| REGISTERED NUMBER: 12481308 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| KNW HOLDINGS LIMITED |
| REGISTERED NUMBER: 12481308 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| KNW HOLDINGS LIMITED |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Income Statement | 7 |
| Consolidated Other Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| KNW HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 7 St John's Road |
| Harrow |
| Middlesex |
| HA1 2EY |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| The directors present their strategic report for the period ended 31 March 2024. This report is only part of the group annual accounts and reports. |
| Business review |
| Turnover for the year was recorded at £14,031,380 (2023:£12,138,781) which is an approximate 16% increase from the previous accounting period. |
| Gross margin is at £3,653,090 representing a margin of 26% (2023: £3,283,237) representing a margin of 27%). |
| The group reported a trading profit before tax of £92,404 (2023: profit of £803,597). |
| Current assets at the year end were recorded at £4,721,055 (2023: £4,067,825). Cash reserves decreased to £73,570 (2023: £92,955). |
| Current liabilities (creditors: amounts falling due within one year) as at the year end were recorded at £4,513,103 (2023: £2,914,911). |
| Current liabilities (creditors: amounts falling due more than one year) as at the year end were recorded at £977,940 (2023: £1,528,131). |
| Capital and reserves as at the year end were recorded at £1,082,629 (2023: £1,446,397). |
| Key performance indicators |
| The key performance indicators used by the directors to monitor the performance of the business include like for like turnover, gross margin, operating profit margin, wage cost, EBITs and cash flow. Other non financial measures are also reviewed regularly including health and safety audits and staff turnover. The directors constantly review the development team and processes and training for our teams to ensure to continue to deliver the best possible product. The company aims to grow its revenue year on year and have the company's debtors and cash balances grow in line with sales while restricting the increase of the administrative expenses. |
| Principal risks and uncertainties |
| The group operates in a highly competitive market and is subject to the regularly fluctuating cycles experienced in the software development sector & logistics sector. |
| The directors consider the key business risks facing the company business to be the general economic and competitive business environment. While the company's management has developed specific plans to address these risk areas and the directors consider such plans to be adequate, not all risk factors are within the control of management. |
| Financial risk management objectives and policies |
| The directors have identified the financial risk management objectives as minimising any threats to the continued financial well-being and stability of the company. The directors seek to minimise financial risk through the maintenance of a system of internal controls, sourcing products and services at the most competitive prices and maintaining close relationships with customers. |
| The directors are responsible for the company's system of internal control and for evaluating its effectiveness. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. |
| Key elements of the company's system of internal controls include management accounts including comparison with prior periods and ad-hoc reports produced for the directors when deemed necessary by senior management. Reliance is placed on senior management to ensure effective control. |
| The Report of the Independent Auditors is unqualified and the Auditors Statement on the consistency of the Directors' Report and Strategic Report with the Financial Statements is also unqualified. |
| ON BEHALF OF THE BOARD: |
| 6 June 2025 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
| PRINCIPAL ACTIVITY |
| KNW Holding Limited is the holding company for the group for which the principal activity is that of freight transport by road, logistics, business and software development. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 March 2024 will be £ 249,600 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
| POLITICAL DONATIONS AND EXPENDITURE |
| During the year, the group and company made donations of £4,325 (2023: £9,412) which are not related to any political donations and expenditure. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| The financial statements for the year ended 31 March 2023 were not audited and the comparatives includes unaudited figures. |
| AUDITORS |
| The auditors, Macalvins Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KNW HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of KNW Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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. |
| Other Matter |
| The financial statements of the KNW Holdings Limited Group for the year ended 31 March 2023 were not audited. Accordingly, we do not express an opinion on the comparative figures for the year ended 31 March 2023. Our opinion on the current year's financial statements is not modified in respect of this matter. |
| 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 and 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KNW HOLDINGS LIMITED |
| 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 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 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. |
| 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 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 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. |
| 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: |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and on - compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; |
| - results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
| - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
| - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
| We also 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 and local tax legislation. |
| 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 |
| KNW HOLDINGS 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. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| 7 St John's Road |
| Harrow |
| Middlesex |
| HA1 2EY |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 31.3.24 | 31.3.23 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 3 | 14,031,380 | 12,138,781 |
| Cost of sales | 10,378,290 | 8,855,544 |
| GROSS PROFIT | 3,653,090 | 3,283,237 |
| Administrative expenses | 3,493,514 | 2,426,411 |
| 159,576 | 856,826 |
| Other operating income | 4 | 61,870 | 38,400 |
| OPERATING PROFIT | 6 | 221,446 | 895,226 |
| Interest payable and similar expenses | 7 | 129,042 | 91,629 |
| PROFIT BEFORE TAXATION | 92,404 | 803,597 |
| Tax on profit | 8 | 206,572 | 112,473 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| (Loss)/profit attributable to: |
| Owners of the parent | (114,168 | ) | 691,124 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 31.3.24 | 31.3.23 |
| as restated |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | (114,168 | ) | 691,124 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(114,168 |
) |
691,124 |
| Total comprehensive income attributable to: |
| Owners of the parent | (114,168 | ) | 691,124 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2024 |
| 31.3.24 | 31.3.23 | 1.4.22 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | 119,497 | - | - |
| Tangible assets | 13 | 2,088,835 | 2,037,207 | 791,120 |
| Investments | 14 | - | - | - |
| 2,208,332 | 2,037,207 | 791,120 |
| CURRENT ASSETS |
| Debtors | 15 | 4,721,055 | 4,067,825 | 2,053,991 |
| Cash at bank and in hand | 73,570 | 92,955 | 167,340 |
| 4,794,625 | 4,160,780 | 2,221,331 |
| CREDITORS |
| Amounts falling due within one year | 16 | (4,513,103 | ) | (2,914,911 | ) | (1,500,411 | ) |
| NET CURRENT ASSETS | 281,522 | 1,245,869 | 720,920 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
2,489,854 |
3,283,076 |
1,512,040 |
| CREDITORS |
| Amounts falling due after more than one year | 17 | (977,940 | ) | (1,528,131 | ) | (342,446 | ) |
| PROVISIONS FOR LIABILITIES | 20 | (429,285 | ) | (308,548 | ) | (150,313 | ) |
| NET ASSETS | 1,082,629 | 1,446,397 | 1,019,281 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 99 | 99 | 6 |
| Retained earnings | 22 | 1,082,530 | 1,446,298 | 1,019,275 |
| SHAREHOLDERS' FUNDS | 1,082,629 | 1,446,397 | 1,019,281 |
| The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by: |
| B R Weldon - Director | S J Ketteridge - Director |
| D B Northfield - Director |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2024 |
| 31.3.24 | 31.3.23 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 236,054 | 261,921 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2022 | 6 | 1,019,274 | 1,019,280 |
| Changes in equity |
| Issue of share capital | 93 | - | 93 |
| Dividends | - | (264,100 | ) | (264,100 | ) |
| Total comprehensive income | - | 691,124 | 691,124 |
| Balance at 31 March 2023 | 99 | 1,446,298 | 1,446,397 |
| Changes in equity |
| Dividends | - | (249,600 | ) | (249,600 | ) |
| Total comprehensive income | - | (114,168 | ) | (114,168 | ) |
| Balance at 31 March 2024 | 99 | 1,082,530 | 1,082,629 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2022 |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2024 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 31.3.24 | 31.3.23 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,618,220 | 1,709,824 |
| Interest paid | (63,854 | ) | (13,532 | ) |
| Interest element of hire purchase payments paid | (65,188 | ) | (78,097 | ) |
| Tax paid | 390,197 | (162,823 | ) |
| Net cash from operating activities | 1,879,375 | 1,455,372 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (125,936 | ) | - |
| Purchase of tangible fixed assets | (1,036,612 | ) | (2,136,633 | ) |
| Sale of tangible fixed assets | 71,187 | 36,557 |
| Net cash from investing activities | (1,091,361 | ) | (2,100,076 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (423,604 | ) | 646,643 |
| Capital repayments in year | (110,240 | ) | 993,855 |
| Amount introduced by directors | - | 100 |
| Amount withdrawn by directors | (23,955 | ) | (806,272 | ) |
| Share issue | - | 93 |
| Equity dividends paid | (249,600 | ) | (264,100 | ) |
| Net cash from financing activities | (807,399 | ) | 570,319 |
| Decrease in cash and cash equivalents | (19,385 | ) | (74,385 | ) |
| Cash and cash equivalents at beginning of year | 2 | 92,955 | 167,340 |
| Cash and cash equivalents at end of year | 2 | 73,570 | 92,955 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Profit before taxation | 92,404 | 803,597 |
| Depreciation charges | 876,970 | 470,773 |
| Loss on disposal of fixed assets | 43,267 | 383,217 |
| Finance costs | 129,042 | 91,629 |
| 1,141,683 | 1,749,216 |
| Increase in trade and other debtors | (724,217 | ) | (1,108,603 | ) |
| Increase in trade and other creditors | 1,200,754 | 1,069,211 |
| Cash generated from operations | 1,618,220 | 1,709,824 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 73,570 | 92,955 |
| Year ended 31 March 2023 |
| 31.3.23 | 1.4.22 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 92,955 | 167,340 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.4.23 | Cash flow | At 31.3.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 92,955 | (19,385 | ) | 73,570 |
| 92,955 | (19,385 | ) | 73,570 |
| Debt |
| Finance leases | (1,341,566 | ) | 110,240 | (1,231,326 | ) |
| Debts falling due within 1 year | (217,986 | ) | 47,813 | (170,173 | ) |
| Debts falling due after 1 year | (732,738 | ) | 375,790 | (356,948 | ) |
| (2,292,290 | ) | 533,843 | (1,758,447 | ) |
| Total | (2,199,335 | ) | 514,458 | (1,684,877 | ) |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| KNW Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements for the year ended 31 March 2023 were not audited and the comparatives includes unaudited figures. |
| Turnover |
| Revenue is measured at the fair value of consideration received or receivable, net of VAT, trade discounts, and rebates.The Company recognises revenue in accordance with Section 23 of FRS 102, based on the stage of completion of the transaction at the reporting date, provided that the outcome of the transaction can be estimated reliably. |
| Revenue is only recognised when the following conditions are satisfied: |
| - The amount of revenue can be measured reliably; |
| - It is probable that the economic benefits will flow to the Company; |
| - The stage of completion can be measured reliably; |
| - The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| - The significant risks and rewards of ownership or service delivery have been transferred to the customer. |
| Revenue from user subscriptions and platform access is recognised over the term of the subscription on a straight-line basis,reflecting the delivery of service over time. Uploaded Bills, Custom Emails, Online Bookings, SmartApp Features services are recognised based on the stage of completion at the reporting date, measured using time incurred, delivery milestones, or technical delivery progress. Revenue from onboarding or configuration fees is recognised when the onboarding service is delivered, which is deemed to occur at the point the customer is successfully set up on the platform or application and can begin utilising the contracted services. |
| Revenue from Logistics services, UPN services & Pallet Force services are recognised at the point in time when the goods & services are delivered to the final destination and performance obligation is fulfilled once delivery is confirmed, and the customer assumes control of the goods & services.Revenue from storage and floor space rental is recognised over time on a straight-line basis, in accordance with the period of occupancy agreed with customers. The performance obligation is satisfied continuously over the rental term, reflecting ongoing access to storage facilities. Fuel surcharge income is recognised in line with the underlying logistics services to which the surcharge relates. The performance obligation is satisfied when the associated delivery is completed, as the surcharge is considered a component of the transport service. Revenue from carbon offsetting services is recognised when the offsetting service has been procured or committed on behalf of the customer, typically at the point the corresponding environmental credit or certificate is acquired. The performance obligation is fulfilled when the offset action has effectively taken place. |
| Other revenue streams include ancillary services such as parcel handling, container hire, or short-term equipment use. These services are recognised at the point the service is delivered, when the specific obligation to the customer is met. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are being amortised evenly over their estimated useful life of ten years. Development costs for internally generated software are capitalized as intangible assets when all of the following conditions, as outlined in FRS 102 Section18, are met. If these conditions are not met, the costs are expensed in the profit and loss account as incurred: |
| - Technical Feasibility: The software project is technically feasible and expected to be complete |
| successfully. |
| - Intention to Complete: There is a clear intention to complete the software and either use or sell it. |
| - Future Economic Benefits: The software is expected to generate probable future economic benefits. |
| - Availability of Resources: The company has the required financial, technical, and human resource to complete the development. |
| - Ability to Measure Costs Reliably: The development costs can be identified and measured with reliability. |
| - Ability to use or sell the intangible asset. |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are recognised when: |
| - It is probable that the future economic benefits associated with the asset will flow to the entity; and |
| - The cost of the asset can be measured reliably. |
| Initial recognition includes the purchase price and any costs directly attributable to bringing the asset into working condition for its intended use. |
| Tangible fixed assets are measured initially at cost. Cost includes all expenditure directly attributable to bringing the asset into working condition for its intended use, including delivery, installation, and any related professional fees. Subsequent to initial recognition, assets are carried at cost less accumulated depreciation and impairment losses. |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| - Improvements to property - Over the period of the lease |
| - Plant and machinery - 25% on cost |
| - Fixtures and fittings - 25% on cost |
| - Motor vehicles - 33% on cost |
| - Computer equipment - 33% on cost |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Cash & Cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED 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 balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Carbon Neutral | 21,832 | 9,944 |
| Fuel surcharge | 366,956 | 453,292 |
| Logistics | 10,146,785 | 9,916,338 |
| Pallet Sales | 436,299 | - |
| Storage | 1,038,019 | 655,160 |
| UPN Sales | 1,786,611 | 924,664 |
| Subscription Sales | 139,408 | 111,262 |
| Online Bookings | 15,280 | 10,685 |
| Smart App | 17,375 | 8,643 |
| Other Sales & Services | 62,815 | 48,793 |
| 14,031,380 | 12,138,781 |
| 4. | OTHER OPERATING INCOME |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Other Income | 61,870 | 38,400 |
| 61,870 | 38,400 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 5. | COST OF SALES |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Owners & Employed Driver Cost | 7,111,274 | 6,561,918 |
| Fuel Costs | 479,463 | 493,268 |
| Pallet Cost | 363,671 | - |
| 2nd Tier Suppliers | 930,952 | 573,943 |
| Other Costs | 178,221 | 169,772 |
| Wages | 1,153,505 | 856,808 |
| Social Security Cost | 104,713 | 91,851 |
| Pension | 27,865 | - |
| Development Costs | 28,626 | 107,984 |
| 10,378,290 | 8,855,544 |
| The average number of employees during the year was as follows: |
| 31.3.24 | 31.3.23 |
| as restated |
| 47 | 34 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Rent & Service Charges | 937,921 | 354,819 |
| Light & Heat | 63,430 | 39,025 |
| Wages & Salaries | 60,963 | 38,148 |
| Social Security | 5,942 | 3,746 |
| Pension | 2,440 | 888 |
| Directors Salaries | 50,400 | 50,400 |
| Computer Expenses | 76,362 | 79,442 |
| Repairs & Renewals | 222,444 | 222,381 |
| Telephone | 86,044 | 39,024 |
| Advertising | 53,997 | 37,667 |
| Cleaning | 44,697 | 34,355 |
| Travelling & Motor Expenses | 332,238 | 299,298 |
| Subscriptions | 91,508 | 51,971 |
| Hire of Plant & Machinery | 150,862 | 54,453 |
| Accountancy | 69,085 | 37,272 |
| Audit Fees | 28,000 | - |
| Professional Fees | 11,531 | 20,036 |
| Entertainment | 84,929 | 87,620 |
| Bad Debts | 43,103 | 1,790 |
| Bank Charges | 124,561 | 87,651 |
| Amortisation | 6,439 | - |
| Depreciation | 870,531 | 470,774 |
| Loss on disposal of fixed assets | 43,267 | 383,217 |
| Donation | 4,325 | 9,412 |
| Other Expenses | 28,496 | 23,021 |
| 3,493,514 | 2,426,411 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Bank loan interest | 46,501 | 13,532 |
| Interest on Overdue PAYE & Tax | 8,418 | - |
| Penalty on Overdue PAYE & Tax | 8,935 | - |
| Hire purchase | 65,188 | 78,097 |
| 129,042 | 91,629 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 90,058 | (45,762 | ) |
| R&D Tax Credit | (4,223 | ) | - |
| Total current tax | 85,835 | (45,762 | ) |
| Deferred tax | 120,737 | 158,235 |
| Tax on profit | 206,572 | 112,473 |
| Reconciliation of total tax 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: |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Profit before tax | 92,404 | 803,597 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
23,101 |
152,683 |
| Effects of: |
| Expenses not deductible for tax purposes | 43,073 | 95,409 |
| Capital allowances in excess of depreciation | - | (304,964 | ) |
| Depreciation in excess of capital allowances | 25,519 | - |
| Utilisation of tax losses | (1,635 | ) | 11,110 |
| Deferred Tax | 120,737 | 158,235 |
| Research & Development enhanced deduction | (4,223 | ) | - |
| Total tax charge | 206,572 | 112,473 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 10. | DIVIDENDS |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Ordinary A shares of 0.2p each |
| Interim | 41,600 | 88,034 |
| Ordinary B shares of 0.2p each |
| Interim | 41,600 | 88,033 |
| Ordinary C shares of 0.2p each |
| Interim | 41,600 | 88,033 |
| Ordinary D shares of 0.2p each |
| Interim | 41,600 | - |
| Ordinary E shares of 0.2p each |
| Interim | 41,600 | - |
| Ordinary F shares of 0.2p each |
| Interim | 41,600 | - |
| 249,600 | 264,100 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 11. | PRIOR YEAR ADJUSTMENT |
| During the year ended 31 March 2024, the company identified that certain capital expenditures and assets from the previous years had excess capital allowances claimed beyond the limits permitted under applicable tax regulations. As a result, the financial position for the previous years were misstated. This error has been corrected retrospectively in accordance with FRS 102 Section 10.22. The comparative figures have been restated, and the opening balance of retained earnings has been adjusted to reflect the correction. |
| These errors have been corrected by restating each of the affected financial statement line items in the prior periods as follows: |
| 31.3.22 | 31.3.22 | Difference |
| Effect on group financial position | (as previously reported | ) | (as restated | ) |
| £ | £ | £ |
| Retained Earnings | 1,048,219 | 1,019,274 | (28,945 | ) |
| Effect on reserves | (28,945 | ) |
| Corporation tax payable | - | 28,945 | 28,945 |
| Effect on liabilities | 28,945 |
| 31.3.23 | 31.3.23 | Difference |
| Effect on group financial position | (as previously reported | ) | (as restated | ) |
| £ | £ | £ |
| Improvement to Property - Additions | 111,453 | 180,454 | 69,001 |
| Improvement to Property - Depreciation | (3,715 | ) | (20,965 | ) | (17,250 | ) |
| Directors Loan Account | 802,598 | 806,166 | 3,568 |
| Effect on assets | 55,319 |
| Retained Earnings | 1,461,711 | 1,475,243 | (13,532 | ) |
| Effect on reserves | (13,532 | ) |
| Corporation tax payable | - | 53,404 | 53,404 |
| Deferred tax | - | (11,617 | ) | (11,617 | ) |
| Effect on liabilities | 41,787 |
| These adjustments have been applied retrospectively. The opening retained earnings as at 1 April 2022 has been restated, and the comparative figures for 2022 and 2023 now reflect the corrected tax and asset positions. |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Development |
| costs |
| £ |
| COST |
| Additions | 125,936 |
| At 31 March 2024 | 125,936 |
| AMORTISATION |
| Amortisation for year | 6,439 |
| At 31 March 2024 | 6,439 |
| NET BOOK VALUE |
| At 31 March 2024 | 119,497 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2023 | 180,454 | 467,828 | 445,856 |
| Additions | - | 10,154 | 395,998 |
| Disposals | - | - | (52,471 | ) |
| At 31 March 2024 | 180,454 | 477,982 | 789,383 |
| DEPRECIATION |
| At 1 April 2023 | 20,965 | 43,790 | 63,829 |
| Charge for year | 12,030 | 118,522 | 153,386 |
| Eliminated on disposal | - | - | - |
| At 31 March 2024 | 32,995 | 162,312 | 217,215 |
| NET BOOK VALUE |
| At 31 March 2024 | 147,459 | 315,670 | 572,168 |
| At 31 March 2023 | 159,489 | 424,038 | 382,027 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 | 1,465,764 | 31,421 | 2,591,323 |
| Additions | 630,460 | - | 1,036,612 |
| Disposals | (256,215 | ) | - | (308,686 | ) |
| At 31 March 2024 | 1,840,009 | 31,421 | 3,319,249 |
| DEPRECIATION |
| At 1 April 2023 | 417,343 | 8,189 | 554,116 |
| Charge for year | 576,119 | 10,473 | 870,530 |
| Eliminated on disposal | (194,232 | ) | - | (194,232 | ) |
| At 31 March 2024 | 799,230 | 18,662 | 1,230,414 |
| NET BOOK VALUE |
| At 31 March 2024 | 1,040,779 | 12,759 | 2,088,835 |
| At 31 March 2023 | 1,048,421 | 23,232 | 2,037,207 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 | 220,126 | 1,338,674 | 1,558,800 |
| Additions | - | 590,260 | 590,260 |
| Disposals | (27,031 | ) | (248,215 | ) | (275,246 | ) |
| At 31 March 2024 | 193,095 | 1,680,719 | 1,873,814 |
| DEPRECIATION |
| At 1 April 2023 | 27,483 | 354,333 | 381,816 |
| Charge for year | 45,458 | 537,813 | 583,271 |
| Eliminated on disposal | - | (190,232 | ) | (190,232 | ) |
| At 31 March 2024 | 72,941 | 701,914 | 774,855 |
| NET BOOK VALUE |
| At 31 March 2024 | 120,154 | 978,805 | 1,098,959 |
| At 31 March 2023 | 192,643 | 984,341 | 1,176,984 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 14. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade debtors | 2,635,387 | 2,214,013 |
| Other debtors | 813,559 | 495,115 |
| Director's current account | 830,121 | 806,166 | 13,036 | 99 |
| Corporation Tax Receivable | 4,223 | 99,165 |
| Prepayments and accrued income | 437,765 | 453,366 |
| 4,721,055 | 4,067,825 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| as restated | as restated |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 135,295 | 177,986 |
| Other loans (see note 18) | 34,878 | 40,000 |
| Hire purchase contracts (see note 19) | 610,334 | 546,173 |
| Trade creditors | 1,035,852 | 752,525 |
| Corporation Tax payable | 464,634 | 83,544 |
| Social security and other taxes | 32,509 | 31,043 |
| Pension Payable | 13,502 | - | - | - |
| VAT | 175,967 | 142,263 | - | - |
| Other creditors | 1,539,174 | 911,695 |
| Wages Payable | 1,238 | - | - | - |
| Accrued expenses | 469,720 | 229,682 |
| 4,513,103 | 2,914,911 |
| Amount owed to group undertakings are unsecured, interest free and payable on demand. |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Bank loans (see note 18) | 301,948 | 641,071 |
| Other loans (see note 18) | 55,000 | 91,667 |
| Hire purchase contracts (see note 19) | 620,992 | 795,393 |
| 977,940 | 1,528,131 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 135,295 | 177,986 |
| Other loans | 34,878 | 40,000 |
| 170,173 | 217,986 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years | 142,114 | 177,986 |
| Other loans - 1-2 years | 20,000 | 36,667 |
| 162,114 | 214,653 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years | 159,834 | 463,085 |
| Other loans - 2-5 years | 35,000 | 55,000 |
| 194,834 | 518,085 |
| The group had a loan facility of £214,320 from Investec & £229,000 from Lending Crowd, which was made available to company in October 2022. This is to be repaid in 60 monthly installments . As at 31 March 2024, the outstanding amount is £121,467 & £187,960 respectively. |
| The group had a loan facility of £200,000 from Southern Counties Finance Ltd out of which £100,000 was made available to company in February 2020 and balance £100,000 was made available to group in January 2023. This is to be repaid in 60 monthly installments . As at 31 March 2024, the outstanding amount is £89,878. |
| The group was granted the Government's Coronavirus Business Interruption Loan (CBIL) amounting to £163,000 in May 2020 and an additional loan amounting £80,000 on September 2020.This is to be repaid in 25 equal monthly installment and interest at 3.99 % + Bank of England Base Rate commencing in May 2021 & September 2021. As at 31 March 2024, the outstanding amount is £110,633. |
| The group was granted an additional Government's Coronavirus Business Interruption Loan (CBIL) amounting to £30,000 in March 2021.This is to be repaid in 25 equal monthly installment and interest at 3.99% + Bank of England Base Rate commencing in March 2022. As at 31 March 2024, the outstanding amount is £17,182. |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Net obligations repayable: |
| Within one year | 610,334 | 546,173 |
| Between one and five years | 574,180 | 795,393 |
| In more than five years | 46,812 | - |
| 1,231,326 | 1,341,566 |
| Group |
| Non-cancellable operating | leases |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Within one year | 579,899 | 400,104 |
| Between one and five years | 2,899,495 | 2,897,906 |
| In more than five years | 4,349,243 | 4,917,226 |
| 7,828,637 | 8,215,236 |
| The company leases office premises under a non-cancellable operating lease with a term of 15 years, commencing on 22 September 2022, the lease commencement date. Rent payments began on 22 July 2023 and are payable quarterly in advance.The lease does not include any contingent rent, purchase options, or provisions for renewal or extension. |
| Finance lease payments represents rentals payable by the company for certain motor vehicles, fixtures & fittings. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets.The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into contingent rental payments. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.3.24 | 31.3.23 |
| as restated |
| £ | £ |
| Deferred tax | 429,285 | 308,548 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2023 | 308,548 |
| Provided during year | 120,737 |
| Balance at 31 March 2024 | 429,285 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| A deferred tax liability has been recognised as follows: |
| Timing Difference | 31.3.24 | 31.3.23 |
| £ | £ |
| as restated |
| Accelerated capital allowances | 429,285 | 308,548 |
| Tax losses carried forward | - | - |
| Net Deferred Tax Liability | 429,285 | 308,548 |
| Accelerated capital allowances: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| as restated |
| NBV of assets per accounts | 2,088,833 | 2,037,207 |
| Less: NBV of non-qualifying assets | 267,612 | 352,132 |
| NBV of qualifying assets | 1,821,221 | 1,685,075 |
| WDV of qualifying assets | 104,083 | 61,141 |
| Total | 104,083 | 61,141 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
| value: | as restated |
| £ | £ |
| Ordinary A | 0.2p | 7 | 33 |
| Ordinary B | 0.2p | 7 | 33 |
| Ordinary C | 0.2p | 7 | 33 |
| Ordinary D | 0.2p | 26 | - |
| Ordinary E | 0.2p | 26 | - |
| 12,850 | Ordinary F | 0.2p | 26 | - |
| 99 | 99 |
| 22. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 April 2023 | 1,446,298 |
| Deficit for the year | (114,168 | ) |
| Dividends | (249,600 | ) |
| At 31 March 2024 | 1,082,530 |
| KNW HOLDINGS LIMITED (REGISTERED NUMBER: 12481308) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 23. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, the company was owed balance of £830,120.91 (2023: £806,166) from the directors of the company. |
| During the year, total remuneration of £50,400 (2023: £50,400) were paid to the directors. |
| During the year, dividend of £249,600 (2023: £264,100) were paid to directors and close members of the director. |