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REGISTERED NUMBER: 01772496 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

The Kingsland Engineering Company
Limited

The Kingsland Engineering Company
Limited (Registered number: 01772496)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Kingsland Engineering Company
Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R Havegeer
K B Havegeer



REGISTERED OFFICE: Weybourne Road
Sheringham
Norfolk
NR26 8HE



REGISTERED NUMBER: 01772496 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Anthony James Brice FCCA



AUDITOR: Annatrice Limited
Statutory Auditor
10 The Thoroughfare
Harleston
Norfolk
IP20 9AX

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 959,676 791,579
Investments 6 115,000 115,000
1,074,676 906,579

CURRENT ASSETS
Stocks 1,450,217 1,408,299
Debtors 7 183,491 137,991
Cash at bank 245,300 260,113
1,879,008 1,806,403
CREDITORS
Amounts falling due within one year 8 873,438 648,960
NET CURRENT ASSETS 1,005,570 1,157,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,080,246

2,064,022

CREDITORS
Amounts falling due after more than
one year

9

250,610

-
NET ASSETS 1,829,636 2,064,022

CAPITAL AND RESERVES
Called up share capital 301,000 301,000
Revaluation reserve 11 1,930 1,930
Retained earnings 1,526,706 1,761,092
SHAREHOLDERS' FUNDS 1,829,636 2,064,022

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Balance Sheet - continued
31 March 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





K B Havegeer - Director


The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Turnover
Sale of goods
Turnover from the sale of parts and machines is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

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 the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost, 20% on cost, 12.5% reducing balance and 10% on cost

Investments in associates
Investments in associate undertakings are recognised at cost less amounts written off for impairment.

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

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Derivatives
Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.

The company enters into foreign currency forward contracts to mitigate exchange rate losses on trade payables.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated and is amortised evenly over the period of time that the company is expected to benefit.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Impairment
Assets which are 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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 376,869
AMORTISATION
At 1 April 2023
and 31 March 2024 376,869
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 889,416 2,038,411 2,927,827
Additions 212,740 460 213,200
At 31 March 2024 1,102,156 2,038,871 3,141,027
DEPRECIATION
At 1 April 2023 252,782 1,883,466 2,136,248
Charge for year 24,884 20,219 45,103
At 31 March 2024 277,666 1,903,685 2,181,351
NET BOOK VALUE
At 31 March 2024 824,490 135,186 959,676
At 31 March 2023 636,634 154,945 791,579

Included in cost or valuation of land and buildings is freehold land of £ 147,824 (2023 - £ 147,824 ) which is not depreciated.

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 1991 301,000 - 301,000
Cost 801,156 2,038,871 2,840,027
1,102,156 2,038,871 3,141,027

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

31.3.24 31.3.23
£    £   
Cost 801,156 588,416
Aggregate depreciation 195,651 173,625

Value of land in freehold land and buildings 147,824 147,824

Freehold land and buildings were valued on an open market basis on 31 March 1991 by professional valuers .

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 - 293,230 293,230
Additions 212,740 - 212,740
Transfer to ownership - (293,230 ) (293,230 )
At 31 March 2024 212,740 - 212,740
DEPRECIATION
At 1 April 2023 - 219,791 219,791
Charge for year 10,637 - 10,637
Transfer to ownership - (219,791 ) (219,791 )
At 31 March 2024 10,637 - 10,637
NET BOOK VALUE
At 31 March 2024 202,103 - 202,103
At 31 March 2023 - 73,439 73,439

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 April 2023
and 31 March 2024 115,000
NET BOOK VALUE
At 31 March 2024 115,000
At 31 March 2023 115,000

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 49,008 97,955
Other debtors 134,483 36,034
183,491 133,989

Amounts falling due after more than one year:
Amounts owed by group undertakings - 4,002

Aggregate amounts 183,491 137,991

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 25,903 -
Payments on account 149,804 112,776
Trade creditors 219,111 164,390
Amounts owed to group undertakings 355,024 294,440
Taxation and social security 6,609 6,815
Other creditors 116,987 70,539
873,438 648,960

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 154,644 -
Amounts owed to group undertakings 95,966 -
250,610 -

The Kingsland Engineering Company
Limited (Registered number: 01772496)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 180,547 -

The hire purchase liabilities are secured on the assets financed.

11. RESERVES
Revaluatio
reserve
£   
At 1 April 2023
and 31 March 2024 1,930

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Anthony James Brice FCCA (Senior Statutory Auditor)
for and on behalf of Annatrice Limited

13. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption granted to wholly owned subsidiaries not to disclose transactions with group companies.
The consolidated group accounts are prepared by Haco NV, registered office Oekensestraat 120, B-8800 Roeselare, Belgium.

14. ULTIMATE CONTROLLING PARTY

The controlling party is International Machine Tools Holding BV.

The ultimate controlling party is HACO NV, a company registered inBelgium.