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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: S J Ketteridge
D B Northfield
B R Weldon





REGISTERED OFFICE: 7 St John's Road
Harrow
Middlesex
HA1 2EY





REGISTERED NUMBER: 12481308 (England and Wales)





AUDITORS: Macalvins Limited
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:





B R Weldon - Director


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.

S J Ketteridge
D B Northfield
B R Weldon

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:





B R Weldon - Director


6 June 2025

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.




Shailesh Patel (Senior Statutory Auditor)
for and on behalf of Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

6 June 2025

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

(114,168

)

691,124
(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 14 101 -
101 -

CURRENT ASSETS
Debtors 15 638,370 649,547
Cash at bank 672 62
639,042 649,609
CREDITORS
Amounts falling due within one year 16 5,000 1,920
NET CURRENT ASSETS 634,042 647,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

634,143

647,689

CAPITAL AND RESERVES
Called up share capital 21 99 99 6
Retained earnings 634,044 647,590 649,769
SHAREHOLDERS' FUNDS 634,143 647,689 649,775

Company's profit for the financial year 236,054 261,921

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

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


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 6 649,769 649,775

Changes in equity
Issue of share capital 93 - 93
Dividends - (264,100 ) (264,100 )
Total comprehensive income - 261,921 261,921
Balance at 31 March 2023 99 647,590 647,689

Changes in equity
Dividends - (249,600 ) (249,600 )
Total comprehensive income - 236,054 236,054
Balance at 31 March 2024 99 634,044 634,143

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 101
At 31 March 2024 101
NET BOOK VALUE
At 31 March 2024 101


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 813,559 495,115 625,334 649,448
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 4,067,825 638,370 649,547

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 5,000 1,920
4,513,103 2,914,911 5,000 1,920

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
£    £   
3,650 Ordinary A 0.2p 7 33
3,650 Ordinary B 0.2p 7 33
3,650 Ordinary C 0.2p 7 33
12,850 Ordinary D 0.2p 26 -
12,850 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.