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Registrar

Registration number: 03548932

Kemtron Limited

Filleted Financial Statements

for the Year Ended 30 September 2024

 

Kemtron Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Kemtron Limited

Company Information


 

Directors

S C Cooper

H G Barksdale

S Denney


 

Registered office

Company Secretariat
Faraday Road
Dorcan
Swindon
SN3 5HH


 

Solicitors

Taylor Vinters
Merlin Place
Milton Road
Cambridge
CB4 0DP


 

Bankers

Barclays Bank PLC
Southend on sea
PO Box 1504
Southend On Sea
Essex
SS2 6XX


 

Auditors

Lambert Chapman LLP
Chartered Accountants and Registered Statutory Auditors3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Kemtron Limited

(Registration number: 03548932)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,965,279

1,097,360

Current assets

 

Stocks

5

628,483

661,783

Debtors

6

1,605,196

1,568,419

Cash at bank and in hand

 

2,539,220

3,576,639

 

4,772,899

5,806,841

Creditors: Amounts falling due within one year

7

(1,251,481)

(1,684,366)

Net current assets

 

3,521,418

4,122,475

Total assets less current liabilities

 

5,486,697

5,219,835

Provisions for liabilities

(238,217)

(43,568)

Net assets

 

5,248,480

5,176,267

Capital and reserves

 

Called up share capital

8

5,339

5,339

Share premium reserve

193,200

193,200

Capital redemption reserve

5,256

5,256

Revaluation reserve

-

29,509

Retained earnings

5,044,685

4,942,963

Shareholders' funds

 

5,248,480

5,176,267


These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

S C Cooper
Director

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Company Secretariat, Faraday Road, Dorcan, Swindon, SN3 5HH.

The principal place of business is: Units 3B/C, Bradbury Park, Bradbury Drive, Braintree, Essex, CM7 2DH, United Kingdom.

These financial statements were authorised for issue by the Board on 26 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was qualified. We were unable to derive a testing conclusion confirming the valuation of stock held in the financial statements at the periods ended 30 September 2023 and 30 September 2024. As a result of the limitations within the system we were unable to access evidence confirming that the balance of £628,483 (2023: £661,783) pertaining to stock is correct within a material threshold. The quantum of the adjustment that would be required is indeterminable as a consequence of the limitations faced, any stock adjustment required would have an effect on current assets and the profit and loss account.

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 auditor 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 qualified opinion.
. The name of the Senior Statutory Auditor who signed the audit report on 26 June 2025 was Graham McNeill FCCA, who signed for and on behalf of Lambert Chapman LLP.

Reclassification of comparative amounts

During the audit of the financial statements for the period ended 30 September 2024, it was identified that an error existed within VAT rates used on intercompany invoices. An adjustment of £623,915 was made between debtors and creditors to reclassify balances in the prior period.

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of of RFI/EMI shielding, gaskets & components in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods are transferred to the buyer, which is deemed to be upon delivery to the customer.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. All exchange rate variances are recognised in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Property improvements

10% straight line

Office equipment

15% straight line

Properties under construction

No depreciation

Land

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for RFI/EMI shielding, gaskets & components sold in the ordinary course of business.

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Allowances are made for obsolete stock held, which are deemed to have no intrinsic value. Cost is determined using the first in, first out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Following the purchase and merging of Kemtron Ltd into the TE Connectivity group structure, no members of staff are employed directly by Kemtron Ltd. Staff costs are recharged from other group members by way of direct and indirect labour recharges.

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land
£

Properties under construction
£

Property improvements
£

Plant and machinery
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

450,000

415,119

113,221

340,087

109,646

1,428,073

Revaluations

170,000

-

-

-

-

170,000

Additions

-

510,647

-

77,698

256,756

845,101

Disposals

-

-

(68,427)

(7,663)

(36,020)

(112,110)

Transfers

-

(903,234)

758,748

144,486

-

-

At 30 September 2024

620,000

22,532

803,542

554,608

330,382

2,331,064

Depreciation

At 1 October 2023

-

-

76,268

196,821

57,624

330,713

Charge for the year

-

-

67,708

46,162

38,015

151,885

Eliminated on disposal

-

-

(76,266)

(7,664)

(32,883)

(116,813)

At 30 September 2024

-

-

67,710

235,319

62,756

365,785

Carrying amount

At 30 September 2024

620,000

22,532

735,832

319,289

267,626

1,965,279

At 30 September 2023

450,000

415,119

36,953

143,266

52,022

1,097,360

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Revaluation

The property was impaired in 2023 following a valuation completed by CBRE, a global commercial real estate firm. The amount of downwards revaluation recognised in the statement of profit and loss account in the 2023 period was £325,000.

In 2024 the value of the property was uplifted to reflect the fair market value based on offers received from external third party entities. The amount of gain recognised in the statement of profit and loss account in the 2024 period was £170,000.

Had this property been valued under the historic cost model its carrying amount would have been £1,007,447 (2023: £1,007,447).

Properties under construction

During the year ended 30 September 2024 costs were incurred totalling £22,532 (2023: £415,119) relating to Kemtron Limited's new premises. In January 2024, the balance of properties under construction was transferred to improvements to property and plant & machinery once the premises came into use.

5

Stocks

2024
£

2023
£

Work in progress

76,610

45,655

Stocks

551,873

616,128

628,483

661,783

6

Debtors

2024
£

(As restated)

2023
£

Trade debtors

722,144

626,698

Amounts owed by group undertakings

29,997

6,420

Other debtors

734,550

806,823

Prepayments

118,505

128,478

1,605,196

1,568,419

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Trade creditors

123,122

196,395

Amounts owed to group undertakings

984,149

1,076,142

Other creditors

-

3,082

Taxation and social security

86,047

87,003

Accruals and deferred income

58,163

321,744

1,251,481

1,684,366

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

5,291

5,291

5,291

5,291

Ordinary B Shares of £1 each

48

48

48

48

 

5,339

5,339

5,339

5,339

All of the issued shares are fully paid up and rank pari passu.

 

Kemtron Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

243,668

83,327

Later than one year and not later than five years

927,888

64,576

Later than five years

889,226

-

2,060,782

147,903

The amount of non-cancellable operating lease payments recognised as an expense during the year was £182,910 (2023 - £128,627).

10

Parent and ultimate parent undertaking

The company's immediate parent is TE Connectivity Public Limited Company, incorporated in Ireland.

 The ultimate parent is TE Connectivity Public Limited Company, incorporated in Ireland.

  These financial statements are available upon request from Company Secretary, Parkmore Business Park West, Parkmore, Ballybrit, Galway, H91VN2T, Ireland.

 

The parent of the largest and smallest group in which these financial statements are consolidated is TE Connectivity Public Limited Company, incorporated in Ireland.