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Registered number: NI046773










KVS Group (UK) Limited










Annual Report and Financial Statements

For the Year Ended 30 June 2024

 
KVS Group (UK) Limited
 

Company Information


Directors
Mr S K Cousins 
Mr J Black 
Mr P Martin 




Company secretary
Mr P Martin



Registered number
NI046773



Registered office
Lissue Industrial Estate
Moira Road

Lisburn

County Antrim

BT28 2RF




Independent auditors
Sumer Auditco NI Limited
Statutory Auditors

Glendinning House

6 Murray Street

Belfast

Co. Antrim

BT1 6DN




Bankers
Danske Bank
62-66 Bow Street

Lisburn

Co. Antrim

BT28 1YS





Bank of Ireland

81 Clanbrassil Street

Townparks

Dundalk

County Louth




Solicitors
MacCorkell Legal & Commercial
Garvey Studios

8-10 Longstone Street

Lisburn

BT28 1TP





 
KVS Group (UK) Limited
 

Contents



Page
Group Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Consolidated Statement of Comprehensive Income
 
 
10
Consolidated Balance Sheet
 
 
11
Company Balance Sheet
 
 
12
Consolidated Statement of Changes in Equity
 
 
13
Company Statement of Changes in Equity
 
 
14
Consolidated Statement of Cash Flows
 
 
15 - 16
Consolidated Analysis of Net Debt
 
 
16
Notes to the Financial Statements
 
 
17 - 35


 
KVS Group (UK) Limited
 

Group Strategic Report
For the Year Ended 30 June 2024

Introduction
 
The directors present their group Strategic Report for the year ended 30 June 2024. The directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.

Business review
 
KVS Group (UK) Limited (the "Company") is the parent of a group (the "Group") that includes Warmflow Engineering Co. Limited, KVS Properties Limited and Warmflow Limited.
The Company is principally engaged in the holding of a trading group, the letting of investment properties and other group trading. The principal activity of the Group is the manufacture of domestic heating appliances.
The results for the year and the financial position of the Group at the year end were considered satisfactory by the directors who expect to improve the position in the foreseeable future. 

Going concern
 
At the date of this report the directors are confident that the Group can continue to demonstrate its’ resilience and navigate these challenging times satisfactorily. At the balance sheet date, the Group had net assets of £35,707,342 (2023: £34,596,117) and continued to generate a profit. The directors have prepared budgets and cashflow forecasts to demonstrate this. 
As a result, the directors continue to prepare the financial statements on a going concern basis as they are satisfied that the Group has the ability to meet its liabilities as and when they fall due for a period of not less than 12 months from the date of this report.

Page 1

 
KVS Group (UK) Limited
 

Group Strategic Report (continued)
For the Year Ended 30 June 2024

Principal risks and uncertainties
 
The key business risk and uncertainties affecting the Group are considered to relate to competition from both national and independent manufacturers, employee retention and product liability. Due to the Group's reputation, standing and position in the market place, the directors are of the opinion that the risks and uncertainties facing the Group can be adequately managed.
Financial risk management
The Group's operations expose it to a variety of financial risks that include the effects of changes in foreign exchange risk, 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.
Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board.  The policies set by the Board of Directors are implemented by the Group's finance department.
Price risk
The Group is exposed to commodity price risk as a result of its operations.  However, given the size of the Group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits.  The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.  The Group has no exposure to equity securities price risk as it holds no listed or other equity investments.
Foreign exchange risk
While the greater part of the Group's revenues and expenses are denominated in sterling, the Group is exposed to some foreign exchange risk in the normal course of business, principally on sales in euros.  The Group keeps under review the option to use financial instruments to hedge foreign exchange exposure.

Credit risk
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made.  The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the Board.

Page 2

 
KVS Group (UK) Limited
 

Group Strategic Report (continued)
For the Year Ended 30 June 2024

Financial key performance indicators
 
The directors consider turnover, gross profit percentage, net profit percentage, stock levels and cash position to be the key measures of financial performance. Turnover increased during the year to £21,600,656 (2023: £20,574,859), gross profit percentage decreased to 40.0% from 42.1% in the prior year, stock levels as at 30 June 2024 amounted to £5,441,465 (2023: £6,886,583) and cash at year end remained positive at £6,908,047 (2023: £2,832,123). The Group monitors these indicators on an annual and monthly basis.
In addition, the directors monitor the return on key property assets held by the Company in respect of rental returns and the return on other key assets held by the Group.

Environment
The Group recognises its’ corporate responsibility to carry out its’ operations whilst minimalising environmental impacts. The directors continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and safety
The group and company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human resources
The group’s most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical, and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.
Employees
 
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. 
Consultation with employees or their representative has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the group. 


This report was approved by the board on 25 October 2024 and signed on its behalf.



Mr S K Cousins 
Director

Page 3

 
KVS Group (UK) Limited
 

 
Directors' Report
For the Year Ended 30 June 2024

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

Directors' responsibilities statement

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

make judgments 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 Group will continue in business.

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

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,594,943 (2023: £3,952,430).

During the year dividends of £225,000 were paid (2023: £365,000).

Directors

The directors who served during the year were:

Mr S K Cousins 
Mr J Black 
Mr P Martin 

Future developments

The directors anticipate that any future developments would relate to the principal business activities.

Disclosure of information to auditors

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

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

Page 4

 
KVS Group (UK) Limited
 

 
Directors' Report (continued)
For the Year Ended 30 June 2024

Research and development

The Group is strongly committed to research and development activities in order to secure and enhance its position in the market. 

Post balance sheet events

Notwithstanding the ongoing challenges following the completion of the Brexit transition and the implementation of the Northern Ireland Protocol there have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco NI Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 October 2024 and signed on its behalf.
 





Mr P Martin
Secretary

Page 5

 
KVS Group (UK) Limited
 

 
Independent Auditors' Report to the Members of KVS Group (UK) Limited
 

Opinion


We have audited the financial statements of KVS Group (UK) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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.


Page 6

 
KVS Group (UK) Limited
 

 
Independent Auditors' Report to the Members of KVS Group (UK) Limited (continued)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' Report.


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


adequate accounting records have not been kept 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 Directors' Responsibilities Statement set out on page 4, 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 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.


Page 7

 
KVS Group (UK) Limited
 

 
Independent Auditors' Report to the Members of KVS Group (UK) Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company
for fraud and identified the greatest potential for fraud in the following areas: management override of controls
and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals posted during the year, revenue cut off testing and agreeing a sample of revenue items to dispatch documentation and rental agreements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 8

 
KVS Group (UK) Limited
 

 
Independent Auditors' Report to the Members of KVS Group (UK) Limited (continued)


Use of our report
 

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





Adrian Patton (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco NI Limited
 
Statutory Auditors
  
Glendinning House
6 Murray Street
Belfast
Co. Antrim
BT1 6DN

25 October 2024
Page 9

 
KVS Group (UK) Limited
 

Consolidated Statement of Comprehensive Income
For the Year Ended 30 June 2024

2024
2023
Note
£
£

  

Turnover
  
21,600,656
20,574,859

Cost of sales
  
(12,940,411)
(11,913,799)

Gross profit
  
8,660,245
8,661,060

Administrative expenses
  
(7,294,370)
(4,327,873)

Other operating income
 6 
41,940
32,972

Operating profit
 7 
1,407,815
4,366,159

Interest receivable and similar income
 10 
225,925
96,771

Interest payable and similar expenses
 11 
-
(225)

Profit before tax
  
1,633,740
4,462,705

Tax on profit
 12 
(38,253)
(508,631)

Profit for the financial year
  
1,595,487
3,954,074

Profit for the year attributable to:
  

Non-controlling interests
  
544
1,644

Owners of the parent
  
1,594,943
3,952,430

  
1,595,487
3,954,074

The notes on pages 17 to 35 form part of these financial statements.

Page 10

 
KVS Group (UK) Limited
Registered number: NI046773

Consolidated Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,980,114
4,061,971

Investment property
 15 
20,217,667
20,817,667

  
24,197,781
24,879,638

Current assets
  

Stocks
 16 
5,441,465
6,886,583

Debtors: amounts falling due within one year
 17 
4,395,822
5,023,128

Cash at bank and in hand
 18 
6,908,047
2,832,123

  
16,745,334
14,741,834

Creditors: amounts falling due within one year
 19 
(3,452,335)
(3,230,130)

Net current assets
  
 
 
13,292,999
 
 
11,511,704

Total assets less current liabilities
  
37,490,780
36,391,342

Provisions for liabilities
  

Deferred taxation
 20 
(1,477,105)
(1,515,943)

Other provisions
 21 
(306,332)
(279,282)

  
 
 
(1,783,437)
 
 
(1,795,225)

Net assets
  
35,707,343
34,596,117


Capital and reserves
  

Called up share capital 
 22 
12,220
12,220

Capital redemption reserve
 23 
9,680
9,680

Profit and loss account
 23 
38,373,088
37,131,714

Equity attributable to owners of the parent Company
  
38,394,988
37,153,614

Non-controlling interests
  
(2,687,645)
(2,557,497)

  
35,707,343
34,596,117


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2024.


Mr P Martin
Director

The notes on pages 17 to 35 form part of these financial statements.

Page 11

 
KVS Group (UK) Limited
Registered number: NI046773

Company Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
85,369
234,148

Investments
 14 
23,722
23,722

Investment Property
 15 
24,017,667
24,617,667

  
24,126,758
24,875,537

Current assets
  

Debtors: amounts falling due within one year
 17 
1,048,106
1,196,843

Cash at bank and in hand
 18 
4,627,786
2,252,922

  
5,675,892
3,449,765

Creditors: amounts falling due within one year
 19 
(5,920,474)
(4,637,089)

Net current liabilities
  
 
 
(244,582)
 
 
(1,187,324)

Total assets less current liabilities
  
23,882,176
23,688,213

  

Provisions for liabilities
  

Deferred taxation
 20 
(1,409,976)
(1,477,641)

  
 
 
(1,409,976)
 
 
(1,477,641)

Net assets
  
22,472,200
22,210,572


Capital and reserves
  

Called up share capital 
 22 
12,220
12,220

Profit and loss account brought forward
  
22,198,352
21,033,848

Profit for the year
  
486,628
1,529,504

Other changes in the profit and loss account

  

(225,000)
(365,000)

Profit and loss account carried forward
  
22,459,980
22,198,352

  
22,472,200
22,210,572


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2024.


Mr P Martin
Director

The notes on pages 17 to 35 form part of these financial statements.

Page 12
 

 
KVS Group (UK) Limited


 

Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2024



Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 July 2022
12,220
9,680
33,651,381
33,673,281
(2,361,489)
31,311,792





Profit for the year
-
-
3,952,430
3,952,430
1,644
3,954,074



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(472,097)
(472,097)
(197,652)
(669,749)





At 1 July 2023
12,220
9,680
37,131,714
37,153,614
(2,557,497)
34,596,117





Profit for the year
-
-
1,594,943
1,594,943
544
1,595,487


Dividends
-
-
(353,569)
(353,569)
(130,692)
(484,261)



At 30 June 2024
12,220
9,680
38,373,088
38,394,988
(2,687,645)
35,707,343



The notes on pages 17 to 35 form part of these financial statements.

Page 13
 
KVS Group (UK) Limited
 

Company Statement of Changes in Equity
For the Year Ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
12,220
21,033,848
21,046,068



Profit for the year
-
1,529,504
1,529,504

Dividends: Equity capital
-
(365,000)
(365,000)



At 1 July 2023
12,220
22,198,352
22,210,572



Profit for the year
-
486,628
486,628

Dividends: Equity capital
-
(225,000)
(225,000)


At 30 June 2024
12,220
22,459,980
22,472,200


The notes on pages 17 to 35 form part of these financial statements.

Page 14

 
KVS Group (UK) Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,595,487
3,954,074

Adjustments for:

Depreciation of tangible assets
302,121
724,259

(Profit)/loss on disposal of investment properties
(626,195)
-

(Profit)/loss on disposal of tangible assets
(36,368)
37,379

Government grants
(3,681)
(16,829)

Interest paid
-
225

Interest received
(225,925)
(96,771)

Taxation charge
38,253
508,631

Decrease in stocks
1,445,118
175,119

Decrease/(increase) in debtors
627,306
(480,404)

Increase in creditors
891,597
286,536

Increase/(decrease) in provisions
27,050
(56,062)

Corporation tax (paid)
(746,483)
(14,295)

Net cash generated from operating activities

3,288,280
5,021,862


Cash flows from investing activities

Purchase of tangible fixed assets
(243,062)
(385,368)

Sale of tangible fixed assets
1,285,361
58,970

Purchase of investment properties
-
(3,917,667)

Government grants received
3,681
16,829

Interest received
225,925
96,771

Net cash from investing activities

1,271,905
(4,130,465)

Cash flows from financing activities

Dividends paid
(353,569)
(472,097)

Interest paid
-
(225)

Other transactions with members
(130,692)
(197,652)

Net cash used in financing activities
(484,261)
(669,974)

Net increase in cash and cash equivalents
4,075,924
221,423

Cash and cash equivalents at beginning of year
2,832,123
2,610,700

Cash and cash equivalents at the end of year
6,908,047
2,832,123


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,908,047
2,832,123

6,908,047
2,832,123

Page 15

 
KVS Group (UK) Limited
 


Consolidated Analysis of Net Debt
For the Year Ended 30 June 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

2,832,123

4,075,924

6,908,047


2,832,123
4,075,924
6,908,047

The notes on pages 17 to 35 form part of these financial statements.

Page 16

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

KVS Group (UK) Limited is a private company limited by shares incorporated in Northern Ireland within the United Kingdom. The registration number and address of the registered office are given in the company information section of these financial statements. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.

The holding undertaking is included in the consolidated financial statements, and is considered a qualifying entity under FRS 102 paragraphs 1.8 to 1.2. The following exemptions available under FRS 102 have been applied 
- The reconcilaition of the number of shares outstanding from the beginning to the end of the period hasn't been included a second time;
- No seperate holding undertaking cash flow statement with related note is included; and
- Key management personnel compensation has not been included a second time.

Page 17

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at the historical cost are translated using the exchange rate at the date of the transaction and the non-monetary items measured at fair value are measured using the exchange rate when the fair value was determined.
Exchange gains and losses are recognised in the Consolidated Statement of Comprehensive Income.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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 revenue can be measured reliably;
it is probable that the Group 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.

Rendering of services

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

  
2.5

Research and development

Research expenditure is written off to the Consolidated Statement of Comprehensive Income in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satified as to the technical, commercial and financial viability of the individual projects. In this situation, the expenditure is deferred and amortised over the period during which the group is expected to benefit.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 19

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Finance costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

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

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

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

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


Page 20

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

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

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
25%

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

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

  
2.12

Investment property

Investment property is carried at fair value determined annually by both the directors and external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Finished goods include direct labour cost. Net realisable value is the estimated selling price less costs to complete and sell.

 
2.15

Debtors

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

Page 21

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

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

  
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the directors are required to make judgments, estimates, and assumptions that affect the amounts reported for assets and liabilities, income, and expenses. These judgments, estimates, and assumptions are continually evaluated and based on historical experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances. 
The most significant areas of estimation uncertainty and judgment applied, relates to the valuation of investment properties and warranty provision for inventory.
Valuation of Investment Properties
The fair value of the investment properties is determined by the directors and, periodically, by an external, professionally qualified valuer, at each reporting date. The valuation is based on market evidence of transaction prices for similar properties, adjusted to reflect the specific characteristics, such as location, condition, and current lease terms, of the property being valued.
The valuation methodology involves assumptions regarding future rental income, occupancy levels, capital expenditure, and yields, all of which are subject to uncertainty. Any changes in these assumptions could result in significant changes to the fair value of investment properties.
Warranty Provision
Due to the nature of the company’s activities, the Company provides warranty cover on a number of its inventory lines for periods between one and five years. A provisional estimate of the cost of the warranty claims has been made in these financial statements, and is reviewed annually against actual warranty costs. In making these estimates, the directors have drawn on their knowledge of the industry and prior experience with warranty estimates.


4.


Going Concern

The Group has a strong balance sheet with low levels of debt. The directors believe that the Company and Group will be able to manage its resources effectively and by taking any strategic measures as required. Accordingly, the directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.


5.


Turnover

The whole of the turnover is attributable to the principal activity of the business.
All turnover was generated from and managed within the United Kingdom.


6.


Other operating income

2024
2023
£
£

Sundry income
38,259
16,143

Government grants receivable
3,681
16,829

41,940
32,972


Page 23

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Auditors remuneration
23,750
23,210

Exchange differences
51,312
(14,021)

Operating lease rentals
699,351
618,432

Depreciation of tangibles fixed assets
302,122
724,259

Defined contribution pension cost
100,504
74,569

(Profit)/Loss on disposal of fixed assets
(36,368)
37,379

(Profit)/Loss on disposal of investment properties
(626,195)
-


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,991,134
2,764,125

Social security costs
210,920
269,858

Cost of defined contribution scheme
100,504
74,569

3,302,558
3,108,552


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
26
29



Sales
11
12



Admin
43
43

80
84

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration




During the year retirement benefits were accruing to no directors (2023: NIL) in respect of defined contribution pension schemes.

Page 24

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
225,925
96,771

225,925
96,771


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
212

Other loan interest payable
-
13

-
225


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
77,091
669,021


77,091
669,021


Total current tax
77,091
669,021

Deferred tax


Origination and reversal of timing differences
(38,838)
(160,390)

Total deferred tax
(38,838)
(160,390)


Tax on profit
38,253
508,631
Page 25

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 19/25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,633,740
4,462,705


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19/25%)
408,435
914,595

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
72,990
146,360

Capital allowances for year in excess of depreciation
(69,768)
(69,832)

Tax deduction arising from patent box
(305,155)
(253,766)

Adjustment in research and development tax credit leading to an increase/(decrease) in the tax charge
(120,046)
(89,151)

Adjustments to tax charge in respect of prior periods
(48,880)
(371)

Foreign tax payable
125,971
-

Loss/(profit) on disposal
(156,549)
-

Deferred tax movement
(38,838)
(160,390)

Other differences leading to an increase (decrease) in the tax charge
170,093
21,186

Total tax charge for the year
38,253
508,631


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
3,800,000
6,450,980
398,603
1,074,921
11,724,504


Additions
-
115,823
119,239
8,000
243,062


Disposals
-
(112,083)
(80,958)
(80,792)
(273,833)



At 30 June 2024

3,800,000
6,454,720
436,884
1,002,129
11,693,733



Depreciation


At 1 July 2023
228,000
6,221,773
208,685
1,004,075
7,662,533


Charge for the year on owned assets
76,000
94,989
67,496
63,636
302,121


Disposals
-
(112,083)
(58,160)
(80,792)
(251,035)



At 30 June 2024

304,000
6,204,679
218,021
986,919
7,713,619



Net book value



At 30 June 2024
3,496,000
250,041
218,863
15,210
3,980,114



At 30 June 2023
3,572,000
229,207
189,918
70,846
4,061,971




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
3,496,000
3,572,000

3,496,000
3,572,000


Page 27

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

           13.Tangible fixed assets (continued)


Company






Plant and machinery
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 July 2023
523,704
536,393
1,060,097



At 30 June 2024

523,704
536,393
1,060,097



Depreciation


At 1 July 2023
349,277
476,672
825,949


Charge for the year on owned assets
98,268
50,511
148,779



At 30 June 2024

447,545
527,183
974,728



Net book value



At 30 June 2024
76,159
9,210
85,369



At 30 June 2023
174,427
59,721
234,148






Page 28

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
23,722



At 30 June 2024
23,722





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Warmflow Engineering Co. Limited
Northern Ireland
Ordinary
99.94%
Warmflow Limited
Northern Ireland
Ordinary
100%
KVS Properties Limited
Northern Ireland
Ordinary
100%

Page 29

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 July 2023
20,817,667


Disposals
(600,000)



At 30 June 2024
20,217,667

The 2024 valuations were made by the directors, on an open market value for existing use basis. One of the investment properties was professionally externally valued by Lambert Smith Hampton on 12 August 2022 and based on their valuation assumptions, the directors applied the same assumptions and formula to all investment properties as considered appropriate and revalued all properties on this basis. 




Company





Freehold investment property

£



Valuation


At 1 July 2023
24,617,667


Disposals
(600,000)



At 30 June 2024
24,017,667

The 2024 valuations were made by the directors, on an open market value for existing use basis. One of the investment properties was professionally externally valued by Lambert Smith Hampton on 12 August 2022 and based on their valuation assumptions, the directors applied the same assumptions and formula to all investment properties as considered appropriate and revalued all properties on this basis. 

Page 30

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
4,335,846
5,348,672

Finished goods and goods for resale
1,105,619
1,537,911

5,441,465
6,886,583


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,986,498
2,970,086
47,755
47,245

Amounts owed by group undertakings
-
-
146,406
-

Other debtors
798,650
1,158,696
751,110
1,149,598

Prepayments and accrued income
610,674
894,346
102,835
-

4,395,822
5,023,128
1,048,106
1,196,843



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
6,908,047
2,832,123
4,627,786
2,252,922

6,908,047
2,832,123
4,627,786
2,252,922


Page 31

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
2,058,271
1,312,860
104,382
26,502

Amounts owed to group undertakings
-
-
5,403,260
3,810,554

Corporation tax
-
669,392
-
368,902

Other taxation and social security
343,691
457,983
14,423
49,841

Other creditors
141,204
126,474
119,769
124,319

Accruals and deferred income
909,169
663,421
278,640
256,971

3,452,335
3,230,130
5,920,474
4,637,089


Security
The group provides security by way of a floating charge over the book debts of the company, a mortgage on the land held at Lissue Industrial Estate, BT28 2RF and a chattel mortgage on plant and machinery.  There is also a cross company guarantee in place between the company and its subsidiary, Warmflow Engineering Co. Limited.

Page 32

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

20.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(1,515,943)
(1,676,333)


Charged to profit or loss
38,838
160,390



At end of year
(1,477,105)
(1,515,943)

Company


2024
2023


£

£






At beginning of year
(1,477,641)
(1,567,579)


Charged to profit or loss
67,665
89,938



At end of year
(1,409,976)
(1,477,641)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
72,098
33,260
139,227
71,562

Fair value adjustment
(1,549,203)
(1,549,203)
(1,549,203)
(1,549,203)

(1,477,105)
(1,515,943)
(1,409,976)
(1,477,641)


21.


Provisions


Group



Warranty Provision

£





At 1 July 2023
279,282


Charged to profit or loss
27,050



At 30 June 2024
306,332

The group provides warranty cover on a number of its inventory lines, for periods between one and five years. An estimate of the cost of the warranty claims has been made in these financial statements.

Page 33

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,220 (2023: 12,220) Ordinary shares of £1.00 each
12,220
12,220



23.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve that represents paid up share capital.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


24.


Capital commitments




At 30 June 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£
£

Fixed assets
61,250
-

61,250
-


25.


Pension commitments

The Group operate a defined contributions pension 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 and amounted to £100,504 (2023: £74,569). Contributions totalling £15,578 (2023: £15,507) were payable to the fund at the balance sheet date.

Page 34

 
KVS Group (UK) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

26.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Land and Buildings

Not later than 1 year
691,909
753,882

691,909
753,882
Group
Group
2024
2023
£
£

Other

Not later than 1 year
104,174
101,186

Later than 1 year and not later than 5 years
164,263
199,294

268,437
300,480


27.


Related party transactions

As at the 30 June 2024 the outstanding balance owed from a non-shareholding director amounted to £388,013 (2023: £390,754).
Donations of £3,201,175 were made by the Group to The House of Vic-Ryn Trust Limited (2023: £850). Dividends of £484,261 (2023: £669,749) were paid to the shareholders.
Key management compensation in total for the Group amounted to £90,260 (2023: £124,382).


28.


Ultimate controlling party note

The ultimate controlling party continued to be Mr J K Cousins.

Page 35