Registration number:
for the
Year Ended 31 December 2024
N T Killingley Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
N T Killingley Ltd
Company Information
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Directors |
G E Dillon J C Killingley M B Killingley |
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Registered office |
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Auditors |
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N T Killingley Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company continued to be that of large-scale commercial landscaping (soft and hard) with grounds maintenance, specialist earthworks and groundworks.
Fair review of the business
The results for the year, which are set out in the profit and loss account, show turnover of £12,752,235 (2023 - £22,980,408) and an operating profit of £901,088 (2023 - £961,120). At 31 December 2024, the company had net assets of £3,187,252 (2023 - £2,642,921). The directors are satisfied with the results for the year.
Business review
As identified in our 2023 audited accounts, previous turnover levels were significantly supplemented by our works on Phase 2a of the HS2 project. Following the government announcement on the 4th October 2023 of the immediate cancellation of this section of the project, there was an immediate drop in company turnover which would clearly impact through to the end of 2023 and into the first half of 2024.
Within the wider industry, 2024 began with high materials prices and escalating labour costs putting significant strain on the general tendering process and the company was not immune to these challenges. The first half of the year was also characterised by prolonged periods of heavy rain causing delays to construction schedules and delivery programmes.
Therefore, the main company focus was to navigate these impacts by continuing to build on previously reported increased profitability with further development of internal processes and efficiency of delivery.
The Directors are delighted to report that this was successfully achieved with Operating Profit Margin increasing to 7.1% (2023 - 4.2%) and Net Profit Margin increasing to 5.8% (2023 - 3.3%).
N T Killingley Ltd
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
As reported in previous years, there are several inherent but clearly understood and common risks associated with this type of business. These occur several times during any financial year and are dealt with by standard contingency management and resource planning e.g. inclement weather impact and client delays.
As the company has a wide range of services and a diverse spread of customers, these common risks are managed by an ability to relocate resources when works for a particular client, or of a particular type, are negatively impacted. This is done via weekly forward planning resource meetings and has the flexibility to adjust to issues as they arise.
The company will also only engage with clients for whom appropriate levels of credit insurance cover can be secured and the benefits of this policy created protection from high-profile client failure during 2024 where the company either had zero exposure or very limited exposure that was fully recovered via credit insurance.
With multiple concurrent projects and revenue streams, it is important that cashflow risks are avoided. This is achieved by a robust project commercial management structure which feeds into a weekly cashflow meeting involving all commercial staff designed to update on the progress of scheduled payments and any potential issues impacting on cash forecasting.
Through a monthly Risk and Opportunity review the company can address any perceived risks and introduce contingency planning. This was evidenced by the approach taken following the cancellation of HS2 Phase 2a in October 2023 and the subsequent control measures which allowed the impact of this sudden and significant drop in turnover to be minimised.
Financial key performance indicators
Given the impact of the cancellation of HS2 Phase 2a and the wider industry challenges experienced throughout 2024, the increased profitability achieved during the period is clear indication of a robust business with both strong company structure and a resolute determination within all employees.
This has allowed the company to transition into 2025 in robust fashion and the Directors are pleased to report that the Management Accounts for the first half of 2025 show continued efficiency improvements and the company is on track to return to normal levels of turnover in 2025.
The Directors are confident that the performance during 2024 and into 2025 establishes the Company in an excellent position to recover from the impact of HS2 cancellation and to advance in line with business plan expectations.
Approved by the
Director
N T Killingley Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company is exposed to the usual credit and cash flow risk associated with selling on credit and manages this through credit control procedures. The board constantly monitor the company's trading results and revises projections as appropriate to ensure that the company can meet its financial obligations, as they fall due.
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The company's bank loans are subject to price and liquidity risk as disclosed in note 15 to the financial statements.
The company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Future developments
The external environment is expected to remain competitive going forward, however the directors remain confident that the company will improve on its current level of performance in the future, as detailed in the business review on page 2.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
N T Killingley Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
N T Killingley Ltd
Independent Auditor's Report to the Members of N T Killingley Ltd
Opinion
We have audited the financial statements of N T Killingley Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
N T Killingley Ltd
Independent Auditor's Report to the Members of N T Killingley Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page 5, 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.
Auditor’s 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 auditor’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
N T Killingley Ltd
Independent Auditor's Report to the Members of N T Killingley Ltd
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
N T Killingley Ltd
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Exceptional items |
(294,051) |
(211,076) |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
N T Killingley Ltd
(Registration number: 05154416)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
Director
N T Killingley Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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At 31 December 2023 |
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N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.
Name of parent of group
These financial statements are consolidated in the financial statements of Killingley Holdings Limited.
The financial statements of Killingley Holdings Limited may be obtained from Companies House
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates an assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements.
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience.
Accrued income
Management makes estimates regarding the recognition of income from contracts, based on the expected future total profitability of those contracts.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods or services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Contract revenue recognition
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, cost incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land |
Not subject to depreciation |
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Freehold buildings |
10% - 50% straight line |
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Plant and machinery |
10% - 35% straight line |
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Fixtures and fittings |
20% - 33% straight line |
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Motor vehicles |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2024 |
2023 |
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Rendering of services |
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Operating profit |
Arrived at after charging:
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2024 |
2023 |
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Depreciation expense |
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Profit on disposal of property, plant and equipment |
( |
( |
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Exceptional items |
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2024 |
2023 |
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Exceptional expenses |
294,051 |
211,076 |
Exceptional costs in the current year relate to various non-recurring professional costs and provisions against amounts due from companies formerly under common control. In the prior year, exceptional costs related to non-recurring costs, including provisions against amounts due from connected companies.
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Other interest receivable and similar income |
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2024 |
2023 |
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Interest income on bank deposits |
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Interest payable and similar expenses |
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2024 |
2023 |
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Interest on bank overdrafts and borrowings |
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Interest on obligations under finance leases and hire purchase contracts |
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N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Production |
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Administration and support |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Contributions paid to defined contribution schemes |
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|
|
141,922 |
125,793 |
|
Auditors' remuneration |
|
2024 |
2023 |
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|
Audit of the financial statements |
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|
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
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Current taxation |
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|
UK corporation tax |
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|
|
UK corporation tax adjustment to prior periods |
|
( |
|
|
|
|
|
Deferred taxation |
||
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Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
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|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
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|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax decrease arising from group relief |
( |
( |
|
Income not taxable for tax purposes |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Retirement benefit obligations |
( |
|
|
|
2023 |
Liability |
|
Accelerated capital allowances |
|
|
Retirement benefit obligations |
( |
|
|
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost |
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|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
- |
( |
( |
( |
|
At 31 December 2024 |
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|
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Depreciation |
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At 1 January 2024 |
- |
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|
|
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Charge for the year |
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|
|
|
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Eliminated on disposal |
- |
( |
( |
( |
|
At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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|
Included within the net book value of land and buildings above is £709,877 (2023 - £515,000) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Plant and machinery |
206,489 |
474,801 |
|
Motor vehicles |
- |
7,700 |
|
206,489 |
482,501 |
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
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Other debtors |
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Prepayments |
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Amounts owed by group undertakings |
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N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other payables |
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Accruals |
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Corporation tax liability |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Bank borrowings includes £425,841 (2023 - £660,984) relating to multiple unsecured loans, on which interest is charged at between 8.9% and 17.9% per annum and which are repayable in monthly instalments, all within 5 years. Bank borrowings also includes a loan outstanding of £151,983 (2023 - £197,124) which is secured by a fixed and floating charge over all of the assets of the company.
Hire purchase liabilities are secured on the assets to which they relate.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £2,985 (2023 - £2,596) were payable to the scheme at the end of the year and are included in creditors.
N T Killingley Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,000 |
|
1,000 |
|
Obligations under leases and hire purchase contracts |
Finance 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 |
|
|
|
|
|
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 |
|
|
|
|
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Related party transactions |
Summary of transactions with other related parties
As at 31 December 2024, the company was owed £150,000 (2023 - £nil) by RDCP Care Limited, a company formerly under common control.
As at 31 December 2024, the company was owed £299,306 (2023 - £299,306) by Su-Fix Precast Limited, a company formerly under common control. This balance has been fully provided against during the year.
As at 31 December 2024, the company was owed £nil (2023 - £80,000) by Buxton Water Ltd, a company formerly under common control.
The above loans have formal loan agreements incorporating fixed repayment terms and interest charged at a commercial rate.
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent company is
The ultimate controlling party is
The smallest and largest consolidated accounts in which the company is included, are those prepared and filed by Killingley Holdings Limited. These consolidated accounts are available from Companies House.