Company registration number 04846069 (England and Wales)
KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
29
85
Current assets
Debtors
6
268,591
619,802
Cash at bank and in hand
894,223
517,625
1,162,814
1,137,427
Creditors: amounts falling due within one year
7
(1,662,044)
(1,275,066)
Net current liabilities
(499,230)
(137,639)
Total assets less current liabilities
(499,201)
(137,554)
Provisions for liabilities
(7)
672
Net liabilities
(499,208)
(136,882)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(499,308)
(136,982)
Total equity
(499,208)
(136,882)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 14 April 2025
Mr Y Moskovitch
Director
Company registration number 04846069 (England and Wales)
KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

KWA Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dunwoody House,2nd Floor, 396 Kenton Road, Harrow, Middx, United Kingdom, HA3 9DH.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

The director of the company has considered the implications of the Insolvency Act 1986 and regards the balance sheet position as temporary only. The director is of the opinion that truesufficient future profits will be earned and sufficient future funding will be available to allow the company to meet its liabilities as and when they fall due.

 

The company has renewed a long-term contract with a longstanding supplier. the agreement is subject to certain conditions that allow for its termination on a short-term basis. This conditional aspect of the contract creates an uncertainty that may casts doubt on the company’s ability to continue as a going concern if the contract is terminated early. Notwithstanding the parties will seek to resolve any issues before such a scenario arises and no discussions regarding termination have occurred to date. The expectation of the Director, based on the long trading history and long term relationship means that the early termination is unlikely. However, should this scenario occur, the Directors are confident in their ability to secure new business with alternative suppliers and cover any working capital requirements in the meantime.. As such the Director considers the going concern basis to remain appropriate.

 

 

 

1.3
Turnover

Turnover represents amounts receivable for goods despatched to customers, net of VAT and trade discounts.

1.4
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.

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:

Computer equipment
25% Straight line

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.

KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

The company's policy is not to buy or hold trading stock. All goods are expensed to the profit and loss immediately. If a sale is subsequently not completed, and if the goods cannot then be returned the supplier, the company might be obliged to recognise stock temporarily; but the company's stock policy remains unchanged.

1.7
Cash at bank and in hand

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.

1.8
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.

KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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 profit and loss account 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.

KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,000
3,000
4
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
808
Depreciation and impairment
At 1 April 2023
723
Depreciation charged in the year
56
At 31 March 2024
779
Carrying amount
At 31 March 2024
29
At 31 March 2023
85
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
177,772
366,738
Amounts owed by group undertakings
46,813
55,760
Other debtors
44,006
197,304
268,591
619,802
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
565,885
299,446
Amounts owed to group undertakings
651,764
530,108
Other creditors
444,395
445,512
1,662,044
1,275,066
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
KWA SERVICES LIMITED
(FORMERLY KALMAR WEST AFRICA LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Malcolm Kauder
Statutory Auditor:
PMK & Associates LLP
Date of audit report:
14 April 2025
10
Related party transactions

The following transactions were made between related companies during the year:

 

The parent company, Leemar Group Ltd paid net expenses of (£204,382) (2023: (£336,121) on behalf of the company and the company was charged management charges of £319,483 (2023: £312,696) from its parent company. At the year end, the balances due to Leemar Group Limited was £531,006 (2023: £412,950).

 

The company provided working capital loans totalling 15,700) (2023: (£9,985)) and paid net expenses of £6,753 (2023:£9,822) on behalf of Marine Mutual Services (WA) Limited, a fellow subsidiary of Leemar Group Limited. At the year end, the balances due from Marine Mutual Services (WA) Limited was £46,813 (2023: £55,760).

 

The company paid part of its intercompany balance totalling (£3,600) (2023: £Nil) to Pandiship (WA) Limited, a fellow subsidiary of Leemar Group Limited. At the year end, the balances due to Pandiship (WA) Limited was £120,758 (2023: £117,158).

 

Included within other debtors is an amount of £1,500 (2023: £1,500) due from Sealtech Systems Ltd, a company which is controlled by the director but is not a member of the group.

11
Parent company

The immediate and ultimate parent undertaking is Leemar Group Limited, a company incorporated in England and Wales.

 

The ultimate controlling party is Mr A Moskovitch, shareholder of Leemar Group Limited.

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