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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: C McKenna
N McKenna



REGISTERED OFFICE: 29 Garvallagh Road
SESKINORE
Co. Tyrone
BT78 2QW



REGISTERED NUMBER: NI684429 (Northern Ireland)



AUDITORS: McAleer Jackson Ltd
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: Thomas T Montague 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:





C McKenna - Director


8 May 2025

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:





C McKenna - Director


8 May 2025

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.




ARNOLD JACKSON (Senior Statutory Auditor)
for and on behalf of McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE

8 May 2025

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 1,453,626 3,879,709

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 2,458,957 1,918,078
Investments 9 2,109,974 100
4,568,931 1,918,178

CURRENT ASSETS
Debtors 11 22,638 17,143
Cash at bank 10,263,614 9,661,557
10,286,252 9,678,700
CREDITORS
Amounts falling due within one year 12 185,673 42,261
NET CURRENT ASSETS 10,100,579 9,636,439
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,669,510

11,554,617

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 14,669,410 11,554,517
SHAREHOLDERS' FUNDS 14,669,510 11,554,617

Company's profit for the financial year 3,214,893 5,599,063

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 8 May 2025 and were signed on its behalf by:




C McKenna - Director



N McKenna - Director


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 100 5,955,454 5,955,554

Changes in equity
Total comprehensive income - 5,599,063 5,599,063
Balance at 31 October 2023 100 11,554,517 11,554,617

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 3,214,893 3,214,893
Balance at 31 October 2024 100 14,669,410 14,669,510

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 private company, limited by shares , registered in Northern Ireland. 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 as modified by the revaluation of certain assets.

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 2,029,148
Additions 568,959
At 31 October 2024 2,598,107
DEPRECIATION
At 1 November 2023 111,070
Charge for year 28,080
At 31 October 2024 139,150
NET BOOK VALUE
At 31 October 2024 2,458,957
At 31 October 2023 1,918,078

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
McKenna Precision Engineering Limited
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 2,138 4,643
Prepayments 41,593 38,931 - -
Sundry debtors 20,500 12,500 20,500 12,500
1,785,788 3,585,845 22,638 17,143

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 74,471 31,277
Social security and other taxes 37,466 257,451 8,232 8,234
Other creditors 27,568 80,075 2,970 2,750
Directors' current accounts 101,878 - 100,000 -
1,178,392 2,268,172 185,673 42,261

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: £    £   
100 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.