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COMPANY REGISTRATION NUMBER: 02834956
Kespar Engineering Limited
Filleted Unaudited Abridged Financial Statements
31 December 2024
Kespar Engineering Limited
Abridged Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,300,118
2,285,131
Investments
6
20,000
20,000
------------
------------
2,320,118
2,305,131
Current assets
Stocks
4,379
6,210
Debtors
7
159,556
265,178
Cash at bank and in hand
3,970
12,537
---------
---------
167,905
283,925
Creditors: amounts falling due within one year
8
375,256
572,957
---------
---------
Net current liabilities
207,351
289,032
------------
------------
Total assets less current liabilities
2,112,767
2,016,099
Creditors: amounts falling due after more than one year
9
156,423
161,089
Provisions
Taxation including deferred tax
30,338
30,338
------------
------------
Net assets
1,926,006
1,824,672
------------
------------
Capital and reserves
Called up share capital
4,000
4,000
Revaluation reserve
1,221,256
1,221,256
Profit and loss account
700,750
599,416
------------
------------
Shareholder funds
1,926,006
1,824,672
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Kespar Engineering Limited
Abridged Statement of Financial Position (continued)
31 December 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 18 July 2025 , and are signed on behalf of the board by:
Mr I Parkes
Director
Company registration number: 02834956
Kespar Engineering Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Johnson House, Bilston Industrial Estate, Oxford Street, Bilston, WV14 7EG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plany and machinery
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Depreciation on land and buildings only relates to those properties not treated as investment properties and revalued accordingly at each year end .
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
2,139,310
795,014
1,260
82,860
3,018,444
Additions
14,630
110,318
8,000
132,948
Disposals
( 43,659)
( 51,990)
( 95,649)
------------
---------
-------
--------
------------
At 31 December 2024
2,153,940
861,673
1,260
38,870
3,055,743
------------
---------
-------
--------
------------
Depreciation
At 1 January 2024
76,158
611,017
104
46,034
733,313
Charge for the year
7,200
41,150
420
4,585
53,355
Disposals
( 2,183)
( 28,860)
( 31,043)
------------
---------
-------
--------
------------
At 31 December 2024
83,358
649,984
524
21,759
755,625
------------
---------
-------
--------
------------
Carrying amount
At 31 December 2024
2,070,582
211,689
736
17,111
2,300,118
------------
---------
-------
--------
------------
At 31 December 2023
2,063,152
183,997
1,156
36,826
2,285,131
------------
---------
-------
--------
------------
Tangible assets held at valuation
As noted in the directors report an option agreement signed in 2019 was exercised during the year and the front portion of the site sold at £2.050m. A formal valuation of the whole site made reference to the rear area that is to be retained and the residual property value is based upon this report and unchanged from that noted in 2019.
6. Investments
£
Cost
At 1 January 2024 and 31 December 2024
20,000
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
Carrying amount
At 31 December 2024
20,000
--------
At 31 December 2023
20,000
--------
7. Debtors
2024
2023
£
£
Trade debtors
97,698
245,241
Other debtors
61,858
19,937
---------
---------
159,556
265,178
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
35,372
33,145
Trade creditors
122,683
129,149
Amounts owed to group undertakings
46,396
30,715
Corporation tax
10,502
34,325
Social security and other taxes
72,311
122,380
Obligations under finance leases and hire purchase contracts
34,393
32,819
Other creditors
53,599
190,424
---------
---------
375,256
572,957
---------
---------
The bank borrowings are secured by a debenture in the banks standard form over the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
140,623
150,402
Obligations under finance leases and hire purchase contracts
15,800
10,687
---------
---------
156,423
161,089
---------
---------
The Term Bank Loan is repayable over 10 years and interest is charged at 9.54%.
10. Related party transactions
At 31 December 2024 the company had outstanding loans as follows:
2024 2023
£ £
Due from shareholders, included within other creditors 38,752 24,007
Due to subsidiaries, included within creditors 46,396 30,715
Due from companies under similar control, included within other creditors 1,173
Due to companies under similar control,included within other creditors (12,455) 142,383
All related party loans are interest-free and repayable on demand.