Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-3134false332023-08-01falsefalsefalse 07314407 2023-08-01 2024-07-31 07314407 2022-08-01 2023-07-31 07314407 2024-07-31 07314407 2023-07-31 07314407 2022-08-01 07314407 c:PriorPeriodIncreaseDecrease 2023-08-01 2024-07-31 07314407 c:PriorPeriodIncreaseDecrease 2022-08-01 2023-07-31 07314407 4 2023-08-01 2024-07-31 07314407 4 2022-08-01 2023-07-31 07314407 e:Director1 2023-08-01 2024-07-31 07314407 e:Director2 2023-08-01 2024-07-31 07314407 e:RegisteredOffice 2023-08-01 2024-07-31 07314407 c:Buildings c:LongLeaseholdAssets 2023-08-01 2024-07-31 07314407 c:Buildings c:LongLeaseholdAssets 2024-07-31 07314407 c:Buildings c:LongLeaseholdAssets 2023-07-31 07314407 c:Buildings c:ShortLeaseholdAssets 2023-08-01 2024-07-31 07314407 c:LandBuildings 2024-07-31 07314407 c:LandBuildings 2023-07-31 07314407 c:PlantMachinery 2023-08-01 2024-07-31 07314407 c:PlantMachinery 2024-07-31 07314407 c:PlantMachinery 2023-07-31 07314407 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 07314407 c:FurnitureFittings 2023-08-01 2024-07-31 07314407 c:FurnitureFittings 2024-07-31 07314407 c:FurnitureFittings 2023-07-31 07314407 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 07314407 c:ComputerEquipment 2023-08-01 2024-07-31 07314407 c:ComputerEquipment 2024-07-31 07314407 c:ComputerEquipment 2023-07-31 07314407 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 07314407 c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 07314407 c:CurrentFinancialInstruments 2024-07-31 07314407 c:CurrentFinancialInstruments 2023-07-31 07314407 c:Non-currentFinancialInstruments 2024-07-31 07314407 c:Non-currentFinancialInstruments 2023-07-31 07314407 c:CurrentFinancialInstruments c:WithinOneYear 2024-07-31 07314407 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 07314407 c:Non-currentFinancialInstruments c:AfterOneYear 2024-07-31 07314407 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-31 07314407 c:ReportableOperatingSegment1 2023-08-01 2024-07-31 07314407 c:ReportableOperatingSegment1 2022-08-01 2023-07-31 07314407 f:UnitedKingdom 2023-08-01 2024-07-31 07314407 f:UnitedKingdom 2022-08-01 2023-07-31 07314407 c:ShareCapital 2023-08-01 2024-07-31 07314407 c:ShareCapital 2024-07-31 07314407 c:ShareCapital 2022-08-01 2023-07-31 07314407 c:ShareCapital 2023-07-31 07314407 c:ShareCapital 2022-08-01 07314407 c:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 07314407 c:RetainedEarningsAccumulatedLosses 2024-07-31 07314407 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-08-01 2024-07-31 07314407 c:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 07314407 c:RetainedEarningsAccumulatedLosses 2023-07-31 07314407 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-08-01 2023-07-31 07314407 c:RetainedEarningsAccumulatedLosses 2022-08-01 07314407 c:AcceleratedTaxDepreciationDeferredTax 2024-07-31 07314407 c:AcceleratedTaxDepreciationDeferredTax 2023-07-31 07314407 c:TaxLossesCarry-forwardsDeferredTax 2024-07-31 07314407 c:TaxLossesCarry-forwardsDeferredTax 2023-07-31 07314407 e:OrdinaryShareClass1 2023-08-01 2024-07-31 07314407 e:OrdinaryShareClass1 2024-07-31 07314407 e:OrdinaryShareClass1 2023-07-31 07314407 e:FRS102 2023-08-01 2024-07-31 07314407 e:Audited 2023-08-01 2024-07-31 07314407 e:FullAccounts 2023-08-01 2024-07-31 07314407 e:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07314407 c:WithinOneYear 2024-07-31 07314407 c:WithinOneYear 2023-07-31 07314407 c:HirePurchaseContracts c:WithinOneYear 2024-07-31 07314407 c:HirePurchaseContracts c:WithinOneYear 2023-07-31 07314407 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-07-31 07314407 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-07-31 07314407 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2024-07-31 07314407 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-07-31 07314407 c:LeasedAssetsHeldAsLessee 2024-07-31 07314407 c:LeasedAssetsHeldAsLessee 2023-07-31 07314407 g:PoundSterling 2023-08-01 2024-07-31 07314407 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-08-01 2024-07-31 07314407 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-08-01 2023-07-31 07314407 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-07-31 07314407 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-08-01 07314407 c:PreviouslyStatedAmount 2023-07-31 07314407 c:PreviouslyStatedAmount 2022-08-01 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07314407









KKB PLANT SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
KKB PLANT SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Dalbeer Singh Bhanot 
Mr Craig Hore 




Registered number
07314407



Registered office
Alpha House, Culpeper Close
Medway City Estate

Rochester

Kent

ME2 4HU




Independent auditors
Xeinadin Audit Limited

Chartered Accountants & Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
KKB PLANT SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 26


 
KKB PLANT SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Business review
 
The results for the year to 31st July 2024 are as shown in these financial statements. The group has grown during this period, with sales increasing by 22.6%, gross margin increasing from 25.9% to 33.8% and operating profit increasing by 27.7%. In anticipation of future growth across the group, the business continued to invest in people and processes, which contributed to a post-tax loss being made for the period. Fleet renewal has continued with the group replacing older and less efficient plant, increasing fixed assets by 26.3% during this period. This led to the increased interest payments for the period but will support higher profit margins in the future as capital is repaid.
The investment in its management structure has paid dividends with turnover increasing by 22% and gross profits increasing to 34%. The expanding customer base and pivot into other construction activities places the business in a strong position. Reduced interest payments will support net profitability in future years.
The business invested in new plant assets whilst liquidating unencumbered assets during the financial year.  This increased short and long-term debt positions. 
The management team continues to monitor the company's performance specifically looking at utilisation, hire/contract rates and EBITDA. With a steady pipeline of work, the senior management team remain optimistic for the future.

Principal risks and uncertainties
 
Due to the uncertainty in the financial markets and the stagnant financial forecast for the UK economy, the business has completed varying levels of risk review and is comfortable with its projections for 2025 and 2026.
The business envisages a minimal growth in the construction sector but is confident it has the capacity to manage this. Simultaneously, the business continues to increase its market share in differing sectors of the construction industry by providing turn-key services which help mitigate risk for our client base.

Price risk
The data from 2024 showed prices were stable. The business core spend on fuel and materials were stabile which supported the increase in gross profit for the financial year. Prior year labour shortages have also stabilised giving the business further certainty when price. The forecasted decrease in interest rates will support future asset purchases further strengthening the profitability of the business .
Credit risk
The business has a strong credit rating and the purchase of premium plant equipment at below market rates supports this status. Robust cashflow modelling ensures payments are made on time to suppliers to maintain the credit rating of the business.  We do not envisage any issues around credit risk.
Liquidity risk
The business has solid liquidity and respectable payment terms with its client base.  The company’s historical investment in plant equipment, which will become unencumbered overtime, safeguards any potential liquidity issues that may arise in the future.
Market risk
The construction sector generally suffered during 2024, and we expect this to continue into 2025.  In mitigation, this business offers specialist services to key clients, which to some extent protects it from the uncertainty of the wider construction market. The increase in turnover and gross profit supports the business pivot into other construction activities.

Page 1

 
KKB PLANT SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Financial key performance indicators
 

2024
2023
Revenue
£13,243,309
£10,799,231
Gross profit
£4,477,933
£2,799,049
Net assets
£2,955,074
£3,222,118
Average no. of employees
33
34


This report was approved by the board on 12 August 2025 and signed on its behalf.



Mr Dalbeer Singh Bhanot
Director

Page 2

 
KKB PLANT SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of leasing plant and machinery within the construction industry.

Results and dividends

The profit for the year, after taxation, amounted to £32,959 (2023 - loss £141,086).

The directors have recommended a dividends for the year of £79,500 (2023 - £926,581).

Directors

The directors who served during the year were:

Mr Dalbeer Singh Bhanot 
Mr Craig Hore 

Future developments

The company has secured additional contracts post year-end and will look to increase its presence within the industry.

Page 3

 
KKB PLANT SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Qualifying third party indemnity provisions

There are no qualifying third party indemnity provisions in place.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Xeinadin Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 12 August 2025 and signed on its behalf.
 





Mr Dalbeer Singh Bhanot
Director

Page 4

 
KKB PLANT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KKB PLANT SERVICES LIMITED
 

Opinion


We have audited the financial statements of KKB Plant Services Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
KKB PLANT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KKB PLANT SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 Directors' Responsibilities Statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
KKB PLANT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KKB PLANT SERVICES LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, including data protection laws and employment law compliance for recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 Auditors' Report.


Page 7

 
KKB PLANT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KKB PLANT SERVICES LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Paul Laxton FCCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditors
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

13 August 2025
Page 8

 
KKB PLANT SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,243,309
10,799,231

Cost of sales
  
(8,819,190)
(8,000,182)

Gross profit
  
4,424,119
2,799,049

Administrative expenses
  
(3,450,640)
(1,994,764)

Operating profit
 5 
973,479
804,285

Interest payable and similar expenses
 9 
(1,025,101)
(394,805)

(Loss)/profit before tax
  
(51,622)
409,480

Tax on (loss)/profit
 10 
84,581
(550,566)

Profit/(loss) for the financial year
  
32,959
(141,086)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£ NIL).

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
KKB PLANT SERVICES LIMITED
REGISTERED NUMBER: 07314407

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
17,954,704
14,217,865

  
17,954,704
14,217,865

Current assets
  

Stocks
 13 
692,433
218,979

Debtors: amounts falling due within one year
 14 
2,837,334
2,229,724

Cash at bank and in hand
 15 
119,760
116,831

  
3,649,527
2,565,534

Creditors: amounts falling due within one year
 16 
(8,535,003)
(6,998,632)

Net current liabilities
  
 
 
(4,885,476)
 
 
(4,433,098)

Total assets less current liabilities
  
13,069,228
9,784,767

Creditors: amounts falling due after more than one year
 17 
(9,434,401)
(6,018,818)

Provisions for liabilities
  

Deferred tax
 19 
(721,943)
(806,524)

  
 
 
(721,943)
 
 
(806,524)

Net assets
  
2,912,884
2,959,425


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
 21 
2,912,784
2,959,325

  
2,912,884
2,959,425


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2025.




Mr Dalbeer Singh Bhanot
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
KKB PLANT SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022 (as previously stated)
100
4,284,475
4,284,575

Prior year adjustment - correction of error
-
(257,483)
(257,483)


At 1 August 2022 (as restated)
100
4,026,992
4,027,092


Comprehensive income for the year

Loss for the year
-
(141,086)
(141,086)
Total comprehensive income for the year
-
(141,086)
(141,086)


Contributions by and distributions to owners

Dividends: Equity capital
-
(926,581)
(926,581)


Total transactions with owners
-
(926,581)
(926,581)



At 1 August 2023 (as restated)
100
2,964,535
2,964,635

Prior year adjustment - correction of error
-
(5,210)
(5,210)


At 1 August 2023 (as restated)
100
2,959,325
2,959,425


Comprehensive income for the year

Profit for the year
-
32,959
32,959
Total comprehensive income for the year
-
32,959
32,959


Contributions by and distributions to owners

Dividends: Equity capital
-
(79,500)
(79,500)


Total transactions with owners
-
(79,500)
(79,500)


At 31 July 2024
100
2,912,784
2,912,884


The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
KKB PLANT SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024





At 1 August 2023
Cash flows
New finance leases
At 31 July 2024
£

£

£

£

Cash at bank and in hand

116,831

2,929

-

119,760

Finance leases

(9,053,260)

-

(5,176,661)

(14,229,921)


(8,936,429)
2,929
(5,176,661)
(14,110,161)

The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The company is a private company limited by shares, registered in England. The address of the registered office and principal place of business is Alpha House, Culpeper Close, Medway City Estate, Rochester, Kent, ME2 4HU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised when the plant & machinery has been hired, based on the number of days it is used for.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 14

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Straight line
Plant and machinery
-
12%
Straight line
Fixtures and fittings
-
12%
Straight line
Computer equipment
-
12%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 16

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Depreciation
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.

Page 17

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Leasing of plant & machinery
13,243,309
10,799,231

13,243,309
10,799,231


2024
2023
£
£

United Kingdom
13,243,309
10,799,231

13,243,309
10,799,231


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
201,112
144,998


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,000
10,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,945,106
1,459,317

Social security costs
217,955
172,861

Cost of defined contribution scheme
75,146
54,843

2,238,207
1,687,021


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative staff
2
2



Operations
23
24



Management
8
8

33
34


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
282,313
223,699

282,313
223,699


The highest paid director received remuneration of £153,770 (2023 - £115,669).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,399).

Page 19

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
30,893
35,056

Finance leases and hire purchase contracts
994,208
359,749

1,025,101
394,805


10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(84,581)
550,566

Total deferred tax
(84,581)
550,566


Tax on (loss)/profit
(84,581)
550,566

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(51,622)
409,480


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(12,906)
102,370

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,672
2,187

Short-term timing difference leading to an increase (decrease) in taxation
(174,563)
516,749

Profit on asset sale
99,216
(70,740)

Total tax charge for the year
(84,581)
550,566

Page 20

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Final dividends
79,500
926,581

79,500
926,581


12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
18,283
22,115,308
67,102
-
22,200,693


Additions
-
10,676,216
-
9,470
10,685,686


Disposals
-
(9,415,943)
-
-
(9,415,943)



At 31 July 2024

18,283
23,375,581
67,102
9,470
23,470,436



Depreciation


At 1 August 2023
914
7,935,060
46,854
-
7,982,828


Charge for the year on owned assets
1,828
2,521,349
8,052
905
2,532,134


Disposals
-
(4,999,230)
-
-
(4,999,230)



At 31 July 2024

2,742
5,457,179
54,906
905
5,515,732



Net book value



At 31 July 2024
15,541
17,918,402
12,196
8,565
17,954,704



At 31 July 2023
17,369
14,180,248
20,248
-
14,217,865

Page 21

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
15,541
17,369

15,541
17,369


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
14,476,942
12,294,551

14,476,942
12,294,551


13.


Stocks

2024
2023
£
£

Raw materials and consumables
692,433
218,979

692,433
218,979



14.


Debtors

2024
2023
£
£


Trade debtors
1,277,010
1,173,170

Other debtors
1,500,173
993,324

Prepayments and accrued income
60,151
63,230

2,837,334
2,229,724


Page 22

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
119,760
116,831

119,760
116,831



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,479,726
923,914

Amounts owed to group undertakings
2,076,532
2,845,815

Other taxation and social security
83,222
71,774

Obligations under finance lease and hire purchase contracts
4,795,520
3,034,442

Other creditors
73,373
93,851

Accruals and deferred income
26,630
28,836

8,535,003
6,998,632


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
The obligations under finance leases are secured against the asset themselves. Interest is charged at a fixed rate over the term of the lease.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
9,434,401
6,018,818

9,434,401
6,018,818


The obligations under finance leases are secured against the asset themselves. Interest is charged at a fixed rate over the term of the lease.

Page 23

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,795,520
3,034,442

Between 1-5 years
9,434,401
6,018,818

14,229,921
9,053,260


19.


Deferred taxation




2024


£






At beginning of year
(806,524)


Charged to profit or loss
84,581



At end of year
(721,943)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,983,615)
(2,306,524)

Tax losses carried forward
3,261,672
1,500,000

(721,943)
(806,524)

Page 24

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary share shares of £1.00 each
100
100



21.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses and current year's profit.


22.


Prior year adjustment

The prior year adjustment has resulted in an increase of creditors of £262,693 and a decrease in reserves of £262,693 for the year ended 31st July 2023, relating to hire purchase to reflect the correct nature of the hire purchase interest charged. 


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £75,146 (2023 - £54,843). Contributions totalling £2,434 (2023 - £2,434) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
196,000
45,000

196,000
45,000

The future minimum lease payments due under non-cancellable operating leases are due to KKB Prop Co Limited, a related party by virtue of the shareholders being the same.

Page 25

 
KKB PLANT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

25.


Related party transactions

The company is exempt under the terms of FRS 102 from disclosing related party transactions with entities that are in the consolidated financial statements of KRR Basico Limited, on the grounds that 100% of the voting rights in the company are controlled within the group, and the company is included within the consolidated financial statements prepared by the group.
The company has identified the following transactions which fail to be disclosed under the terms of FRS 102:
At the year-end, KKB Prop Co Limited owed the company £787,536 (2023: £243,806), which is included within other debtors. 
At the year-end, Recycled Roadways Limited owed the company £242,134 (2023: £416,394 creditor), which is included within other debtors.
Both KKB Prop Co Limited and Recycled Roadways Limited are deemed to be related parties due to having a common ultimate controlling party.


26.


Controlling party

The company's immediate parent undertaking is KRR Basico Limited, a company incorporated in England and Wales. The ultimate controlling party is KRR Basico Trustee Limited.
The smallest and largest group of undertakings for which group accounts are drawn up and of which the company is a member, is KRR Basico Limited. Group financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
Page 26