Company registration number 08519705 (England and Wales)
STRATEGIC REPORT, REPORT OF DIRECTORS AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
FOR KIVELLS LIMITED
KIVELLS LIMITED
COMPANY INFORMATION
Directors
Mr M Bromell
Mr S Alford
Mr W Bunt
Company number
08519705
Registered office
2 Barnfield Crescent
Exeter
Devon
EX1 1QT
Auditor
Streets Audit LLP
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
Bankers
NatWest
South West RCSC
740 Waterside Drive
Aztec West
Almonsbury
Bristol
BS99 5BD
KIVELLS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
KIVELLS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

 

The Company operates as livestock and machinery auctioneers, estate agents and chartered surveyors predominantly dealing with sale and management of rural property. The company operates three livestock auction markets and five estate agency and professional offices in the South West.

Fair review of the business

The Directors manage the company by operating two divisions being;

 

1) Livestock and agricultural auctioneering

2) Professional services.

 

The key financial performance indicator is the turnover of the company from the commission and professional fees as overheads are largely fixed and similar to the previous year. The commission and professional fees earned by each sector are as follows:-

 

Commission income from livestock and agricultural auctioneering was £5,909,685 (2023: £5,401,807); an improvement in performance this year.

 

Commission and fee income from property and professional services was £2,591,872 (2023: £2,565,508); an improved performance this year despite a more challenging residential market.

 

Overheads were higher than in previous years. The main contribution to the increase was rises in staff costs due to the impact of rises in cost of living. Advertising and marketing costs also saw a significant rise in the period. Whilst it appears that establishment costs have fallen significantly in the year, this is due to the lease dilapidation provision introduced in 2023 following a review of leased sites. With this considered, establishment costs have remained consistent with the prior year.

 

At the year end the company had an increase in shareholder funds of £882,789 to £6,354,542 (2023: £5,471,753). Further details regarding the company's position at the year end can be seen on the balance sheet starting on page 9 and the accompanying notes.

KIVELLS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

The directors identify and mitigate risks that could cause disruption of core trading activities.

 

One of the major risks identified is the re-occurrence of foot and mouth disease (FMD), or the incident of a similar disease such as bluetongue, resulting in a restriction in livestock movements as occurred in the FMD outbreak in 2001. The directors have taken out business interruption insurance to indemnify the Company for any impact on profits.

 

The nature of the business means that the directors are constantly monitoring the Company's debtor ledger to identify debtors which are likely to falter. The risk to the Company of a major default is mitigated by the lack of exposure to any one specific customer.

 

Towards the back end of the trading period, rising base rates for borrowing started to have an impact on property transactions and property values. The rising base interest rate costs combined with rising costs of living are likely to lead to a further easing property market, however Devon and Cornwall remain very popular areas to live, especially for early retirees and retirees. The geographical location of our offices may well soften the impact of a general easing in the residential property market.

 

Overall, the Company's risk is diversified across the two sectors, so that should a downturn affect one trading activity, the other activity will continue to support the company.

On behalf of the board

Mr M Bromell
Director
21 January 2025
KIVELLS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of auctioneering, estate agency and other professional services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £555,000 (2022: £998,606). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K Hicks
(Retired 19 July 2024)
Mr D Kivell
(Retired 19 July 2024)
Mr M Bromell
Mr S Alford
Mr W Bunt
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr M Bromell
Director
21 January 2025
KIVELLS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KIVELLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KIVELLS LIMITED
- 5 -
Opinion

We have audited the financial statements of Kivells Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 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 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.

KIVELLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KIVELLS LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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 strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

KIVELLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KIVELLS LIMITED
- 7 -
Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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 an auditor's 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.

Shane Cann BA(Hons) ACA FCCA CTA
For and on behalf of Streets Audit LLP
21 January 2025
Chartered Accountants
Statutory Auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
KIVELLS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
5
8,501,557
7,967,315
Cost of sales
(456,697)
(400,577)
Gross profit
8,044,860
7,566,738
Distribution costs
-
0
(17,516)
Administrative expenses
(6,444,659)
(6,831,431)
Other operating income
35,984
134,584
Operating profit
6
1,636,185
852,375
Interest receivable and similar income
9
250,866
122,205
Interest payable and similar expenses
10
(14,995)
(18,980)
Amounts written off investments
11
-
(2,472)
Profit before taxation
1,872,056
953,128
Tax on profit
12
(466,067)
(273,266)
Profit for the financial year
1,405,989
679,862
KIVELLS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
202,301
298,137
Investments
16
3,918
3,918
206,219
302,055
Current assets
Debtors
18
5,706,557
5,584,766
Cash at bank and in hand
6,134,766
5,319,303
11,841,323
10,904,069
Creditors: amounts falling due within one year
19
(4,449,311)
(4,227,959)
Net current assets
7,392,012
6,676,110
Total assets less current liabilities
7,598,231
6,978,165
Creditors: amounts falling due after more than one year
20
(657,190)
(893,174)
Provisions for liabilities
Provisions
22
552,550
552,550
Deferred tax liability
23
33,949
60,688
(586,499)
(613,238)
Net assets
6,354,542
5,471,753
Capital and reserves
Called up share capital
26
1,110
1,110
Share premium account
64,126
64,126
Retained earnings
6,289,306
5,406,517
Total equity
6,354,542
5,471,753
KIVELLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr M Bromell
Director
Company Registration No. 08519705
KIVELLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 1 July 2022
1,110
64,126
5,281,655
5,346,891
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
679,862
679,862
Dividends
-
-
(555,000)
(555,000)
Balance at 30 June 2023
1,110
64,126
5,406,517
5,471,753
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
1,405,989
1,405,989
Dividends
-
-
(523,200)
(523,200)
Balance at 30 June 2024
1,110
64,126
6,289,306
6,354,542
KIVELLS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
1,695,416
1,175,818
Interest paid
(14,995)
(18,980)
Income taxes paid
(592,078)
(437,018)
Net cash inflow from operating activities
1,088,343
719,820
Investing activities
Purchase of tangible fixed assets
(113,384)
(101,452)
Proceeds from disposal of tangible fixed assets
7,499
-
0
Interest received
247,530
115,140
Net cash generated from investing activities
141,645
13,688
Financing activities
Repayment of bank loans
(199,999)
(200,000)
Dividends paid
(523,200)
(555,000)
Net cash used in financing activities
(723,199)
(755,000)
Net increase/(decrease) in cash and cash equivalents
506,789
(21,492)
Cash and cash equivalents at beginning of year
2,734,597
2,756,089
Cash and cash equivalents at end of year
3,241,386
2,734,597
Relating to:
Cash at bank and in hand
6,134,766
5,319,303
Bank overdrafts included in creditors payable within one year
(2,893,380)
(2,584,706)
KIVELLS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,405,989
679,862
Adjustments for:
Taxation charged
466,067
273,266
Finance costs
14,995
18,980
Investment income
(250,866)
(122,205)
Loss on disposal of tangible fixed assets
118,987
-
Amortisation and impairment of intangible assets
-
0
400,000
Depreciation and impairment of tangible fixed assets
82,734
129,622
Impairment of investment
-
2,472
Increase in provisions
-
552,550
Movements in working capital:
Increase in debtors
(121,368)
(634,472)
Decrease in creditors
(21,122)
(124,257)
Cash generated from operations
1,695,416
1,175,818
2
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
5,319,303
815,463
6,134,766
Bank overdrafts
(2,584,706)
(308,674)
(2,893,380)
2,734,597
506,789
3,241,386
Borrowings excluding overdrafts
(898,937)
309,032
(589,905)
1,835,660
815,821
2,651,481
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
3
Accounting policies
Company information

Kivells Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, Devon, EX1 1QT.

3.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

3.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.3
Turnover

Turnover represents the net invoiced provision of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

 

Commission on housing sales is recognised on exchange of contracts.

 

Commission on livestock and other auction sales is recognised on the day the sale takes place.

3.4
Intangible fixed assets - goodwill

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.

3.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost or over the lease period
Plant and equipment
25% on cost and 20% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

3.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

3.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Accounting policies
(Continued)
- 17 -
3.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

4
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

5
Turnover and other revenue

The turnover and profit before taxation are attributable to the principal activities of the company.

 

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Auctioneering Services
5,909,685
5,386,723
Estate Agency Services
1,072,013
1,346,678
Other Professional Services
1,519,859
1,233,914
8,501,557
7,967,315
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
6
Profit before tax
2024
2023
The profit is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,915
7,735
Fees payable to the company's auditor for non-audit services
27,280
19,424
Depreciation of owned tangible fixed assets
82,734
129,623
Loss on disposal of tangible fixed assets
119,118
-
Profit on disposal of fixed assets
(131)
(600)
Amortisation of intangible assets
-
400,000
Operating lease charges
981,436
1,004,310
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
5
5
Management and Non-Equity Directors
11
11
Bude
5
6
Exeter
47
37
Hallworthy
14
16
Holsworthy
52
50
Launceston
4
8
Liskeard
6
7
Total
144
140
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,518,542
2,443,982
Social security costs
228,099
224,437
Pension costs
47,076
43,355
3,112,316
3,029,284
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
41,888
41,100
Company pension contributions to defined contribution schemes
276,711
276,410
318,599
317,510
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
90,782
33,741
Other interest income
160,084
88,464
Total income
250,866
122,205
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
13,029
17,083
Other interest
1,966
1,897
14,995
18,980
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
11
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(2,472)
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
492,806
287,785
Deferred tax
Origination and reversal of timing differences
(26,739)
(14,519)
Total tax charge
466,067
273,266

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,872,056
953,128
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
468,014
181,094
Tax effect of expenses that are not deductible in determining taxable profit
57
-
0
Effect of change in corporation tax rate
-
0
21,004
Permanent capital allowances in excess of depreciation
24,735
9,687
Amortisation on assets not qualifying for tax allowances
-
0
76,000
Deferred tax adjustments in respect of prior years
(26,739)
(14,519)
Taxation charge for the year
466,067
273,266
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
13
Dividends
2024
2023
£
£
Interim paid
523,200
555,000
14
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
4,000,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
4,000,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
15
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
373,255
710,560
206,311
1,290,126
Additions
10,364
51,770
51,250
113,384
Disposals
(101,738)
(289,717)
(44,741)
(436,196)
At 30 June 2024
281,881
472,613
212,820
967,314
Depreciation and impairment
At 1 July 2023
290,825
555,218
145,946
991,989
Depreciation charged in the year
18,790
37,509
26,435
82,734
Eliminated in respect of disposals
(61,109)
(211,228)
(37,373)
(309,710)
At 30 June 2024
248,506
381,499
135,008
765,013
Carrying amount
At 30 June 2024
33,375
91,114
77,812
202,301
At 30 June 2023
82,430
155,342
60,365
298,137
16
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
17
100
100
Listed investments
3,818
3,818
3,918
3,918
17
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kivell & Sons (Auctioneers)
England
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Kivell & Sons (Auctioneers)
100
-
0
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,478,638
5,387,434
Other debtors
76,258
72,067
Prepayments and accrued income
151,661
125,265
5,706,557
5,584,766
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21
3,093,380
2,784,705
Other borrowings
21
56,571
165,604
Trade creditors
300,391
112,569
Corporation tax
185,176
287,785
Other taxation and social security
408,589
477,112
Deferred income
24
64,004
35,984
Other creditors
252,815
343,046
Accruals and deferred income
88,385
21,154
4,449,311
4,227,959
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21
333,334
533,334
Deferred income
24
323,856
359,840
657,190
893,174
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
21
Loans and overdrafts
2024
2023
£
£
Bank loans
533,334
733,333
Bank overdrafts
2,893,380
2,584,706
Loans from related parties
-
0
111,000
Other loans
56,571
54,604
3,483,285
3,483,643
Payable within one year
3,149,951
2,950,309
Payable after one year
333,334
533,334

The company’s overdraft facility is secured against the assets of the company.

22
Provisions for liabilities
2024
2023
£
£
Lease Dilapidations
552,550
552,550
Movements on provisions:
£
At 1 July 2023 and 30 June 2024
552,550
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
33,949
60,688
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 July 2023
60,688
Credit to profit or loss
(26,739)
Liability at 30 June 2024
33,949

The deferred tax balance liability set out above relates to accelerated capital allowances on the company's tangible fixed assets.

24
Deferred income
2024
2023
£
£
Other deferred income
387,860
395,824

Deferred income is included in the financial statements as follows:

Current liabilities
64,004
35,984
Non-current liabilities
323,856
359,840
387,860
395,824

Deferred income relates to damages awarded to Kivells Limited during the 2020 financial year. This is being recognised over the remaining life of the lease held at Holsworthy.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
276,711
276,410

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
960
960
960
960
Ordinary A of £1 each
150
150
150
150
1,110
1,110
1,110
1,110
27
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
433,822
410,040
Between two and five years
1,547,244
1,483,709
In over five years
1,119,100
1,704,900
3,100,166
3,598,649
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
41,888
41,100
Other information
KIVELLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
28
Related party transactions
(Continued)
- 27 -

Loans made to the company by other related parties are repayable over four years. Interest has been charged at 3.6% pa.

 

The Callington office is run out of a site owned by Kivells Partnership, which has been rented by the company with no rent payable. The Kivells Partnership is owned and run by the directors of Kivells Limited.

 

At the year end, the company owed related parties, other than the directors, £56,570 (2023: £165,604). Of this amount outstanding, £Nil (2023: £111,000) related to dividends owed to the directors' holding companies.

29
Directors' transactions

Dividends totalling £523,200 (2023 - £555,000) were paid in the year in respect of shares held by the company's directors.

During the year, amounts were advanced to all of the directors resulting in their loan accounts becoming overdrawn. At the year end, the directors owed the company £9,996 (2023: £9,573) there are no set terms of repayment.

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