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REGISTERED NUMBER: 01028194 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

KEWELL CONVERTERS LIMITED

KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KEWELL CONVERTERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: N Kewell
M Kewell





REGISTERED OFFICE: KCL House
Station Road
Edenbridge
Kent
TN8 6HL





REGISTERED NUMBER: 01028194 (England and Wales)





ACCOUNTANTS: GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 13,515 -
Tangible assets 5 2,593,336 2,640,734
Investment property 6 6,700,689 6,736,000
9,307,540 9,376,734

CURRENT ASSETS
Stocks 344,383 446,682
Debtors 7 994,544 659,021
Cash at bank 86,348 115,236
1,425,275 1,220,939
CREDITORS
Amounts falling due within one year 8 1,263,611 1,008,227
NET CURRENT ASSETS 161,664 212,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,469,204

9,589,446

CREDITORS
Amounts falling due after more than one
year

9

(2,456,973

)

(2,598,774

)

PROVISIONS FOR LIABILITIES (729,141 ) (729,141 )
NET ASSETS 6,283,090 6,261,531

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 1,219,168 1,219,168
Capital redemption reserve 50 50
Fair value reserve 3,715,350 3,715,350
Retained earnings 1,348,422 1,326,863
SHAREHOLDERS' FUNDS 6,283,090 6,261,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

BALANCE SHEET - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:




M Kewell - Director



N Kewell - Director


KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

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


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

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

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on cost
Office equipment and furniture - 15% on cost

Freehold property has no depreciation charge as it is maintained to a high standard.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 2,910
Reclassification/transfer 17,120
At 31 July 2024 20,030
AMORTISATION
Charge for year 6,515
At 31 July 2024 6,515
NET BOOK VALUE
At 31 July 2024 13,515

KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

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


5. TANGIBLE FIXED ASSETS
Office
Improvements equipment
Freehold to Plant and and
property property machinery furniture Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2023 2,197,800 172,620 1,498,228 239,849 4,108,497
Additions - 50,325 16,276 3,650 70,251
Disposals - - (15,000 ) - (15,000 )
Reclassification/transfer - - - (17,120 ) (17,120 )
At 31 July 2024 2,197,800 222,945 1,499,504 226,379 4,146,628
DEPRECIATION
At 1 August 2023 - 77,826 1,294,898 95,039 1,467,763
Charge for year - 18,554 55,135 26,840 100,529
Eliminated on disposal - - (15,000 ) - (15,000 )
At 31 July 2024 - 96,380 1,335,033 121,879 1,553,292
NET BOOK VALUE
At 31 July 2024 2,197,800 126,565 164,471 104,500 2,593,336
At 31 July 2023 2,197,800 94,794 203,330 144,810 2,640,734

Freehold property was valued in July 2024 at open market value on the basis of existing use at £2,197,800 by the directors. The surplus over net book value has been transferred to revaluation reserve.

Cost or valuation at 31 July 2024 is represented by:

Office
Improvements equipment
Freehold to Plant and and
property property machinery furniture Totals
£    £    £    £    £   
Valuation in 2014 319,354 - - - 319,354
Valuation in 2016 253,343 - - - 253,343
Valuation in 2019 616,964 - - - 616,964
Valuation in 2021 122,200 - - - 122,200
Valuation in 2023 57,800 - - - 57,800
Cost 828,139 222,945 1,499,504 226,379 2,776,967
2,197,800 222,945 1,499,504 226,379 4,146,628


KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

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


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 6,736,000
Disposals (35,311 )
At 31 July 2024 6,700,689
NET BOOK VALUE
At 31 July 2024 6,700,689
At 31 July 2023 6,736,000

Investment properties were valued in July 2024 at open market value on the basis of existing use at £6,700,689 by the directors. The surplus over net book value has been transferred to profit and loss account and held in a non-distributable reserve..

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2014 798,644
Valuation in 2016 171,657
Valuation in 2019 1,193,036
Valuation in 2021 122,799
Valuation in 2022 1,838,722
Valuation in 2023 160,213
Cost 2,415,618
6,700,689

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 447,776 451,241
Amounts owed by group undertakings 1,000 -
Other debtors 545,768 207,780
994,544 659,021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 495,793 177,121
Hire purchase contracts 22,972 20,780
Trade creditors 334,775 612,645
Taxation and social security 93,903 52,463
Other creditors 316,168 145,218
1,263,611 1,008,227

KEWELL CONVERTERS LIMITED (REGISTERED NUMBER: 01028194)

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


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,306,901 2,496,864
Hire purchase contracts 79,122 101,910
Other creditors 70,950 -
2,456,973 2,598,774

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 310,900 51,797
Bank loans 2,491,794 2,622,188
2,802,694 2,673,985

Bank loans and overdrafts are secured by a fixed and floating charge over all of the company's assets in favour of Co-operative Bank plc.