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REGISTERED NUMBER: 00345929 (England and Wales)















GEORGE H.KIME & CO.LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12 to 13

Notes to the Financial Statements 14 to 23


GEORGE H.KIME & CO.LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs B M Kime
N R Kime
G Kime



SECRETARY: Mrs B M Kime



REGISTERED OFFICE: Warehouse Q2
Fishtoft Road
Boston
Lincolnshire
PE21 0AH



REGISTERED NUMBER: 00345929 (England and Wales)



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT



BANKERS: HSBC Bank plc
53-54 Market Place
Boston
Lincolnshire
PE21 6LS

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results of the company for the year are as shown in the annexed financial statements and show a pre-tax loss of £1,071,543 for the year (2023 - £324,038 pre -tax profit).
The directors acknowledge the current economic climate and the difficulties faced by the haulage industry as a whole when assessing the overall performance of the business. This includes rising costs and reduced margins, and has led to results below the levels seen in the prior period.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the company relate to the volatility in the current market in respect of overhead costs and interest rates. Specific overheads of note are fuel costs and wages costs, which have already risen in past years and will continue to rise going forward. In particular there is the impact from April 2025 of increased costs due to the announcements in the budget in October 2024 of further increases in the national minimum wage rates and the changes to national insurance contributions. An additional risk and uncertainty for the coming year continues to be the ongoing professional drivers shortage and aging population in relation to working drivers.

KEY PERFORMANCE INDICATORS ("KPIS")
Given the straightforward nature of the business, the company's directors are of the opinion that a detailed analysis using KPI's is not necessary for an understanding of the development, performance or position of the business. The company uses gross profit % and profit before tax as its primary measures.


Key financial results 2024 2023
Turnover (£'000) 18,510 21,065
Gross profit/(loss) (£'000) 3,941 5,275
Gross profit margin 21.29% 25.04%
Profit/(loss) before tax (£'000) (1,071 ) 324

Net assets (£'000) 4,001 4,893


ON BEHALF OF THE BOARD:





N R Kime - Director


1 May 2025

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of haulage, storage and distribution.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mrs B M Kime
N R Kime

Other changes in directors holding office are as follows:

Mrs J M Robson - resigned 16 August 2023
G Kime - appointed 11 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





N R Kime - Director


1 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE H.KIME & CO.LIMITED

Opinion
We have audited the financial statements of George H.Kime & Co.Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE H.KIME & CO.LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as the depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates and re-performing the calculation.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect:
• Goods vehicle operator licencing;
• Health & safety legislation;
• Employment law; and
• Companies Act 2006 legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the nominal ledgers for expenditure related to non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE H.KIME & CO.LIMITED


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




Adrian Reynolds BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

1 May 2025

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 18,509,859 21,064,722

Cost of sales 14,568,800 15,789,725
GROSS PROFIT 3,941,059 5,274,997

Administrative expenses 4,923,621 4,810,615
(982,562 ) 464,382

Other operating income 161,100 4
OPERATING (LOSS)/PROFIT 5 (821,462 ) 464,386

Interest receivable and similar income 671 65
(820,791 ) 464,451

Interest payable and similar expenses 6 250,752 140,413
(LOSS)/PROFIT BEFORE TAXATION (1,071,543 ) 324,038

Tax on (loss)/profit 7 (210,148 ) 5,386
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (861,395 ) 318,652

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (861,395 ) 318,652


OTHER COMPREHENSIVE INCOME
Revaluation of property - 1,155,818
Income tax relating to other comprehensive
income

-

(196,453

)
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

-

959,365
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (861,395 ) 1,278,017

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 7,870,312 8,316,980

CURRENT ASSETS
Stocks 9 34,545 38,044
Debtors 10 3,234,443 4,029,241
Cash at bank and in hand 73,873 58,735
3,342,861 4,126,020
CREDITORS
Amounts falling due within one year 11 5,274,190 4,311,737
NET CURRENT LIABILITIES (1,931,329 ) (185,717 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,938,983 8,131,263

CREDITORS
Amounts falling due after more than one year 12 (1,284,211 ) (2,423,481 )

PROVISIONS FOR LIABILITIES 17 (653,447 ) (845,062 )
NET ASSETS 4,001,325 4,862,720

CAPITAL AND RESERVES
Called up share capital 18 3,000 3,000
Revaluation reserve 19 1,413,356 1,459,754
Other reserves 19 9,393 9,393
Retained earnings 19 2,575,576 3,390,573
SHAREHOLDERS' FUNDS 4,001,325 4,862,720

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





N R Kime - Director


GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 April 2022 3,000 2,611,388 960,922 9,393 3,584,703

Changes in equity
Profit for the year - 318,652 - - 318,652
Other comprehensive income - - 959,365 - 959,365
Total comprehensive income - 318,652 959,365 - 1,278,017
Transfer in respect of revaluations - 460,533 (460,533 ) - -
Balance at 31 March 2023 3,000 3,390,573 1,459,754 9,393 4,862,720

Changes in equity
Deficit for the year - (861,395 ) - - (861,395 )
Total comprehensive income - (861,395 ) - - (861,395 )
Transfer in respect of revaluations - 46,398 (46,398 ) - -
Balance at 31 March 2024 3,000 2,575,576 1,413,356 9,393 4,001,325

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (154,117 ) 2,395,370
Interest paid (240,906 ) (129,760 )
Interest element of hire purchase payments paid (9,846 ) (10,653 )
Tax paid (30,697 ) (138,212 )
Taxation refund 18,317 9,270
Net cash from operating activities (417,249 ) 2,126,015

Cash flows from investing activities
Purchase of tangible fixed assets (89,725 ) (2,273,332 )
Sale of tangible fixed assets 79,284 35,000
Interest received 671 65
Net cash from investing activities (9,770 ) (2,238,267 )

Cash flows from financing activities
New loans in year - 500,000
Loan repayments in year (50,185 ) (76,312 )
Capital repayments in year (130,060 ) (138,178 )
Amount introduced by directors 12,411 -
Amount withdrawn by directors (96,458 ) (19,744 )
Net cash from financing activities (264,292 ) 265,766

(Decrease)/increase in cash and cash equivalents (691,311 ) 153,514
Cash and cash equivalents at beginning of year 2 (237,463 ) (390,977 )

Cash and cash equivalents at end of year 2 (928,774 ) (237,463 )

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (1,071,543 ) 324,038
Depreciation charges 495,154 407,124
Profit on disposal of fixed assets (38,045 ) (24,160 )
Finance costs 250,752 140,413
Finance income (671 ) (65 )
(364,353 ) 847,350
Decrease in stocks 3,499 83,807
Decrease in trade and other debtors 893,314 350,314
(Decrease)/increase in trade and other creditors (686,577 ) 1,113,899
Cash generated from operations (154,117 ) 2,395,370

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 73,873 58,735
Bank overdrafts (1,002,647 ) (296,198 )
(928,774 ) (237,463 )
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 58,735 54,447
Bank overdrafts (296,198 ) (445,424 )
(237,463 ) (390,977 )


GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 58,735 15,138 73,873
Bank overdrafts (296,198 ) (706,449 ) (1,002,647 )
(237,463 ) (691,311 ) (928,774 )
Debt
Finance leases (272,549 ) 130,060 - (142,489 )
Debts falling due
within 1 year (62,484 ) 50,185 (1,023,141 ) (1,035,440 )
Debts falling due
after 1 year (2,280,991 ) - 1,023,141 (1,257,850 )
(2,616,024 ) 180,245 - (2,435,779 )
Total (2,853,487 ) (511,066 ) - (3,364,553 )

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

1. STATUTORY INFORMATION

George H.Kime & Co.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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At the statement of financial position date, the company has net current liabilities of £1,931,329 (2023 - £185,717), and a net asset position of £4,001,325 (2023 - £4,862,720). The company continues to be affected by the current economic climate and the difficulties faced by the haulage industry as a whole, including rising costs and reduced margins.
The directors have assessed various options and are currently in a sale process with the buyer confirming that it will provide the appropriate financial support at completion to meet all liabilities as they fall due for a period of at least the next twelve months. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Revaluation of freehold property

The estimations and assumptions used to assess that freehold property is valued at fair value in line with applicable accounting framework are per the professional valuation performed on the freehold property by a suitably qualified individual. In the absence of a professional valuation, management have considered alternative information using a standardised methodology to estimate the fair value. The valuation or estimate is considered by the senior management and regularly reviewed.

(ii) Depreciation and residual values of tangible fixed assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful lief and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical conditions of the assets.

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

Revenue is recognised upon delivery to customers or in relation to the period in which the service is performed.

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold property- 2.5% on cost or valuation
Plant and machinery- 20% on reducing balance
Fixtures and fittings- 20% on reducing balance
Motor vehicles- 25% on reducing balance or straight line over 5 to 7 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

No depreciation is provided on freehold land.

Any aggregate surplus arising from a change in valuation is transferred to a revaluation reserve. Any aggregate deficit arising from a change in valuation or impairments are written off to the income statement.

The part of the annual depreciation charge on revalued assets which relates to the surplus is transferred from the revaluation reserve to the income statement.

Where there are indicators of impairment, the directors perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the recoverable amount is not lower than the carrying value.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and related parties.

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 income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the financial reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is as enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.


GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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 statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

The company's principal activity was carried on within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,781,626 5,328,785
Social security costs 503,476 585,744
Other pension costs 95,455 106,856
5,380,557 6,021,385

The average number of employees during the year was as follows:
2024 2023

Directors 3 4
Administration 31 35
Other 108 116
142 155

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 94,778 106,571
Directors' pension contributions to money purchase schemes 1,655 1,143

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and equipment 1,437,268 1,369,301
Depreciation - owned assets 420,110 286,092
Depreciation - assets on hire purchase contracts 75,044 121,032
Profit on disposal of fixed assets (38,045 ) (24,160 )
Auditors' remuneration 23,750 18,000
Other operating leases 928,877 573,221

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 169,902 107,148
Factoring costs - discounting charges 64,261 22,612
Other interest 6,743 -
Hire purchase interest 9,846 10,653
250,752 140,413

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (18,533 ) 18,533

Deferred tax (191,615 ) (13,147 )
Tax on (loss)/profit (210,148 ) 5,386

UK corporation tax was charged at 19%) in 2023.

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (1,071,543 ) 324,038
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(267,886

)

61,567

Effects of:
Expenses not deductible for tax purposes 51,886 29,406
Capital allowances in excess of depreciation - (36,413 )
Adjustments to tax charge in respect of previous periods - (62,764 )
Change in rate 5,852 13,590


Total tax (credit)/charge (210,148 ) 5,386

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

2023
Gross Tax Net
£    £    £   
Revaluation of property 1,155,818 (196,453 ) 959,365

The statutory UK corporation tax rate is currently 25%, with a small profits rate of 19%.

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, based on tax law and the corporation tax rates that have been enacted, or substantially enacted, at the year end.

8. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 7,150,000 859,475 1,949,812 9,959,287
Additions - 89,725 - 89,725
Disposals - - (326,173 ) (326,173 )
At 31 March 2024 7,150,000 949,200 1,623,639 9,722,839
DEPRECIATION
At 1 April 2023 - 317,846 1,324,461 1,642,307
Charge for year 168,750 121,785 204,619 495,154
Eliminated on disposal - - (284,934 ) (284,934 )
At 31 March 2024 168,750 439,631 1,244,146 1,852,527
NET BOOK VALUE
At 31 March 2024 6,981,250 509,569 379,493 7,870,312
At 31 March 2023 7,150,000 541,629 625,351 8,316,980

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

8. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2023 7,150,000 - - 7,150,000
Cost - 949,200 1,623,639 2,572,839
7,150,000 949,200 1,623,639 9,722,839

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 5,173,487 5,173,487
Aggregate depreciation 576,470 442,651

Freehold land and buildings were included in the accounts for the year ended 31 March 2023 at directors valuation which is based on the latest available valuations on an open market basis, which were as follows:

Valuation as at 5 December 2022by FHP property consultants
Valuation as at 3 March 2016by Turner Evans Stevens

The value of the assets valued in 2016 has been adjusted due to part disposal in the previous year. This has therefore been included at directors valuation based on potential sales value. The directors have considered the value of other freehold property at 31 March 2023 and do not consider the fair value to be materially different to the above valuations.

The net book value of tangible fixed assets includes £ 233,705 (2023 - £ 391,329 ) in respect of assets held under hire purchase contracts.

9. STOCKS
2024 2023
£    £   
Consumables 34,545 38,044

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,596,303 3,559,849
Other debtors 25,466 67,281
Directors' loan accounts 231,225 147,178
Taxation 18,533 -
Recoverable tax on loans 84,402 88,466
Prepayments and accrued income 278,514 166,467
3,234,443 4,029,241

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 2,038,087 358,682
Hire purchase contracts (see note 14) 116,128 130,059
Trade creditors 1,765,341 1,981,843
Taxation 14,253 30,697
Other taxes and social security 477,992 495,125
Other creditors 124,893 96,542
Accrued expenses 737,496 1,218,789
5,274,190 4,311,737

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 1,257,850 2,280,991
Hire purchase contracts (see note 14) 26,361 142,490
1,284,211 2,423,481

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,002,647 296,198
Bank loans 1,035,440 62,484
2,038,087 358,682

Amounts falling due between one and two years:
Bank loans 66,337 1,024,419

Amounts falling due between two and five years:
Bank loans 628,903 649,196

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 562,610 607,376

Bank loans due in more than five years are repayable in monthly instalments with an interest rate of 2.2% over the Bank of England base rate.

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 116,128 130,059
Between one and five years 26,361 142,490
142,489 272,549

The hire purchase contracts relate to a number of fixed assets. The remaining lease terms range from one to four years. At the end of the lease, title of the assets passes to the company for a nominal fee.

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,827,736 1,749,834
Between one and five years 3,711,398 3,013,196
In more than five years 2,249,278 3,100,762
7,788,412 7,863,792

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,002,647 296,198
Bank loans 2,293,290 2,343,475
Hire purchase contracts 142,489 272,549
3,438,426 2,912,222

Bank facilities are secured by mortgages over land and buildings at East Road, Sleaford and Main Road, Wrangle, a debenture including fixed and floating charges over all present and future property, book debts, other debts, chattels and all other assets.

Hire purchase contracts are secured on the asset to which they relate.

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

16. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Cash at bank and in hand 73,873 58,735
Trade debtors 2,596,303 3,559,489

Financial liabilities measured at amortised cost
Bank loans and overdrafts 3,295,937 2,639,673
Hire purchase 142,490 272,549
Trade creditors 1,765,340 1,981,843

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit or loss.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 266,153 328,813
Other timing differences 515,417 516,249
Losses (128,123 ) -
653,447 845,062

Deferred
tax
£   
Balance at 1 April 2023 845,062
Credit to Income Statement during year (191,615 )
Balance at 31 March 2024 653,447

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,000 Ordinary £1 3,000 3,000

19. RESERVES

RetainedRevaluation Other
earningsreservereservesTotals
££££
At 1 April 20233,390,5731,459,7549,3934,859,720
Profit/(loss) for the year(855,543)--(855,543)
Transfer in respect of revaluations46,398(46,398)--
At 31 March 20232,581,4281,413,3569,3934,004,177

Revaluation reserve

This reserve is used to record movements in the value of tangible assets which are recorded at valuation.

GEORGE H.KIME & CO.LIMITED (REGISTERED NUMBER: 00345929)

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

20. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 15,972 -

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
N R Kime
Balance outstanding at start of year 144,617 127,435
Amounts advanced 4,062 17,182
Amounts repaid (600 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 148,079 144,617

Mrs B M Kime
Balance outstanding at start of year 2,561 -
Amounts advanced 3,375 2,561
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,936 2,561

G Kime
Balance outstanding at start of year - -
Amounts advanced 86,460 -
Amounts repaid (9,250 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 77,210 -

The loans made to the directors are unsecured, interest free and repayable on demand.

As R H Kime (deceased) is no longer a director, the loan balance owed (of £15,276) has been shown behind other debtors in the 2024 financial statements and comparative.

The balance owing for G Kime is the note above was included in other debtors in the 2023 financial statements as he was not appointed a director until 11 December 2023.

22. RELATED PARTY DISCLOSURES

During the year, loans to other related parties included within debtors amounted to £25,466 (2023 - £52,005). These loans are unsecured, interest free and repayable on demand.