Registrar
Registration number:
Kemtron Limited
for the Year Ended 30 September 2024
Kemtron Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Kemtron Limited
Company Information
Directors |
S C Cooper H G Barksdale S Denney |
Registered office |
|
Solicitors |
|
Bankers |
|
Auditors |
|
Kemtron Limited
(Registration number: 03548932)
Balance Sheet as at 30 September 2024
Note |
2024 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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 |
Approved and authorised by the
Director
Kemtron Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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
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.
Reclassification of comparative amounts
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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
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.
Stocks |
2024 |
2023 |
|
Work in progress |
|
45,655 |
Stocks |
|
616,128 |
628,483 |
661,783 |
Debtors |
2024 |
(As restated) |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Kemtron Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
(As restated) |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other creditors |
- |
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
5,291 |
|
5,291 |
|
|
48 |
|
48 |
|
|
|
|
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
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 |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
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.