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REGISTERED NUMBER: 00344017 (England and Wales)















KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: J. E. Park , FCMA
M. J. Riedl , Ph.D., B.Sc.
A. G. Riedl
N. P. Swan
M. J. Farrington
L. Gellett





SECRETARY: J. E. Park , FCMA





REGISTERED OFFICE: Parkwood Trading Estate
MAIDSTONE
Kent
ME15 9NJ





REGISTERED NUMBER: 00344017 (England and Wales)





AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
89 King Street
Maidstone
Kent
ME14 1BG

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The Group's key performance indicators include revenue, gross profit and net profit.

The Group's Revenue has decreased to £20.03m (2023: £22.37m). The gross profit has decreased from £10.99m (49.12%) to £10.64m (53.12%).

Operating profit for the year has decreased from £1.80m in 2023 to £1.69m this year.

Profit before tax has decreased by 4.5%.

After the sales of some significant one-off cleaning machines in 2023 through the Group's agency with Finnsonic, there has been a drop in revenue but the change in mix of products in sales has resulted in an uplift in gross margin with higher margins earned on materials supplied. Excluding the one-off machinery sales, sales have remained broadly consistent across all markets on a geographical basis.

The Group also reflect the profit on disposal of £538,000 from the sale of the Group's interest in its associate based in Japan.

However, overheads have also increased from the general increase in costs due to inflationary pressures and linked with the change in mix of products supplied.

Cash inflows from operating activities have decreased to £1.55m (2023: 1.69m) as a result in the drop in operating profit with increases in stock and debtors matched by an increase in trade creditors.

The Group has a strong cash position at the year end. Net funds held in cash and cash equivalents have increased to £7.33m (2023: £7.18m). This is despite paying a dividend of £1.29m in the year (2023: £500,000) which has been partially funded by the profit on the disposal of the Japanese associate.

PRINCIPAL RISKS AND UNCERTAINTIES
Similar to many other companies of our size, both in this and many other industries, trading in foreign markets continues to be very competitive, with ongoing cost and pricing challenges from all directions. The group are actively driving a number of strategic options to address those longer term challenges.

OPERATIONAL RISK
This is the risk of a direct or indirect loss resulting from inadequacies or failures in projects, processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which are designed to provide a sound and well-controlled operational environment. Key information regarding governance and the management of risk is reported to the Board. This enables management to monitor operational risk at appropriate levels.

FOREIGN CURRENCY RISK
The group operates internationally giving rise to exposure from changes in foreign exchange rates, particularly the US dollar and Euro. The group does not hedge translation exposure and earnings because any benefit obtained from such hedging can only be temporary.

The group also has transactional currency exposures arising from its international trade.


KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

RESEARCH AND DEVELOPMENT
Cost of sales included significant new and existing product developments; these developments will continue to reflect changes in market requirements, standards and certification.

The group continued to market its products and services on a worldwide basis through its network of overseas group companies and associates.

ON BEHALF OF THE BOARD:





J. E. Park , FCMA - Director


25 June 2025

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and marketing of industrial abrasives, lapping equipment and materials.

DIVIDENDS
During the year under review the company paid interim dividends of £2.58 per share in respect of the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

J. E. Park , FCMA
M. J. Riedl , Ph.D., B.Sc.
A. G. Riedl
N. P. Swan
M. J. Farrington
L. Gellett

RISK MANAGEMENT
The risk management programmes of the company and of its subsidiaries seek to assess, manage and control risk. A broad spectrum of risks are considered including those relating to strategy, operational performance, financial (including fraud) and health and safety. The principal operational risks are the maintenance of high quality product and service levels and the financial risks are those related to foreign currencies and market forces.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 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, McCabe Ford Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J. E. Park , FCMA - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES

Opinion
We have audited the financial statements of Kemet International Limited & its Subsidiary Companies (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 September 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES


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.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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
KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES


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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

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.




David Boobbyer FCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams
Statutory Auditors and Chartered Accountants
89 King Street
Maidstone
Kent
ME14 1BG

25 June 2025

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   

TURNOVER 4 20,026,773 22,372,257

Cost of sales 9,387,685 11,384,044
GROSS PROFIT 10,639,088 10,988,213

Distribution costs 215,741 167,819
Administrative expenses 8,856,163 9,098,042
9,071,904 9,265,861
1,567,184 1,722,352

Other operating income 120,442 82,510
OPERATING PROFIT 6 1,687,626 1,804,862

Income from interest in associated
undertakings

7

31,878

39,134
Interest receivable and similar income 39,873 696
71,751 39,830
1,759,377 1,844,692

Interest payable and similar expenses 8 - 1,334
PROFIT BEFORE TAXATION 1,759,377 1,843,358

Tax on profit 9 265,590 406,054
PROFIT FOR THE FINANCIAL YEAR 1,493,787 1,437,304
Profit attributable to:
Owners of the parent 1,493,787 1,437,304

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 1,493,787 1,437,304


OTHER COMPREHENSIVE INCOME
Exchange rate movement (227,330 ) (376,829 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(227,330

)

(376,829

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,266,457

1,060,475

Total comprehensive income attributable to:
Owners of the parent 1,266,457 1,060,475

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 5,050,447 4,816,205
Investments 14
Interest in associate undertaking 175,621 445,665
5,226,068 5,261,870

CURRENT ASSETS
Stocks 15 4,224,223 4,107,362
Debtors 16 3,907,939 3,710,802
Cash at bank and in hand 7,330,185 7,178,455
15,462,347 14,996,619
CREDITORS
Amounts falling due within one year 17 4,499,884 4,089,670
NET CURRENT ASSETS 10,962,463 10,906,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,188,531

16,168,819

PROVISIONS FOR LIABILITIES 18 101,938 58,683
NET ASSETS 16,086,593 16,110,136

CAPITAL AND RESERVES
Called up share capital 19 500,000 500,000
Retained earnings 20 15,586,593 15,610,136
SHAREHOLDERS' FUNDS 16,086,593 16,110,136

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





J. E. Park , FCMA - Director


KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

COMPANY STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 2,452,715 2,309,690
Investments 14 238,270 238,702
2,690,985 2,548,392

CURRENT ASSETS
Stocks 15 2,479,935 2,229,024
Debtors 16 2,616,890 2,468,739
Cash at bank 1,412,795 2,321,027
6,509,620 7,018,790
CREDITORS
Amounts falling due within one year 17 2,145,389 2,213,053
NET CURRENT ASSETS 4,364,231 4,805,737
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,055,216

7,354,129

PROVISIONS FOR LIABILITIES 18 145,486 102,787
NET ASSETS 6,909,730 7,251,342

CAPITAL AND RESERVES
Called up share capital 19 500,000 500,000
Retained earnings 20 6,409,730 6,751,342
SHAREHOLDERS' FUNDS 6,909,730 7,251,342

Company's profit for the financial year 948,388 875,710

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





J. E. Park , FCMA - Director


KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 500,000 15,104,661 15,604,661

Changes in equity
Dividends - (555,000 ) (555,000 )
Total comprehensive income - 1,060,475 1,060,475
Balance at 30 September 2023 500,000 15,610,136 16,110,136

Changes in equity
Dividends - (1,290,000 ) (1,290,000 )
Total comprehensive income - 1,266,457 1,266,457
Balance at 30 September 2024 500,000 15,586,593 16,086,593

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 500,000 6,430,632 6,930,632

Changes in equity
Dividends - (555,000 ) (555,000 )
Total comprehensive income - 875,710 875,710
Balance at 30 September 2023 500,000 6,751,342 7,251,342

Changes in equity
Dividends - (1,290,000 ) (1,290,000 )
Total comprehensive income - 948,388 948,388
Balance at 30 September 2024 500,000 6,409,730 6,909,730

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,548,937 1,687,249
Interest paid - (1,334 )
Tax paid (196,352 ) (476,874 )
Net cash from operating activities 1,352,585 1,209,041

Cash flows from investing activities
Purchase of intangible fixed assets (19,999 ) -
Purchase of tangible fixed assets (804,588 ) (896,856 )
Sale of tangible fixed assets 59,104 89,167
Sale of fixed asset investments 814,755 -
Interest received 39,873 696
Net cash from investing activities 89,145 (806,993 )

Cash flows from financing activities
Equity dividends paid (1,290,000 ) (555,000 )
Net cash from financing activities (1,290,000 ) (555,000 )

Increase/(decrease) in cash and cash equivalents 151,730 (152,952 )
Cash and cash equivalents at beginning
of year

2

7,178,455

7,331,407

Cash and cash equivalents at end of year 2 7,330,185 7,178,455

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
£    £   
Profit before taxation 1,759,377 1,843,358
Depreciation charges 472,757 455,216
Profit on disposal of fixed assets (561,473 ) (15,077 )
Exchange movement (123,208 ) (255,134 )
Finance costs - 1,334
Finance income (71,751 ) (39,830 )
1,475,702 1,989,867
Increase in stocks (116,861 ) (84,385 )
(Increase)/decrease in trade and other debtors (197,137 ) 407,886
Increase/(decrease) in trade and other creditors 387,233 (626,119 )
Cash generated from operations 1,548,937 1,687,249

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 7,330,185 7,178,455
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 7,178,455 7,331,407


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 7,178,455 151,730 7,330,185
7,178,455 151,730 7,330,185
Total 7,178,455 151,730 7,330,185

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Kemet International Limited & its Subsidiary Companies is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 September 2024, together with the group share of the results of associates up to their most recent year end or 30 September 2024 as set out in Note 14.

A subsidiary is an entity controlled by the company. Control exists when the company has the power, directly or indirectly, to govern the financial and operating policies of the entity so as to derive benefits from its activities.

An associate is an entity in which the group holds a long-term interest and where the group has a significant influence. The results of associates are accounted for using the equity method of accounting.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are-

a) Useful lives of property, plant and equipment
The useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical experience with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than anticipated or the asset experiences unexpected levels of wear and tear, the useful life will be adjusted accordingly.

b) Stock valuation method
Stock write-down is made based on the current market conditions, historical experience and selling
goods of a similar nature. It could change significantly as a result of changes in market conditions. A review is made periodically on stock for excess stock, obsolescence and declines in net realisable value and an allowance is recorded against the stock balances for any such declines. The realisable value represents the best estimate of the recoverable amount and is based on the most reliable evidence available and inherently involves estimates regarding future expected realisable value.

Turnover
Revenue comprises the consideration received for the sale of goods and services in the ordinary course of the Group's activities. Revenue is shown net of value-added tax and other sales related taxes, returns and discounts and after eliminating sales within the group.

The group is to act as retailers of polishing products for industrial use. Revenue is recognised when goods are delivered to the customers and all criteria for acceptance have been satisfied. Revenue is recognised at the point in time when such risks are transferred and customers obtain control over the goods they have purchased.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised
evenly over its estimated useful life of ten years.

During 2024, the Group acquired an additional share in its Dutch subsidiary for £19,999. The goodwill acquired has been amortised in full in the year of purchase.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset class on a straight line basis over its expected useful life, as follows:

Freehold buildings 33 years
Leasehold buildings Over the lease term
Plant and machinery Between 3 and 15 years
Fixtures and fittings Between 3 and 15 years
Motor vehicles Between 2 and 4 years

No depreciation is charged on freehold land.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, labour, transport, and handling costs in bringing stocks to their present location and condition.

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
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 profit or loss.

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 the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. 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 case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.


KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Pension costs and other post-retirement benefits
Payments made to defined contribution retirement benefit schemes are charged an an expense as they fall due.

For defined retirement benefit schemes, the cost of providing benefits is determined using the projected unit method, with actuarial valuations being carried out at each balance sheet date. The net deficit or surplus on the scheme is carried in the balance sheet, comprising the present value of the defined benefit obligation at the balance sheet date less the fair value of the scheme assets. Actuarial gains and losses are charged to retained earnings in full in the period in which they occur via the statement of recognised gains and losses.

Investments
Fixed assets investments are stated at cost including any share of post acquisition profits or losses. Due consideration is made for any permanent diminution in value at each balance sheet date.

Where accounting periods are non-coterminous the share of the profit has been calculated on a time apportionment basis.

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Dividends
Dividends payable on ordinary shares are recognised in retained earnings once they are appropriately authorised or paid and are no longer at the discretion of the company.

4. TURNOVER

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

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
£    £   
United Kingdom 3,398,931 3,817,048
Europe 6,721,291 7,206,242
Far East 5,859,483 5,993,743
Other 4,047,068 5,355,224
20,026,773 22,372,257

5. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 5,238,334 5,255,729
Social security costs 587,498 616,703
Other pension costs 392,430 333,815
6,218,262 6,206,247

The average number of employees during the year was as follows:
30.9.24 30.9.23

Employees 96 96

30.9.24 30.9.23
£    £   
Directors' remuneration 1,070,658 1,152,712
Directors' pension contributions to money purchase schemes 87,141 80,196

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

Money purchase schemes 2 2

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
30.9.24 30.9.23
£    £   
Emoluments etc 238,693 245,963
Pension contributions to money purchase schemes 33,699 31,791

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Depreciation - owned assets 452,759 455,217
Profit on disposal of fixed assets (561,473 ) (15,077 )
Goodwill amortisation 19,999 -
Auditors remuneration 38,335 34,850
Auditors' remuneration for non audit work 5,390 4,900
Foreign exchange differences 173,585 128,396
Research & development expenditure 24,623 15,528
Directors' pension contributions 87,141 80,196

7. INCOME FROM INTEREST IN ASSOCIATED UNDERTAKINGS

The share of income from associated companies (after tax) at 30 September 2024 is as follows:

Kemet Japan
Profit/(Loss) Before Tax (£544 )
Tax 104
Profit/(Loss) After Tax (£440 )

The Group sold its interest in its Japanese associate in November 2023.

Kemet Korea
Profit/(Loss) Before Tax £32,422
Tax (£2,629 )
Profit/(Loss) After Tax £29,793


8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank interest - 1,334

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 48,319 186,081
Overseas taxation 173,747 235,288
Total current tax 222,066 421,369

Deferred taxation 43,524 (15,315 )
Tax on profit 265,590 406,054

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:

30.9.24 30.9.23
£    £   
Profit before tax 1,759,377 1,843,358
Profit multiplied by the standard rate of corporation tax in the UK of 24.591
% (2023 - 22.008 %)

432,648

405,686

Effects of:
Expenses not deductible for tax purposes 40,754 5,338

Tax for prior years (49,816 ) 21,881
Effect of different overseas tax rate (44,537 ) (50,198 )
Other items (17,898 ) 1,424
R&D Deduction (3,385 ) (3,174 )
Non qualifying depreciation 42,577 25,097
Non-taxable income (2,502 ) -
Profit on sale of associate (132,251 ) -
Total tax charge 265,590 406,054

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£    £    £   
Exchange rate movement (227,330 ) - (227,330 )


KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. TAXATION - continued
30.9.23
Gross Tax Net
£    £    £   
Exchange rate movement (376,829 ) - (376,829 )

10. 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.


11. DIVIDENDS
30.9.24 30.9.23
£    £   
Interim 1,290,000 555,000

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 19,999
At 30 September 2024 19,999
AMORTISATION
Amortisation for year 19,999
At 30 September 2024 19,999
NET BOOK VALUE
At 30 September 2024 -

Goodwill arising in the year results from the acquisition of a further share in Kemet BV.

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 5,792,888 5,290,782 11,083,670
Additions 273,532 531,056 804,588
Disposals - (303,430 ) (303,430 )
Exchange differences (75,098 ) (104,893 ) (179,991 )
At 30 September 2024 5,991,322 5,413,515 11,404,837
DEPRECIATION
At 1 October 2023 2,011,791 4,255,674 6,267,465
Charge for year 181,183 271,576 452,759
Eliminated on disposal - (268,007 ) (268,007 )
Exchange differences (514 ) (97,313 ) (97,827 )
At 30 September 2024 2,192,460 4,161,930 6,354,390
NET BOOK VALUE
At 30 September 2024 3,798,862 1,251,585 5,050,447
At 30 September 2023 3,781,097 1,035,108 4,816,205

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. TANGIBLE FIXED ASSETS - continued

Company
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 2,478,362 3,236,603 5,714,965
Additions 14,127 408,484 422,611
Disposals - (125,258 ) (125,258 )
At 30 September 2024 2,492,489 3,519,829 6,012,318
DEPRECIATION
At 1 October 2023 931,067 2,474,208 3,405,275
Charge for year 70,152 179,910 250,062
Eliminated on disposal - (95,734 ) (95,734 )
At 30 September 2024 1,001,219 2,558,384 3,559,603
NET BOOK VALUE
At 30 September 2024 1,491,270 961,445 2,452,715
At 30 September 2023 1,547,295 762,395 2,309,690

Included in cost of land and buildings is freehold land of £ 495,000 (2023 - £ 495,000 ) which is not depreciated.

14. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
undertaking
£   
COST
At 1 October 2023 445,665
Disposal (276,963 )
Share of Profit/(loss) 29,145
Exchange differences (22,226 )
At 30 September 2024 175,621
NET BOOK VALUE
At 30 September 2024 175,621
At 30 September 2023 445,665

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. FIXED ASSET INVESTMENTS - continued

Company
Interest
Shares in in
group associate
undertakings undertaking Totals
£    £    £   
COST
At 1 October 2023 182,263 56,439 238,702
Addition 19,999 - 19,999
Disposal - (20,431 ) (20,431 )
At 30 September 2024 202,262 36,008 238,270
NET BOOK VALUE
At 30 September 2024 202,262 36,008 238,270
At 30 September 2023 182,263 56,439 238,702

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Kemet Europe B.V and subsidiary
Registered office: Oude Moerstraatsebaan 110, 4614 RS Bergen op zoom, Netherlands
Nature of business: Industrial abrasives
%
Class of shares: holding
Ordinary 99.40
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 2,099,870 2,021,152
Profit for the year 135,558 181,089

Kemet Australia (Pty) Limited
Registered office: 4/11 Turbo Rd, Kings Park NSW 2148, Australia
Nature of business: Industrial abrasives
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 1,581,116 1,475,328
Profit for the year 122,937 5,001

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. FIXED ASSET INVESTMENTS - continued

Kemet Far East (Pte) Limited and subsidiary
Registered office: 32 Ang Mo Kio Ind Park 2, Singapore 569510
Nature of business: Industrial abrasives
%
Class of shares: holding
Ordinary 99.90
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 5,224,016 5,289,887
Profit for the year 655,357 483,249

Kemet China Limited and Subsidiary
Registered office: Room 101, Building B, No. 8, Yuanchuang Park, No. 4, Xiaolong Road, Dalang Street, Longhua District, Shenzhen, China
Nature of business: Industrial Abrasives
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 539,866 437,837
Profit for the year 109,357 113,557

Kemet Developments Limited
Registered office: Parkwood Trading Estate, Maidstone, Kent, ME15 9NJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 3,079 3,079

Kemet Services Limited
Registered office: Parkwood Trading Estate, Maidstone, Kent, ME15 9NJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 141 141

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. FIXED ASSET INVESTMENTS - continued

Associated companies

Kemet Korea
Registered office: 302dong 403ho, 397 Seokcheon-ro, Bucheon-city, Korea, 14449
Nature of business: Industrial abrasives
%
Class of shares: holding
Ordinary 45.00

The most recent financial information from Kemet Korea is for the year ended 31 December 2024 and the proportion attributable to Kemet International Limited is as follows:-

2024
Turnover £143,881
Profit (loss) before tax£26,201
Taxation £2,125
Profit (loss) after tax £24,076
Fixed assets £115,916
Current assets £124,471
Liabilities due in one year£7,670
Liabilities due over one year£51,133

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. FIXED ASSET INVESTMENTS - continued

Kemet Japan
Registered office: 1614-27 Tsubasa-cho, Hanamigawa-ku, Chiba-shi, Chiba, 262-0013, Japan
Nature of business: Industrial abrasives
%
Class of shares: holding
Ordinary 23.44

The most recent financial information from Kemet Japan is for the year ended 31 March 2024 and the proportion attributable to Kemet International Limited to the date of disposal (see below)

2024
Turnover £827,051
Profit/(Loss) before tax(£544)
Taxation £104
Profit/(Loss) after tax (£440)
Fixed assets £0
Current assets £0
Liabilities due in one year£0
Liabilities due over one year£0

Disposal of Kemet Japan in holding company

In November 2023, the company disposed of its entire shareholding in Kemet Japan, an overseas associate. Kemet Japan is incorporated and operates in Japan and was previously accounted for using the equity method in accordance with FRS 102, Section 14 Investments in Associates.

The company held a direct investment of 11.72% in Kemet Japan prior to the disposal.

Original cost of investment: £20,431

Proceeds from disposal: £432,694

Carrying amount at the date of disposal: £20,431

Gain on disposal recognised in profit or loss: £412,263

The gain on disposal has been recognised in the profit and loss account within 'Profit on disposal of fixed asset investments'. No amounts were previously recognised in other comprehensive income relating to this investment, and therefore no reclassifications to profit or loss were required on disposal.

Disposal of Kemet Japan in group

The group held an investment of 23.44% in Kemet Japan prior to the disposal.

Carrying value of investment: £276,963

Proceeds from disposal: £814,755

Gain on disposal recognised in profit or loss: £537,792

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. FIXED ASSET INVESTMENTS - continued

The gain on disposal has been recognised in the profit and loss account within 'Profit on disposal of fixed asset investments'. No amounts were previously recognised in other comprehensive income relating to this investment, and therefore no reclassifications to profit or loss were required on disposal.

Kemet Japan is no longer considered a related party of the group following the disposal.


15. STOCKS

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Raw materials 499,150 564,437 499,150 564,437
Work-in-progress 17,232 4,814 17,232 4,814
Finished goods 3,707,841 3,538,111 1,963,553 1,659,773
4,224,223 4,107,362 2,479,935 2,229,024

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade debtors 3,079,948 3,103,272 1,394,966 1,523,673
Amounts owed by group undertakings - - 609,016 481,245
Other debtors 224,841 158,283 9,758 14,574
VAT debtor 219,190 153,579 219,190 153,579
Prepayments and accrued income 383,960 295,668 383,960 295,668
3,907,939 3,710,802 2,616,890 2,468,739

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade creditors 2,104,320 1,657,805 1,306,754 1,197,652
Amounts owed to group undertakings - - 3,208 3,208
Taxation 79,900 56,919 (46,125 ) 18,082
Other taxes and PAYE taxes 68,277 67,018 68,277 67,018
Other creditors and accruals 2,247,387 2,307,928 813,275 927,093
4,499,884 4,089,670 2,145,389 2,213,053

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. PROVISIONS FOR LIABILITIES

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Deferred taxation 101,938 58,683 145,486 102,787

Group
Deferred
tax
£   
Balance at 1 October 2023 58,683
Accelerated allowances 42,699
Internal unrealised profit 825
Exchange movements (269 )
Balance at 30 September 2024 101,938

Company
Deferred
tax
£   
Balance at 1 October 2023 102,787
Deferred tax movement 42,699
Balance at 30 September 2024 145,486

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
500,000 Ordinary £1 500,000 500,000

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20. RESERVES

Group
Retained
earnings
£   

At 1 October 2023 15,610,136
Profit for the year 1,493,787
Dividends (1,290,000 )
Exchange differences (227,330 )
At 30 September 2024 15,586,593

Company
Retained
earnings
£   

At 1 October 2023 6,751,342
Profit for the year 948,388
Dividends (1,290,000 )
At 30 September 2024 6,409,730


21. PENSION COMMITMENTS

The Company operates a retirement benefits plan known as the Kemet International Retirements Benefits Plan ("the Plan") providing money purchase benefits. The assets of the Plan are held separately from those of the Company.

The Company operated a defined benefit scheme which was wound up in the year ended 30 September 2013 and the pensions payable under the scheme were purchased in the insurance market. The Company has no further liabilities under the scheme.

22. RELATED PARTY DISCLOSURES

The group is taking advantage of the exemption prescribed by FRS102 and so related party transactions which are eliminated on consolidation are not disclosed.

Entities with control, joint control or significant influence over the entity

Kemet Korea- Associated Company

During the year under review the associated company purchased goods from Kemet International Limited for the value of £92,866 (2023: £63,971).

KEMET INTERNATIONAL LIMITED
& ITS SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00344017)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Entities over which the entity has control, joint control or significant influence

Kemet Japan- Associated Company

During the year under review the associated company purchased goods from Kemet International Limited for the value of £143,874 (2023: £216,640).

Other related parties

Dividends of £1,110,457 were paid to the directors and their close family members. The individuals concerned are the directors, Mr A G Riedl, Dr M J Riedl and Mr N P Swan and Mrs K M Park, the wife of Mr J E Park, Mrs H Riedl, the wife of Dr M J Riedl, Mrs FA Swan, the wife of Mr N P Swan and Mrs M P Riedl, the wife of Mr A G Riedl.

23. ULTIMATE CONTROLLING PARTY

The ultimate parent company of the group is Kemet International Limited.

The company is controlled by its directors. There is no individual with a controlling interest.