Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302024-09-3002023-10-01falseNo description of principal activity22falsefalsefalse 12502994 2023-10-01 2024-09-30 12502994 2022-10-01 2023-09-30 12502994 2024-09-30 12502994 2023-09-30 12502994 2022-10-01 12502994 c:Director1 2023-10-01 2024-09-30 12502994 c:Director2 2023-10-01 2024-09-30 12502994 c:RegisteredOffice 2023-10-01 2024-09-30 12502994 d:Buildings 2023-10-01 2024-09-30 12502994 d:PlantMachinery 2023-10-01 2024-09-30 12502994 d:MotorVehicles 2023-10-01 2024-09-30 12502994 d:FurnitureFittings 2023-10-01 2024-09-30 12502994 d:ShareCapital 2023-10-01 2024-09-30 12502994 d:ShareCapital 2024-09-30 12502994 d:ShareCapital 2022-10-01 2023-09-30 12502994 d:ShareCapital 2023-09-30 12502994 d:ShareCapital 2022-10-01 12502994 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2024-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2023-09-30 12502994 d:RetainedEarningsAccumulatedLosses 2022-10-01 12502994 c:OrdinaryShareClass1 2023-10-01 2024-09-30 12502994 c:OrdinaryShareClass1 2024-09-30 12502994 c:OrdinaryShareClass1 2023-09-30 12502994 c:FRS102 2023-10-01 2024-09-30 12502994 c:Audited 2023-10-01 2024-09-30 12502994 c:FullAccounts 2023-10-01 2024-09-30 12502994 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12502994 d:Subsidiary1 2023-10-01 2024-09-30 12502994 d:Subsidiary1 1 2023-10-01 2024-09-30 12502994 d:Subsidiary2 2023-10-01 2024-09-30 12502994 d:Subsidiary2 1 2023-10-01 2024-09-30 12502994 c:Consolidated 2024-09-30 12502994 c:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 12502994 2 2023-10-01 2024-09-30 12502994 5 2023-10-01 2024-09-30 12502994 6 2023-10-01 2024-09-30 12502994 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12502994









KAY GROUP HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
KAY GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Andrew Neil Kay 
David Wayne Kay 




Registered number
12502994



Registered office
Parkside Garage Old Stafford Road
Slade Heath

Wolverhampton

West Midlands

WV10 7PH




Independent auditors
Lancaster Clements Limited
Chartered Certified Accountants

27 Wellington Road

Bilston

West Midlands

WV14 6AH





 
KAY GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Statement of Financial Position
 
9 - 10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12 - 13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Notes to the Financial Statements
 
17 - 33


 
KAY GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The company is purely a dormant investment holding company and had no trading activity during the year. The principal activity of A.S.K. Developments Limited is that of the letting of industrial properties. The principal activity of K Transport Services (Midlands) Limited is that of haulage contractors.

Business review
 
The business and the directors' continue to strive to be one of the market leaders in the haulage market and is consistently developing its business to actively broaden its client offering.
This year the business has seen a decrease in turnover due to changes in the mix of customers. There has also been the continued global issues with rising costs, which has impacted on the gross profit margins achieved in the year.
The company continues to invest in its fleet to ensure they can offer a reliable and effective transport service to the customers

Principal risks and uncertainties
 
The principal business risk is the volatile gross profit margin with unrealistic increase in wages and other costs impacting adversely on the competiveness of the company and its principal customers. The directors manage these risks by strict control of costs, recruitment and retention of its employees.

Financial key performance indicators
 
The directors consider that both turnover and gross profit margins are key performance indicators of the buisness. There has been a reduction in the turnover this year and also the gross profit margin has been impacted by the global increases in goods as detailed above. On a year to year basis turnover increased by 3.85% and gross profit margins have increased from 14.39% to 17.68%.

Other key performance indicators
 
There are no other key performance indicators.


This report was approved by the board on 27 March 2025 and signed on its behalf.



David Wayne Kay
Director

Page 1

 
KAY GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 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, amounted to £158,658 (2023 - £160,595).

During the year no dividends were declared.

Directors

The directors who served during the year were:

Andrew Neil Kay 
David Wayne Kay 

Future developments

There are no future developments requiring disclosure within the financial statements.

Page 2

 
KAY GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLancaster Clements Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





David Wayne Kay
Director

Page 3

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Kay Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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 September 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 4

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS 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.


Page 5

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.


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:

Identifying and assessing potential risks related to irregularities
We obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and regulations relating to the employed workforce.
In assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- The clients evaluation of compliance with laws and regulations and whether they were aware of any instances of none compliance, along with the measures in place to mitigate any such instances.
- Methods in place to detect and respond to the risk of fraud and whether there was any actual, suspected or alleged fraud, along with internal controls established to mitigate such risks.
- Where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of those procedures we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential being in relation to:
- Stock pilferage or misappropriation
- management override of controls
- Transactions outside the normal course of business, particularly with related parties.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:~
- Testing of material journal entries, paying particular attention to the period immediately prior to and following the reporting date.
- Evaluation of the business rationale behind transactions made between related parties that are unusual or
Page 6

 
KAY GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAY GROUP HOLDINGS LIMITED (CONTINUED)


outside the normal course of business
- An assessment of whether the judgements made in making accounting estimates are indicative of a potential bias
- Making enquiries of management concerning actual or potential litigation and claims
We have designed our procedures to best identify the likelihood or occurrence of irregularities, whether or not arising due to fraud. However, it is accepted that there is an inherent difficulty in detecting irregularities and our findings are subject to the timing and extent of the audit procedures performed.
A further description of our responsibilities for the audit of the financial statements is located on the FRS’s website at http:// www.frc.org.uk/auditorresponsibilites. This description forms part of our auditor’s report.


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.


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.





Mark Antony Cupitt (Senior Statutory Auditor)
  
for and on behalf of
Lancaster Clements Limited
 
Chartered Certified Accountants
  
27 Wellington Road
Bilston
West Midlands
WV14 6AH

27 March 2025
Page 7

 
KAY GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,426,786
8,114,538

Cost of sales
  
(6,961,444)
(6,947,162)

Gross profit
  
1,465,342
1,167,376

Administrative expenses
  
(1,067,828)
(992,607)

Other operating income
 5 
63,403
42,592

Operating profit
 6 
460,917
217,361

Interest receivable and similar income
 10 
10,006
710

Interest payable and similar expenses
 11 
(56,162)
(14,669)

Profit before taxation
  
414,761
203,402

Tax on profit
 12 
(256,103)
(42,807)

Profit for the financial year
  
158,658
160,595

  

Unrealised surplus on revaluation of tangible fixed assets
  
244,799
-

Other comprehensive income for the year
  
244,799
-

Total comprehensive income for the year
  
403,457
160,595

Profit for the year attributable to:
  

Owners of the parent Company
  
158,658
160,595

  
158,658
160,595

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
403,457
160,595

  
403,457
160,595

The notes on pages 17 to 33 form part of these financial statements.

Page 8

 
KAY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12502994

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
5,942,090
4,947,312

Investments
 15 
82,500
82,500

  
6,024,590
5,029,812

Current assets
  

Stocks
 16 
56,400
58,015

Debtors: amounts falling due within one year
 17 
3,589,370
3,865,469

Cash at bank and in hand
 18 
49,494
14,516

  
3,695,264
3,938,000

Creditors: amounts falling due within one year
 19 
(2,326,690)
(2,485,142)

Net current assets
  
 
 
1,368,574
 
 
1,452,858

Total assets less current liabilities
  
7,393,164
6,482,670

Creditors: amounts falling due after more than one year
 20 
(616,420)
(440,688)

Provisions for liabilities
  

Deferred taxation
 21 
(712,455)
(381,150)

  
 
 
(712,455)
 
 
(381,150)

Net assets excluding pension asset
  
6,064,289
5,660,832

Net assets
  
6,064,289
5,660,832


Capital and reserves
  

Called up share capital 
 22 
9,191,638
9,191,638

Revaluation reserve
  
1,389,676
1,175,262

Merger reserve
  
(9,186,066)
(9,186,066)

Profit and loss account
  
4,669,041
4,479,998

Equity attributable to owners of the parent Company
  
6,064,289
5,660,832

  
6,064,289
5,660,832


Page 9

 
KAY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12502994
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




Andrew Neil Kay
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
KAY GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12502994

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
6,428,000
6,428,000

  
6,428,000
6,428,000

Current assets
  

Cash at bank and in hand
 18 
2
2

  
2
2

Total assets less current liabilities
  
 
 
6,428,002
 
 
6,428,002

  

  

Net assets excluding pension asset
  
6,428,002
6,428,002

Net assets
  
6,428,002
6,428,002


Capital and reserves
  

Called up share capital 
 22 
9,191,638
9,191,638

Profit and loss account brought forward
  
(2,763,636)
-

Profit/(loss) for the year
  
-
(2,763,636)

Profit and loss account carried forward
  
(2,763,636)
(2,763,636)

  
6,428,002
6,428,002


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.


Andrew Neil Kay
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
KAY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2023
9,191,638
1,175,262
(9,186,066)
4,479,998
5,660,832


Comprehensive income for the year

Profit for the year

-
-
-
158,658
158,658

Surplus on revaluation of freehold property
-
244,799
-
-
244,799


Other comprehensive income for the year
-
244,799
-
-
244,799


Total comprehensive income for the year
-
244,799
-
158,658
403,457

Transfer to/from profit and loss account
-
(30,385)
-
30,385
-


Total transactions with owners
-
(30,385)
-
30,385
-


At 30 September 2024
9,191,638
1,389,676
(9,186,066)
4,669,041
6,064,289


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
KAY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
9,191,638
1,199,247
(9,186,066)
4,295,418
5,500,237


Comprehensive income for the year

Profit for the year

-
-
-
160,595
160,595


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
160,595
160,595

Transfer to/from profit and loss account
-
(23,985)
-
23,985
-


Total transactions with owners
-
(23,985)
-
23,985
-


At 30 September 2023
9,191,638
1,175,262
(9,186,066)
4,479,998
5,660,832


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
KAY GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
9,191,638
-
9,191,638


Comprehensive income for the year

Loss for the year

-
(2,763,636)
(2,763,636)


Other comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-



At 1 October 2023
9,191,638
(2,763,636)
6,428,002


Other comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-


At 30 September 2024
9,191,638
(2,763,636)
6,428,002


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
KAY GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
158,658
160,595

Adjustments for:

Depreciation of tangible assets
727,290
705,346

Loss on disposal of tangible assets
(102,531)
(76,978)

Interest paid
56,162
14,669

Interest received
(10,006)
(710)

Taxation charge
256,103
42,807

Decrease in stocks
1,615
24,732

Decrease/(increase) in debtors
276,100
(591,126)

(Decrease)/increase in creditors
(609,917)
329,167

Corporation tax received/(paid)
-
(26,988)

Net cash generated from operating activities

753,474
581,514


Cash flows from investing activities

Purchase of tangible fixed assets
(1,576,369)
(1,482,089)

Sale of tangible fixed assets
276,832
133,858

Interest received
10,006
710

HP interest paid
(41,998)
(8,108)

Net cash from investing activities

(1,331,529)
(1,355,629)

Cash flows from financing activities

Repayment of/new finance leases
357,546
477,711

Interest paid
(14,164)
(6,561)

Net cash used in financing activities
343,382
471,150

Net (decrease) in cash and cash equivalents
(234,673)
(302,965)

Cash and cash equivalents at beginning of year
(241,601)
61,364

Cash and cash equivalents at the end of year
(476,274)
(241,601)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
49,494
14,516

Bank overdrafts
(525,768)
(256,117)

(476,274)
(241,601)


Page 15

 
KAY GROUP HOLDINGS LIMITED
 
The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company was incorporated in England and Wales on 6 March 2020. It's registered office is Parkside Garage. Old Stafford Road, Slade Heath, Wolverhampton, West Midlands, WV10 7PH. The principal activity of the company continues to be that of an investment holding company.

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 Statement of Financial Position, 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 Statement of Comprehensive Income 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 October 2015.



Page 17

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

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:

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.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

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 reporting 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 reporting 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 reporting date.


 
2.10

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.

Page 19

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis..

Depreciation is provided on the following basis:

Freehold property
-
straight line over fifty years
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by the directors.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
Page 21

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

To be able to prepare financial statements in accordance with FRS102, the Company must make certain estimates and judgments that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgments are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgments are made. Actual experience may vary from these estimates. The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:
Depreciation and amortisation
The company accounts for depreciation and amortisation in accordance with FRS102. The depreciation and amortisation expense is the recognition of the decline in the value of the assets and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 22

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Transport
8,426,786
8,114,538

8,426,786
8,114,538


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,296,428
8,044,838

Rest of Europe
130,358
69,700

8,426,786
8,114,538



5.


Other operating income

2024
2023
£
£

Net rents receivable
19,926
19,840

Service charge receivable
18,000
6,000

Sundry income
25,477
16,752

63,403
42,592



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
24,041
40,000

Page 23

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
9,000
7,500


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
2,979,150
2,836,559

Social security costs
267,359
268,683

Cost of defined contribution scheme
64,302
67,388

3,310,811
3,172,630


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Drivers and workshop
75
74
-
-



Administration
17
17
-
-

94
93
2
2


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
62,880
63,580

62,880
63,580


Page 24

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
10,006
710

10,006
710


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
11,108
6,521

Other loan interest payable
2,755
-

Finance leases and hire purchase contracts
41,998
8,108

Other interest payable
301
40

56,162
14,669


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(25,232)

Adjustments in respect of previous periods
(1)
(1)


(1)
(25,233)


Total current tax
(1)
(25,233)

Deferred tax


Origination and reversal of timing differences
256,104
68,040

Total deferred tax
256,104
68,040


256,103
42,807
Page 25

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
414,761
203,401


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
103,690
38,646

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
21,291
695

Utilisation of tax losses
119,503
-

Other differences leading to an increase (decrease) in the tax charge
11,619
3,466

Total tax charge for the year
256,103
42,807


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Parent company profit for the year

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 profit after tax of the parent Company for the year was £nil (2023 - loss £2,763,636).

Page 26

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
1,880,000
187,694
8,176,078
134,376
10,378,148


Additions
-
24,400
1,543,115
8,854
1,576,369


Disposals
-
-
(1,347,806)
-
(1,347,806)


Revaluations
320,000
-
-
-
320,000



At 30 September 2024

2,200,000
212,094
8,371,387
143,230
10,926,711



Depreciation


At 1 October 2023
37,600
148,126
5,117,453
127,657
5,430,836


Charge for the year on owned assets
44,000
8,433
674,857
-
727,290


Disposals
-
-
(1,173,505)
-
(1,173,505)



At 30 September 2024

81,600
156,559
4,618,805
127,657
4,984,621



Net book value



At 30 September 2024
2,118,400
55,535
3,752,582
15,573
5,942,090



At 30 September 2023
1,842,400
39,568
3,058,625
6,719
4,947,312




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


2024
2023
£
£

Freehold
2,118,400
1,842,400

2,118,400
1,842,400


Page 27

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 October 2023
82,500



At 30 September 2024
82,500






Net book value



At 30 September 2024
82,500



At 30 September 2023
82,500

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
9,191,636



At 30 September 2024

9,191,636



Impairment


At 1 October 2023
2,763,636



At 30 September 2024

2,763,636



Net book value



At 30 September 2024
6,428,000



At 30 September 2023
6,428,000

Page 28

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

K Transport Services (Midlands) Limited
Ordinary
100%
A. S. K. Developments Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Profit/(Loss)
£

K Transport Services (Midlands) Limited
193,713

A. S. K. Developments Limited
253,744


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
6,139
5,326

Finished goods and goods for resale
50,261
52,689

56,400
58,015


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


17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
1,709,997
1,620,407

Other debtors
1,482,568
1,913,546

Prepayments and accrued income
396,805
331,516

3,589,370
3,865,469


Page 29

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Cash and cash equivalents

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

Cash at bank and in hand
49,494
14,516
2
2

Less: bank overdrafts
(525,768)
(256,117)
-
-

(476,274)
(241,601)
2
2



19.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Bank overdrafts
525,768
256,117

Trade creditors
708,256
697,724

Other taxation and social security
270,550
133,034

Obligations under finance lease and hire purchase contracts
495,168
313,354

Other creditors
121,347
1,049,190

Accruals and deferred income
205,601
35,723

2,326,690
2,485,142



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank overdrafts
525,768
256,117

Obligations under finance lease and hire purchase contracts
495,168
313,354

1,020,936
569,471

Details of security provided:

The bank overdraft is secured by an unlimited guarantee given by A.S.K Developments Limited. The hire purchase liabilities are secured on the assets they relate to as per note 14 to the financial statements.

Page 30

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
616,420
440,688

616,420
440,688



The following liabilities were secured:
Group
Group
2024
2023
£
£


Net obligations under finance leases and hire purchase contracts
616,420
440,688

616,420
440,688

Details of security provided:

The hire purchase liabilities are secured on the assets they relate to as per note 14 to the financial statements.




21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
381,150
313,110


Charged to profit or loss
331,305
68,040



At end of year
712,455
381,150

Page 31

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
21.Deferred taxation (continued)

Company


2024
2023






At end of year
-
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
637,254
381,150

Property revaluation
75,201
-

712,455
381,150


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,191,638 (2023 - 9,191,638) Ordinary £1 Shares shares of £1.00 each
9,191,638
9,191,638



23.


Related party transactions

At the Reporting date the following amounts were due (to) / from connected parties, in which the directors held a material interest.
ASK Developments Limited owed K Transport Services (Midlands) Limited £291,837 (2023: £290,308).
Kay Properties (Midlands) Limited owed K Transport Services (Midlands) Limited £1,006,130 (2023: £1,421,272).
ASK Developments (Midlands) Limited were owed from K Transport Services (Midlands) Limited £nil (2023: owed £555,092).
Kay Properties (Midlands) Limited owed ASK Developments Limited £460,520 (2023: £440,520).
K Transport Services (Midlands) Limited owed K Investments Limited £10,596 (2023: £10,596).
ASK Developments Limited owed ASK Developments (Midlands) Limited £77,947 (2023: £81,947).
Loans to connected parties are interest free and repayable on demand.

Page 32

 
KAY GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Limitation of Auditor's Liability

The company has entered into a liability limitation agreement, the principal terms being as follows:
Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out.
The resolution approving this agreement is dated 3rd February 2025. 

Page 33