IRIS Accounts Productionv25.1.4.4200849646director1.10.2330.9.2430.9.24Medium entitiestruefalsetruetruefalsefalsetruetruetruefalseThese accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.Ordinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh008496462023-09-30008496462024-09-30008496462023-10-012024-09-30008496462022-09-30008496462022-10-012023-09-30008496462023-09-3000849646ns15:EnglandWales2023-10-012024-09-3000849646ns14:PoundSterling2023-10-012024-09-3000849646ns10:Director12023-10-012024-09-3000849646ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3000849646ns10:MediumEntities2023-10-012024-09-3000849646ns10:Audited2023-10-012024-09-3000849646ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3000849646ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3000849646ns10:FullAccounts2023-10-012024-09-3000849646ns10:OrdinaryShareClass12023-10-012024-09-3000849646ns10:CompanySecretary12023-10-012024-09-3000849646ns10:RegisteredOffice2023-10-012024-09-3000849646ns5:CurrentFinancialInstruments2024-09-3000849646ns5:CurrentFinancialInstruments2023-09-3000849646ns5:Non-currentFinancialInstruments2024-09-3000849646ns5:Non-currentFinancialInstruments2023-09-3000849646ns5:ShareCapital2024-09-3000849646ns5:ShareCapital2023-09-3000849646ns5:SharePremium2024-09-3000849646ns5:SharePremium2023-09-3000849646ns5:RetainedEarningsAccumulatedLosses2024-09-3000849646ns5:RetainedEarningsAccumulatedLosses2023-09-3000849646ns5:ShareCapital2022-09-3000849646ns5:RetainedEarningsAccumulatedLosses2022-09-3000849646ns5:SharePremium2022-09-3000849646ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3000849646ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3000849646ns5:ReportableOperatingSegment12023-10-012024-09-3000849646ns5:ReportableOperatingSegment12022-10-012023-09-3000849646ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3000849646ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3000849646ns15:UnitedKingdom2023-10-012024-09-3000849646ns15:UnitedKingdom2022-10-012023-09-3000849646ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3000849646ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3000849646ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-10-012024-09-3000849646ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-10-012023-09-3000849646ns5:OwnedAssets2023-10-012024-09-3000849646ns5:OwnedAssets2022-10-012023-09-3000849646ns5:HirePurchaseContracts2023-10-012024-09-3000849646ns5:HirePurchaseContracts2022-10-012023-09-3000849646ns10:OrdinaryShareClass12022-10-012023-09-3000849646ns5:PlantMachinery2023-09-3000849646ns5:FurnitureFittings2023-09-3000849646ns5:MotorVehicles2023-09-3000849646ns5:PlantMachinery2023-10-012024-09-3000849646ns5:FurnitureFittings2023-10-012024-09-3000849646ns5:MotorVehicles2023-10-012024-09-3000849646ns5:PlantMachinery2024-09-3000849646ns5:FurnitureFittings2024-09-3000849646ns5:MotorVehicles2024-09-3000849646ns5:PlantMachinery2023-09-3000849646ns5:FurnitureFittings2023-09-3000849646ns5:MotorVehicles2023-09-3000849646ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3000849646ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3000849646ns5:WithinOneYearns5:HirePurchaseContracts2024-09-3000849646ns5:WithinOneYearns5:HirePurchaseContracts2023-09-3000849646ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-3000849646ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3000849646ns5:HirePurchaseContracts2024-09-3000849646ns5:HirePurchaseContracts2023-09-3000849646ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3000849646ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3000849646ns5:WithinOneYear2024-09-3000849646ns5:WithinOneYear2023-09-3000849646ns5:BetweenOneFiveYears2024-09-3000849646ns5:BetweenOneFiveYears2023-09-3000849646ns5:AllPeriods2024-09-3000849646ns5:AllPeriods2023-09-3000849646ns5:DeferredTaxation2023-09-3000849646ns5:DeferredTaxation2024-09-3000849646ns10:OrdinaryShareClass12024-09-3000849646ns5:RetainedEarningsAccumulatedLosses2023-09-3000849646ns5:SharePremium2023-09-30

REGISTERED NUMBER: 00849646 (England and Wales)




















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


FOR



GEORGE KILLOUGHERY LIMITED


GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024





Page




Company Information  

1




Strategic Report  

2




Report of the Director  

3




Report of the Independent Auditors  

5




Income Statement  

8




Other Comprehensive Income  

9




Balance Sheet  

10




Statement of Changes in Equity  

11




Notes to the Financial Statements

12





GEORGE KILLOUGHERY LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 30TH SEPTEMBER 2024









DIRECTOR:

J Killoughery







SECRETARY:

J Killoughery







REGISTERED OFFICE:

43a Willow Lane


Mitcham


Surrey


CR4 4NA







REGISTERED NUMBER:

00849646 (England and Wales)







AUDITORS:

ESW Limited


Chartered Accountants


& Registered Auditors


162-164 High Street


Rayleigh


Essex


SS6 7BS


GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



STRATEGIC REPORT

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


The director presents his strategic report for the year ended 30th September 2024.


REVIEW OF BUSINESS

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit margin and liquidity.


As noted in our prior years review, the market remained very challenging, regard having to be made to general major national economic considerations including inflation.


In light of the prevailing conditions, the company's approach was one of continuing the prior years policy of aggressive pricing policies, in an attempt to maintain market share, whilst waiting for a better economic atmosphere, which would then enable us to capitalise on the results of this approach.


Despite the market conditions, the company managed to maintain turnover, and despite the desire to maintain market share the company still managed to achieve a gross profit of 31%. Further to this the company achieved administrative efficiencies, making year on year savings of £300,000, in regard to overheads.


The net results of the business were only marginally affected by bad debt considerations, with conservative provisions being made to ensure that the company is not open to vulnerabilities in the future. In regard to liquidity, the company managed to maintain its net asset position compared to the previous year, despite the decrease in profit before tax. This was facilitated by the substantial investments in fixed assets made in the prior two years, reducing the company's requirements to invest so heavily in this period. It is of note that despite this the company still invested £1,000,000 in new assets during the period.


As a continuation of the policy, as stated in the review last year, the company has continued with it's investment in new fixed assets, particularly heavy duty vehicles, which not only saves costs relating to ULEZ, but also created savings as the modernized fleet is more cost efficient. The company intends to continue this investment policy into the foreseeable future.


The company intends to carry on trading into next year using the same policies and will, again, be targeting an increase in the gross profit percentages.


PRINCIPAL RISKS AND UNCERTAINTIES

The performance of the business is linked to the overall state of the economy but in particular to the activities within the sectors of the market in which we operate. As well as economic risks the waste industry has additional environmental legislative and compliance risks. We try to minimise these risks by employing highly skilled management, by training and by engaging specialist consultants so that we keep up with statutory regulations and comply with the conditions of our operating licences and permits at all times. Landfill charges and fuel prices are monitored on a weekly basis, thus ensuring that operating increases therein are recognised at an early state.


ON BEHALF OF THE BOARD:






J Killoughery - Director



19th June 2025


GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


The director presents his report with the financial statements of the company for the year ended 30th September 2024.


PRINCIPAL ACTIVITY

The principal activities of the company continued to be that of building and civil engineering contractors, plant hire, haulage and waste management.

DIVIDENDS

An interim dividend of 75 per share was paid on 30th September 2024. The director recommends that no final dividend be paid.


The total distribution of dividends for the year ended 30th September 2024 will be £ 1,500,000 .


DIRECTOR

J Killoughery held office during the whole of the period from 1st October 2023 to the date of this report.


FINANCIAL INSTRUMENTS


Financial risk management

The company's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.


Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.


Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned extensions.


Interest rate cash flow risk

The company has interest bearing liabilities.


Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.


Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.


POLITICAL DONATIONS AND EXPENDITURE

Donations paid during the year amounted to £17,552, none of which related to political organisations.


EMPLOYMENT OF DISABLED PERSONS

The company continues its policy regarding the employment of disabled persons and fair consideration is given to applications for employment by disabled persons having regard to their particular aptitudes and abilities.


HEALTH AND SAFETY AT WORK

Our yard managers are responsible for the health, safety and welfare of employees. We also continue to support the health and safety policies of our customers and the industry generally.


EMPLOYEE INVOLVEMENT

Our workforce are our most important and valuable asset. They operate at the heart of our operations and the forefront of our activities and developments on a day to day basis. In addition regular meetings are held to discuss activity and performance and opportunity is given for management to be questioned on all areas that affect our employees. We encourage an open door policy of involvement and close cooperation.



GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.


Company law requires the director to prepare financial statements for each financial year. Under that law the director

has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for

safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:






J Killoughery - Director



19th June 2025


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GEORGE KILLOUGHERY LIMITED


Opinion

We have audited the financial statements of George Killoughery Limited (the 'company') for the year ended 30th September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30th September 2024 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.


Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GEORGE KILLOUGHERY LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.


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, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of director's remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages three and four, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


The company is subject to numerous laws and regulations that could reasonably be expected to have a material effect on the financial statements. From our general commercial experience and discussion with management, we identified the following laws and regulations; waste carrier licences, environmental regulations, employment laws and regulations, health and safety, employment taxes, financial reporting and distributable profits.


Our audit procedures to address potential fraud and non-compliance with laws and regulations included:


- Enquiry of management regarding compliance with relevant laws and regulations, and any litigation or claims

- Review of legal correspondence and documentation

- Performance of analytical review to identify unexpected account movements and investigation of variances

- Assessment of potential management override by review of journals and unusual accounting entries

- Inspection of third-party supporting documentation

- Identification and review of transactions with related parties

- Review of year end cut-off and after date transactions

- Reconciliation of intercompany balances


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.


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

GEORGE KILLOUGHERY 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.





Mr S Cracknell FCA (Senior Statutory Auditor)

for and on behalf of ESW Limited

Chartered Accountants

& Registered Auditors

162-164 High Street

Rayleigh

Essex

SS6 7BS


19th June 2025


GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



INCOME STATEMENT

FOR THE YEAR ENDED 30TH SEPTEMBER 2024



2024


2023


Notes

£   

£   



TURNOVER

3

14,403,889


14,239,852




Cost of sales

(9,959,360

)

(8,757,409

)


GROSS PROFIT

4,444,529


5,482,443




Administrative expenses

(2,373,144

)

(2,663,684

)


OPERATING PROFIT

5

2,071,385


2,818,759




Interest receivable and similar income

132


-



2,071,517


2,818,759




Interest payable and similar expenses

6

(66,112

)

(66,192

)


PROFIT BEFORE TAXATION

2,005,405


2,752,567




Tax on profit

7

(501,180

)

(619,437

)


PROFIT FOR THE FINANCIAL YEAR

1,504,225


2,133,130




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30TH SEPTEMBER 2024



2024


2023


Notes

£   

£   



PROFIT FOR THE YEAR

1,504,225


2,133,130





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,504,225


2,133,130




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



BALANCE SHEET

30TH SEPTEMBER 2024



2024


2023


Notes

£   

£   


FIXED ASSETS

Tangible assets

9

6,307,411


6,114,129




CURRENT ASSETS

Stocks

10

51,500


29,500



Debtors

11

5,877,299


8,856,861



Cash at bank

3,277,283


806,117



9,206,082


9,692,478



CREDITORS

Amounts falling due within one year

12

(3,437,251

)

(3,313,612

)


NET CURRENT ASSETS

5,768,831


6,378,866



TOTAL ASSETS LESS CURRENT

LIABILITIES

12,076,242


12,492,995




CREDITORS

Amounts falling due after more than one

year

13

(644,540

)

(1,114,703

)



PROVISIONS FOR LIABILITIES

16

(3,191,856

)

(3,142,671

)


NET ASSETS

8,239,846


8,235,621




CAPITAL AND RESERVES

Called up share capital

17

20,000


20,000



Share premium

18

2,590,000


2,590,000



Retained earnings

18

5,629,846


5,625,621



SHAREHOLDERS' FUNDS

8,239,846


8,235,621




The financial statements were approved by the director and authorised for issue on 19th June 2025 and were signed by:






J Killoughery - Director



GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30TH SEPTEMBER 2024



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1st October 2022

20,000


5,242,491


2,590,000


7,852,491




Changes in equity

Dividends

-


(1,750,000

)

-


(1,750,000

)


Total comprehensive income

-


2,133,130


-


2,133,130



Balance at 30th September 2023

20,000


5,625,621


2,590,000


8,235,621




Changes in equity

Dividends

-


(1,500,000

)

-


(1,500,000

)


Total comprehensive income

-


1,504,225


-


1,504,225



Balance at 30th September 2024

20,000


5,629,846


2,590,000


8,239,846




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


1.

STATUTORY INFORMATION



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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Financial Reporting Standard 102 - reduced disclosure exemptions


This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:



- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;



- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;



- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;



- Section 33 'Related Party Disclosures' - Compensation for key management personnel.



Turnover


Turnover represents the total invoice value, excluding value added tax, from contract income, plant hire, haulage and waste management during the year.



Tangible fixed assets and depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows

Plant and machinery-12.5% reducing balance
Fixtures, fittings and equipment-25% reducing balance
Motor vehicles-25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.


Stocks


Stocks of raw materials, consumables, recycled aggregates and land for development are valued at the lower of cost and net realisable value.


GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 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 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 trade and other 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 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 trade and other creditors and bank loans, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


2.

ACCOUNTING POLICIES - continued



Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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


Deferred tax

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

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

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


Leasing and hire purchase 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.



Pensions

The pension costs charged in the financial statements represent the contributions paid by the company during the period.

3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by class of business is given below:



2024


2023

£   

£   



Rendering of services

14,403,889


14,239,852



14,403,889


14,239,852





An analysis of turnover by geographical market is given below:



2024


2023

£   

£   



United Kingdom

14,403,889


14,239,852



14,403,889


14,239,852




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


4.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

851,904


1,760,300




Social security costs

66,820


73,252




Other pension costs

12,778


14,674



931,502


1,848,226





The average number of employees during the year was as follows:


2024


2023



Directors

1


1




Direct labour

19


20




Administration

2


3



22


24





2024


2023

£   

£   



Director's remuneration

-


-





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

1


1




5.

OPERATING PROFIT



The operating profit is stated after charging:



2024


2023

£   

£   



Hire of plant and machinery

315,946


380,253




Depreciation - owned assets

848,101


938,958




Loss on disposal of fixed assets

-


419




Auditors' remuneration

15,000


14,000




Auditors' remuneration for non audit work

2,500


2,500




Depreciation of tangible fixed assets includes £489,810 (2023 - £523,779) relating to assets held under finance lease agreements.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Hire purchase interest and finance lease

charges

66,112


66,192




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


7.

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

451,995


552,111





Deferred tax

49,185


67,326




Tax on profit

501,180


619,437





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023

£   

£   



Profit before tax

2,005,405


2,752,567




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 25%)  

501,351


688,142





Effects of:


Expenses not deductible for tax purposes

-


804




Capital allowances in excess of depreciation

(49,186

)

-




Depreciation in excess of capital allowances

-


125,643




Utilisation of tax losses

-


(187,529

)



Loss on disposal of fixed assets  

-


104




Deferred tax  

49,185


67,326




Change in tax rate  

-


(75,053

)



Tax losses surrendered from group  

(170

)

-




Total tax charge

501,180


619,437




8.

DIVIDENDS


2024


2023

£   

£   



Ordinary shares of £1 each


Interim

1,500,000


1,750,000




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


9.

TANGIBLE FIXED ASSETS


Fixtures



Plant and


and


Motor



machinery


fittings


vehicles


Totals

£   

£   

£   

£   



COST


At 1st October 2023

10,081,968


157,560


213,733


10,453,261




Additions

985,972


6,535


48,876


1,041,383




At 30th September 2024

11,067,940


164,095


262,609


11,494,644




DEPRECIATION


At 1st October 2023

4,135,439


71,460


132,233


4,339,132




Charge for year

796,683


22,189


29,229


848,101




At 30th September 2024

4,932,122


93,649


161,462


5,187,233




NET BOOK VALUE


At 30th September 2024

6,135,818


70,446


101,147


6,307,411




At 30th September 2023

5,946,529


86,100


81,500


6,114,129




Included above are assets held under hire purchase contracts and finance leases whose net book value at the balance sheet date amounted to £3,552,928 (2023 - £3,652,738).

10.

STOCKS

2024

2023


£   

£   



Consumables

51,500


29,500




11.

DEBTORS

2024

2023


£   

£   



Amounts falling due within one year:


Trade debtors

3,034,681


3,461,311




Amounts owed by group undertakings

608,972


2,269,641




Other debtors

21,073


1,023,634




Prepayments

512,573


402,275



4,177,299


7,156,861





Amounts falling due after more than one year:


Other debtors (See note 16)

1,700,000


1,700,000





Aggregate amounts

5,877,299


8,856,861




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Hire purchase contracts  (see note 14)

721,583


879,018




Trade creditors

1,906,490


1,309,168




Tax

451,863


552,111




Social security and other taxes

22,274


62,585




VAT

164,545


253,783




Other creditors

14,142


1,679




Directors' current accounts

2,236


-




Accruals and deferred income

154,118


255,268



3,437,251


3,313,612




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2024

2023


£   

£   



Hire purchase contracts  (see note 14)

644,540


1,114,703




14.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts


2024

2023


£   

£   



Gross obligations repayable:


Within one year

783,076


939,500




Between one and five years

695,471


1,200,357



1,478,547


2,139,857





Finance charges repayable:


Within one year

61,493


60,482




Between one and five years

50,931


85,654



112,424


146,136





Net obligations repayable:


Within one year

721,583


879,018




Between one and five years

644,540


1,114,703



1,366,123


1,993,721





Non-cancellable operating

leases


2024

2023


£   

£   



Within one year

220,000


220,000




Between one and five years

110,000


330,000



330,000


550,000




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


15.

SECURED DEBTS



The following secured debts are included within creditors:


2024

2023


£   

£   



Hire purchase contracts

1,366,123


1,993,721





The company's bank facilities are secured by a debenture over the whole of the group's assets, and cross guarantees by all of the group members.



The company's invoice discounting facility is secured by a fixed and floating charge over the trade debts to which it relates.



Hire purchase agreements are secured on the assets to which they relate.


16.

PROVISIONS FOR LIABILITIES

2024

2023


£   

£   



Deferred tax

1,491,856


1,442,671




Other provisions

1,700,000


1,700,000



3,191,856


3,142,671





Deferred



tax


£   



Balance at 1st October 2023

1,442,671




Accelerated capital allowances

49,185




Balance at 30th September 2024

1,491,856




In March 2011 the company entered into a lease in respect of land situated at Purfleet, Essex.

As part of the agreement, the company paid a security deposit of £1,700,000 to the landlord relating to the estimated costs of clearing the company's materials from the site comprising aggregates, waste, building materials etc. The deposit will be released upon the company vacating the site and removing the materials, and is included within Other Debtors falling due after more than one year.

In recognition of the company's future commitment for costs to clear the site, a similar provision of £1,700,000 is included within Provisions for Liabilities.

17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



20,000

Ordinary

£1

20,000


20,000




GEORGE KILLOUGHERY LIMITED (REGISTERED NUMBER: 00849646)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH SEPTEMBER 2024


18.

RESERVES


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1st October 2023

5,625,621


2,590,000


8,215,621




Profit for the year

1,504,225


1,504,225




Dividends

(1,500,000

)

(1,500,000

)



At 30th September 2024

5,629,846


2,590,000


8,219,846




19.

PENSION COMMITMENTS


The company operates a defined contribution pension scheme in respect of employees, including the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions paid by the company during the period and amounted to £17,113 (2023 : £19,344). At the balance sheet date £3,781 (2023 : £1,243) was owed to the fund.

20.

PARENT COMPANY



The company's immediate and ultimate parent undertaking is Killoughery Holdings Limited, a company incorporated in England and Wales which is the smallest and largest group for which consolidated accounts including George Killoughery Limited are prepared. The consolidated accounts of Killoughery Holdings Limited are available from its registered office 43a Willow Lane, Mitcham, Surrey, England, CR4 4NA.


21.

CONTINGENT LIABILITIES



The company has given a guarantee against the bank advance to another group member.


22.

RELATED PARTY DISCLOSURES



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.



During the year the company was related to The George Killoughery Limited Executive Retirement Benefits Scheme, Tearman Limited, Tearman LLP, Waterwise Limited, G.J. Killoughery Limited and Argricultural Holdings Limited by virtue of all being under the control of the Killoughery family.



It is also related to Killoughery Holdings Limited and Killoughery Properties Limited by virtue of being group companies.



During the period the company undertook the following transactions with its related undertakings.



Company


Nature of transaction



2024



2023




Waterwise Limited


Sales



11,278



35,985




Waterwise Limited


Purchases



-



480,000




Tearman Limited


Sales



-



1,560




Agricultural Holdings Limited


Sales



-



12,171




G.J. Killoughery Limited


Sales



620,684



840,451




G.J. Killoughery Limited


Purchases



278,030



384,971





There were no outstanding balances with related undertakings at the year end.