| REGISTERED NUMBER: NI684429 (Northern Ireland) |
| KSB GROUP HOLDINGS LTD |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| REGISTERED NUMBER: NI684429 (Northern Ireland) |
| KSB GROUP HOLDINGS LTD |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| KSB GROUP HOLDINGS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Church House |
| 24 Dublin Road |
| OMAGH |
| Co. Tyrone |
| BT78 1HE |
| BANKERS: | Bank of Ireland |
| 25 Campsie Road |
| OMAGH |
| Co. Tyrone |
| BT79 0AE |
| SOLICITORS: |
| 50-52 Main Street |
| IRVINESTOWN |
| Co Fermanagh |
| BT94 1GL |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| The turnover reported in the financial statements of £9.9m represents a decrease in turnover to pre 2021 levels, primarily due to shifts in market demand. |
| At 31 October 2024, the group's net assets were in excess of £17.8m. The group continues to maintain strong |
| operating cash flow and the directors are satisfied that it remains resilient in the current economic climate. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors have identified the following areas of risk and uncertainty: |
| Supply chain and logistics: |
| The directors are satisfied that the arrangements the group has in place with key suppliers are adequate to mitigate the risk of interrupted supply. |
| Environmental risk: |
| The directors recognise the potential environmental risks arising from the group's operations and invest resources to ensure the group maintains all necessary environmental standards and manages the risk effectively. |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The group's activities expose it to a number of financial risks including commodity price risk, liquidity risk, credit risk and currency risk. |
| Commodity price risk: |
| The group uses materials which are exposed to commodity price risk. The directors take measures to protect against short term fluctuations in price, including measures to pass any fluctuations on to customers. |
| Credit risk: |
| The group's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures. |
| Liquidity risk: |
| The group finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short and medium term liquidity risk. |
| Currency risk: |
| The group actively trades in both sterling and euro. Where possible euro cash inflows and outflows are matched. The directors take an active role in managing the currency exposure remains within acceptable levels. |
| The directors review and agree policies for managing each of the above risks. |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| KEY PERFORMANCE INDICATORS (KPIS) |
| Given the nature of the business, the group's directors monitor the success of the business on the basis of turnover levels and on operating profit margins. |
| Turnover has decreased by 42% back to pre 2021 levels and operating profit has decreased by 65% due to shifts in market demand. |
| ON BEHALF OF THE BOARD: |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of precision engineering. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 October 2024 will be £100,000. |
| FUTURE DEVELOPMENTS |
| The group continues to offer cutting edge machining and expert fabrication services to create precision engineered components tailor made to meet their clients' needs. With this approach the group plans to consolidate its market share in future years. |
| POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the Group since the year end. |
| DIRECTORS |
| The directors who have held office during the period from 1 November 2023 to the date of this report are as |
| follows: |
| C McKenna held office during the whole of the period from 1 November 2023 to the date of this report. |
| N McKenna was appointed as a director on 31 May 2024. |
| POLITICAL DONATIONS AND EXPENDITURE |
| The group made charitable donations amounting to £3,000 during the year. No donations for political purposes were made during the year. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| 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. |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, McAleer Jackson Ltd, 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 |
| KSB GROUP HOLDINGS LTD |
| Opinion |
| We have audited the financial statements of KSB Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 October 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 |
| KSB GROUP HOLDINGS LTD |
| 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 Directors' Responsibilities Statement set out on page four, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KSB GROUP HOLDINGS LTD |
| 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. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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: |
| We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty. |
| We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with HMRC and other regulatory bodies. |
| In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, control environment and business performance including the group's remuneration policies, and performance targets; |
| - results of our enquiries of management and other key persons about the group's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the group's policies, procedures and internal controls; and |
| - the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements; |
| - design of audit procedures responsive to those risks that incorporate unpredictability around the nature, |
| timing and extent of our testing. |
| 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 |
| KSB GROUP HOLDINGS LTD |
| 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 & Statutory Auditors |
| Church House |
| 24 Dublin Road |
| OMAGH |
| Co. Tyrone |
| BT78 1HE |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 9,909,292 | 17,229,345 |
| Cost of sales | 4,664,866 | 8,319,402 |
| GROSS PROFIT | 5,244,426 | 8,909,943 |
| Administrative expenses | 3,520,325 | 4,003,627 |
| OPERATING PROFIT | 4 | 1,724,101 | 4,906,316 |
| Interest receivable and similar income | 101,839 | 25,979 |
| 1,825,940 | 4,932,295 |
| Gain/loss on revaluation of assets | 115,481 | (5,334 | ) |
| PROFIT BEFORE TAXATION | 1,941,421 | 4,926,961 |
| Tax on profit | 5 | 487,795 | 1,047,252 |
| PROFIT FOR THE FINANCIAL YEAR |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| CONSOLIDATED BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 | 3,029,761 | 2,519,110 |
| Investments | 9 | 2,109,874 | 425,911 |
| 5,139,635 | 2,945,021 |
| CURRENT ASSETS |
| Stocks | 10 | 962,333 | 1,342,697 |
| Debtors | 11 | 1,785,788 | 3,585,845 |
| Cash at bank | 11,281,953 | 11,052,440 |
| 14,030,074 | 15,980,982 |
| CREDITORS |
| Amounts falling due within one year | 12 | 1,178,392 | 2,268,172 |
| NET CURRENT ASSETS | 12,851,682 | 13,712,810 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
17,991,317 |
16,657,831 |
| PROVISIONS FOR LIABILITIES | 14 | 179,711 | 199,851 |
| NET ASSETS | 17,811,606 | 16,457,980 |
| CAPITAL AND RESERVES |
| Called up share capital | 15 | 100 | 100 |
| Retained earnings | 16 | 17,811,506 | 16,457,880 |
| SHAREHOLDERS' FUNDS | 17,811,606 | 16,457,980 |
| The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by: |
| C McKenna - Director |
| N McKenna - Director |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| COMPANY BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 3,214,893 | 5,599,063 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 | 100 | 12,578,171 | 12,578,271 |
| Changes in equity |
| Total comprehensive income | - | 3,879,709 | 3,879,709 |
| Balance at 31 October 2023 | 100 | 16,457,880 | 16,457,980 |
| Changes in equity |
| Dividends | - | (100,000 | ) | (100,000 | ) |
| Total comprehensive income | - | 1,453,626 | 1,453,626 |
| Balance at 31 October 2024 | 100 | 17,811,506 | 17,811,606 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 3,711,014 | 4,555,548 |
| Tax paid | (1,198,463 | ) | (596,694 | ) |
| Net cash from operating activities | 2,512,551 | 3,958,854 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (757,796 | ) | (468,231 | ) |
| Purchase of fixed asset investments | (2,000,000 | ) | - |
| Sale of tangible fixed assets | 39,760 | 7,999 |
| Sale of fixed asset investments | 431,518 | 1,192,850 |
| Interest received | 100,342 | 21,336 |
| Net cash from investing activities | (2,186,176 | ) | 753,954 |
| Cash flows from financing activities |
| Equity dividends paid | (100,000 | ) | - |
| Net cash from financing activities | (100,000 | ) | - |
| Increase in cash and cash equivalents | 226,375 | 4,712,808 |
| Cash and cash equivalents at beginning of year |
2 |
11,049,172 |
6,336,364 |
| Cash and cash equivalents at end of year | 2 | 11,275,547 | 11,049,172 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 1,941,421 | 4,926,961 |
| Depreciation charges | 218,347 | 228,422 |
| (Profit)/loss on disposal of fixed assets | (10,961 | ) | 1,563 |
| (Gain)/loss on revaluation of fixed assets | (115,481 | ) | 5,334 |
| Finance income | (101,839 | ) | (25,979 | ) |
| 1,931,487 | 5,136,301 |
| Decrease in stocks | 380,364 | 146,208 |
| Decrease/(increase) in trade and other debtors | 1,801,553 | (443,633 | ) |
| Decrease in trade and other creditors | (402,390 | ) | (283,328 | ) |
| Cash generated from operations | 3,711,014 | 4,555,548 |
| 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 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 11,281,953 | 11,052,440 |
| Bank overdrafts | (6,406 | ) | (3,268 | ) |
| 11,275,547 | 11,049,172 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 11,052,440 | 6,339,376 |
| Bank overdrafts | (3,268 | ) | (3,012 | ) |
| 11,049,172 | 6,336,364 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.11.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 11,052,440 | 229,513 | 11,281,953 |
| Bank overdrafts | (3,268 | ) | (3,138 | ) | (6,406 | ) |
| 11,049,172 | 226,375 | 11,275,547 |
| Total | 11,049,172 | 226,375 | 11,275,547 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| KSB Group Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling which is the functional currency of the group. |
| The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
| The group financial statements consolidate the financial statements of KSB Group Holdings Ltd and all its subsidiary undertakings drawn up to 31 October each year. |
| Basis of consolidation |
| The consolidated financial statements include the Company and its subsidiary undertakings. Intra-group sales and profits are eliminated fully on consolidation. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Land & buildings - 2% straight line |
| Plant and machinery - 25% on reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 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. |
| 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. |
| Financial instruments |
| The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments |
| Investments in subsidiaries are recognised at cost less impairment. Other investments are measured at fair value. Changes in fair value are recognised in profit or loss. |
| Provisions |
| Provisions (i.e liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Going concern |
| At the time of approving the financial statements, the director had reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 1,123,261 | 1,287,877 |
| Other pension costs | 146,966 | 148,030 |
| 1,270,227 | 1,435,907 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Management | 5 | 3 |
| Administration | 3 | 7 |
| Production | 28 | 34 |
| 36 | 44 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | 12,570 | 12,570 |
| Director's pension | 60,000 | 60,000 |
| 72,570 | 72,570 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Other operating leases | 71,775 | 89,732 |
| Depreciation - owned assets | 218,346 | 228,422 |
| (Profit)/loss on disposal of fixed assets | (10,961 | ) | 1,563 |
| Auditors' remuneration | 8,300 | 7,700 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 507,935 | 982,638 |
| Deferred tax | (20,140 | ) | 64,614 |
| Tax on profit | 487,795 | 1,047,252 |
| 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: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 1,941,421 | 4,926,961 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.518 %) |
485,355 |
1,109,453 |
| Effects of: |
| Expenses not deductible for tax purposes | 300 | 270 |
| Deferred tax at future rate | - | 8,343 |
| Enhanced capital allowances | - | (2,371 | ) |
| Other adjustments | 2,140 | (9 | ) |
| Life assurance company tax credit | - | (43,956 | ) |
| Research and development refund | - | (24,478 | ) |
| Total tax charge | 487,795 | 1,047,252 |
| 6. | 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. |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim | 100,000 | - |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Group |
| Land & | Plant and |
| buildings | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 | 2,029,148 | 1,802,692 | 3,831,840 |
| Additions | 568,959 | 188,837 | 757,796 |
| Disposals | - | (79,205 | ) | (79,205 | ) |
| At 31 October 2024 | 2,598,107 | 1,912,324 | 4,510,431 |
| DEPRECIATION |
| At 1 November 2023 | 111,070 | 1,201,660 | 1,312,730 |
| Charge for year | 28,080 | 190,266 | 218,346 |
| Eliminated on disposal | - | (50,406 | ) | (50,406 | ) |
| At 31 October 2024 | 139,150 | 1,341,520 | 1,480,670 |
| NET BOOK VALUE |
| At 31 October 2024 | 2,458,957 | 570,804 | 3,029,761 |
| At 31 October 2023 | 1,918,078 | 601,032 | 2,519,110 |
| Company |
| Land & |
| buildings |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 9. | FIXED ASSET INVESTMENTS |
| 2024 | 2023 |
| Group | £ | £ |
| Financial assets designated at fair value through profit or loss | 2,109,874 | 425,911 |
| 2,109,874 | 425,911 |
| The group's financial assets investments are stated at fair value. Fair value is assessed by reference to quoted exit values provided by the relevant counterparty. During the year a gain of £115,481 (2023 Loss - £5,334) was recognised. |
| 2024 | 2023 |
| Company | £ | £ |
| Financial assets designated at fair value through profit or loss | 2,109,874 | - |
| Shares in group undertakings | 100 | 100 |
| 2,109,974 | 100 |
| The group or the company's investments at the Balance Sheet date in shares in group undertakings |
| include the following: |
| Subsidiary |
| Registered office: 29 Garvallagh Road, Seskinore, Omagh,Co Tyrone, BT78 2QW |
| Nature of business: Engineering |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 10. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 962,333 | 1,342,697 |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,717,556 | 3,501,961 |
| Other debtors | 6,139 | 32,453 |
| Prepayments | 41,593 | 38,931 |
| Sundry debtors | 20,500 | 12,500 | 20,500 | 12,500 |
| 1,785,788 | 3,585,845 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 13) | 6,406 | 3,268 |
| Trade creditors | 890,986 | 1,122,762 |
| Corporation tax | 114,088 | 804,616 |
| Social security and other taxes | 37,466 | 257,451 |
| Other creditors | 27,568 | 80,075 |
| Directors' current accounts | 101,878 | - | 100,000 | - |
| 1,178,392 | 2,268,172 |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 6,406 | 3,268 |
| The bank facility relates to a credit card with capital being repaid in full monthly and as a result no interest charges arise. |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 14. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 129,711 | 149,851 |
| Other provisions | 50,000 | 50,000 |
| Aggregate amounts | 179,711 | 199,851 |
| Group |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 November 2023 | 149,851 | 50,000 |
| Movement during period | (20,140 | ) | - |
| Balance at 31 October 2024 | 129,711 | 50,000 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 16. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 November 2023 | 16,457,880 |
| Profit for the year | 1,453,626 |
| Dividends | (100,000 | ) |
| At 31 October 2024 | 17,811,506 |
| 17. | CONTINGENT LIABILITIES |
| The director confirms that the group has no contingent liabilities at the year end (2023 - £Nil). |
| 18. | CAPITAL COMMITMENTS |
| At 31 October 2024 the group had no capital commitments (2023 - £Nil). |
| KSB GROUP HOLDINGS LTD (REGISTERED NUMBER: NI684429) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| At the year end, the group owed members of key management personnel £101,878 (NIL at 31 October 2023) in respect of the balance on directors' current accounts. |
| The balance is repayable on demand and interest is not currently being charged. |
| The balance was presented within creditors: amounts falling due within one year. |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Entities over which the entity has control, joint control or significant | influence |
| PPH Plant Leasing Limited |
| Mr Conor McKenna is the sole director and Mr Conor McKenna & Mrs Nora McKenna are sole shareholders of PPH Plant Leasing Limited. |
| The following trading transactions occurred with PPH Plant Leasing Limited during the year. |
| 2024 | 2023 |
| £ | £ |
| Purchases from PPH Plant Leasing Limited | 1,395,800 | 1,429,392 |
| Purchase of tangible fixed assets from PPH Plant Leasing Limited | 74,000 | - |
| As at 31 October 2024, McKenna Precision Engineering Limited owed £NIL to the related party (2023 - NIL). |
| 20. | POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the Group since the year end. |
| 21. | ULTIMATE CONTROLLING PARTY |
| KSB Group Holdings Ltd is under the ultimate control of Mr Conor McKenna & Mrs Nora McKenna. |