2,345,751 | 293,289 | 2,877,952 |
Additions | 8,300 | - | 74,677 |
Disposals | - | - | (86,196 | ) |
Exchange differences | - | - | (9,922 | ) |
At 31 March 2024 | 2,354,051 | 293,289 | 2,856,511 |
DEPRECIATION |
At 1 April 2023 | 118,131 | 150,594 | 2,625,159 |
Charge for year | 16,876 | 14,496 | 74,393 |
Eliminated on disposal | - | - | (86,196 | ) |
Exchange differences | - | - | (9,767 | ) |
At 31 March 2024 | 135,007 | 165,090 | 2,603,589 |
NET BOOK VALUE |
At 31 March 2024 | 2,219,044 | 128,199 | 252,922 |
At 31 March 2023 | 2,227,620 | 142,695 | 252,793 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 1,716,732 | 34,593 | 127,896 | 7,396,213 |
Additions | 69,891 | 18,458 | 25,143 | 196,469 |
Disposals | (1,950 | ) | - | (2,669 | ) | (90,815 | ) |
Exchange differences | (6,003 | ) | - | - | (15,925 | ) |
At 31 March 2024 | 1,778,670 | 53,051 | 150,370 | 7,485,942 |
DEPRECIATION |
At 1 April 2023 | 1,505,771 | 9,852 | 115,639 | 4,525,146 |
Charge for year | 66,173 | 9,262 | 8,918 | 190,118 |
Eliminated on disposal | (1,950 | ) | - | (2,669 | ) | (90,815 | ) |
Exchange differences | (5,627 | ) | - | - | (15,394 | ) |
At 31 March 2024 | 1,564,367 | 19,114 | 121,888 | 4,609,055 |
NET BOOK VALUE |
At 31 March 2024 | 214,303 | 33,937 | 28,482 | 2,876,887 |
At 31 March 2023 | 210,961 | 24,741 | 12,257 | 2,871,067 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions | 46,200 |
At 31 March 2024 | 46,200 |
DEPRECIATION |
Charge for year | 4,235 |
At 31 March 2024 | 4,235 |
NET BOOK VALUE |
At 31 March 2024 | 41,965 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 | 8 |
Disposals | (520,000 | ) |
At 31 March 2024 | (519,992 | ) |
PROVISIONS |
Eliminated on disposal | (520,000 | ) |
At 31 March 2024 | (520,000 | ) |
NET BOOK VALUE |
At 31 March 2024 | 8 |
At 31 March 2023 | 8 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
On the 12 December 2023, Arenastock Limited was dissolved. This disposal was at £nil net book value. |
Subsidiary | Registered office | Nature of business | Share type | Holding |
Knight Precision Wire Limited | Hadley Works EN6 3JL | Metal components | Ordinary | 100% |
Sterling Springs Limited | Linkside EN6 3JL | Metal components | Ordinary | 100% |
Knight Strip Metals Limited | Linkside EN6 3JL | Metal Components | Ordinary | 100% |
Indirect subsidiary | Registered office | Nature of business | Share type | Holding |
Knight Metal Services Limited | Linkside EN6 3JL | Dormant | Ordinary | 100% |
Knight Group of Companies Limited |
Linkside EN6 3JL |
Dormant |
Ordinary |
100% |
Knight Group (UK) Limited | Linkside EN6 3JL | Dormant | Ordinary | 100% |
Knight Group (Europe) Limited | Linkside EN6 3JL | Dormant | Ordinary | 100% |
Knight Group (International) Limited |
Linkside EN6 3JL |
Dormant |
Ordinary |
100% |
KPW Group Limited | Linkside EN6 3JL | Dormant | Ordinary | 100% |
K.C. Smith Ortho Limited | Hadley Works EN6 3JL | Dormant | Ordinary | 100% |
Omega Wire Limited | Hadley Works EN6 3JL | Dormant | Ordinary | 100% |
Omega Resistance Wire Limited | Hadley Works EN6 3JL | Dormant | Ordinary | 100% |
Rowan Cable Products Limited | Hadley Works EN6 3JL | Dormant | Ordinary | 100% |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 6,039,163 | 7,397,202 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,698,519 | 3,944,525 |
Other debtors | 62,235 | 55,079 |
Directors' current accounts | 37,815 | - | - | - |
Tax | 12,763 | - |
Prepayments and accrued income | 384,017 | 189,477 |
4,195,349 | 4,189,081 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 524,553 | 1,847,329 |
Hire purchase contracts (see note 18) | 9,140 | - |
Trade creditors | 1,935,224 | 2,493,084 |
Amounts owed to group undertakings | - | - |
Corporation tax | 237,388 | 483,914 |
Social security and other taxes | 462,135 | 55,168 |
VAT | 122,128 | 146,197 | - | - |
Other creditors | 84,787 | 135,197 |
Accruals and deferred income | 312,430 | 385,777 |
3,687,785 | 5,546,666 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | 1,386,637 | 1,556,854 |
Hire purchase contracts (see note 18) | 27,420 | - |
1,414,057 | 1,556,854 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 175,645 | 174,109 |
Invoice discounting | 348,908 | 1,673,220 |
524,553 | 1,847,329 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 167,965 | 175,644 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 49,701 | 203,185 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,168,971 | 1,178,025 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 9,140 | - |
Between one and five years | 27,420 | - |
36,560 | - |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 234,161 | 222,994 |
Between one and five years | 867,765 | 815,860 |
In more than five years | 271,953 | 475,918 |
1,373,879 | 1,514,772 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 1,911,190 | 3,404,183 |
Hire purchase contracts | 36,560 | - |
1,947,750 | 3,404,183 |
(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 £1,349,320 (2023: £1,406,888) |
(2) The company has a debt purchase agreement with Close Invoice Finance Limited. |
The balance with Close Invoice Finance Limited at 31 March 2024 was as follows: |
Credit balance £348,908 (2023: £1,673,220) |
Debit balance £415,433 (2023: £nil) |
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 |
(3) The company has a loan agreement with Close Invoice Finance Limited. |
The balance with Close Invoice Finance Limited at 31 March 2024 was as follows: |
Credit balance £212,963 (2023: £324,074) |
The security specified in the agreement is as follows: |
- An all assets debenture in such form as we may require including a floating charge over the whole of your undertaking and assets |
(4) Hire purchase creditors are secured on the assets to which they relate. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 121,813 | 101,201 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 101,201 |
Charge to Statement of Comprehensive Income during year | 20,612 |
Balance at 31 March 2024 | 121,813 |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 400,000 | 400,000 |
Preference | 1 | 1,722,230 | 1,946,505 |
2,122,230 | 2,346,505 |
224,275 preference shares were redeemed at par in the year ended 31 March 2024. |
Ordinary shares hold full voting rights, carry the rights to participate in a distribution by way of dividend, carry the rights to participate in a distribution of capital, and are non-redeemable. |
Preference shared hold no voting rights, they carry the rights to participate in a distribution by way of dividend, carry the rights to participate in a distribution of capital up to the amount paid on such shares, and redeemable at the option of the Company. |
22. | PENSION COMMITMENTS |
The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. |
The pension cost charge represents contributions payable by the group to the fund. The contributions payable by the group for the period ended 31 March 2024 were £237,361 (2023: £213,869). |
Pension contributions outstanding included in other creditors at 31 March 2024 amounted to £20,147 (2023: £10,527). |
23. | CONTINGENT LIABILITIES |
The Group has given an unlimited multilateral guarantee in respect of bank borrowings by its UK |
subsidiary undertakings. At 31 March 2024 the potential liability was £nil (2023: £nil). |
24. | 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 Mrs 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 | ) |
25. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, a total of key management personnel compensation of £ 387,350 (2023 - £ 285,987 ) was paid. |
KNIGHT GROUP LIMITED (REGISTERED NUMBER: 11698906) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
26. | POST BALANCE SHEET EVENTS |
On the 23rd August 2024 Knight Group Limited acquired the share capital of Isca Foil Limited. |
27. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the two directors. |
There is no ultimate controlling party of Knight Group Limited. |