REGISTERED NUMBER: SC338550 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2025

for

KELVENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

12

DIRECTORS:

Ms E Kelly

Mr P Kelly

REGISTERED OFFICE:

3 Quay Road North

Rutherglen

Glasgow

G73

1LD

REGISTERED NUMBER:

SC338550 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

740,162

806,127

740,162

806,127

CURRENT ASSETS

Stocks

265,000

270,000

Debtors

6

606,406

673,952

Cash at bank and in hand

674,366

619,279

1,545,772

1,563,231

CREDITORS

Amounts falling due within one year

7

626,391

769,201

NET CURRENT ASSETS

919,381

794,030

TOTAL ASSETS LESS CURRENT LIABILITIES

1,659,543

1,600,157

CREDITORS

Amounts falling due after more than one year

8

(89,400

)

(187,371

)

PROVISIONS FOR LIABILITIES

(113,069

)

(66,842

)

ACCRUALS AND DEFERRED INCOME

(79,903

)

(19,502

)

NET ASSETS

1,377,171

1,326,442

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

1,377,169

1,326,440

SHAREHOLDERS' FUNDS

1,377,171

1,326,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2025 and were signed on its behalf by:

Mr P Kelly - Director

1.	STATUTORY INFORMATION

Kelvent Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of ventilation goods and rendering of ventilation manufacturing services.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Property Improvements - 5% straight line

Plant & Machinery - 20% reducing balance

Fixtures & Fittings - 15% reducing balance

Motor vehicles - 25% reducing balance

Computer equipment - 33% 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.

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.

Any impairment loss is recognised immediately as an expense within profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and that the grants will be received.

Grants related to the purchase of assets are treated as deferred income and a proportion is allocated to the profit and loss account each year over the useful lives of the related assets.

Grants related to revenue expenses are treated as other income in the profit and loss account.

Provisions

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2024 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 May 2024

and 30 April 2025

10,000

14,012

24,012

AMORTISATION

At 1 May 2024

and 30 April 2025

10,000

14,012

24,012

NET BOOK VALUE

At 30 April 2025

-

-

-

At 30 April 2024

-

-

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2024

62,756

1,169,265

183,832

Additions

-

96,367

17,154

At 30 April 2025

62,756

1,265,632

200,986

DEPRECIATION

At 1 May 2024

6,276

642,886

111,590

Charge for year

3,137

124,549

13,409

At 30 April 2025

9,413

767,435

124,999

NET BOOK VALUE

At 30 April 2025

53,343

498,197

75,987

At 30 April 2024

56,480

526,379

72,242

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2024

209,903

32,447

1,658,203

Additions

-

1,114

114,635

At 30 April 2025

209,903

33,561

1,772,838

DEPRECIATION

At 1 May 2024

64,689

26,635

852,076

Charge for year

36,393

3,112

180,600

At 30 April 2025

101,082

29,747

1,032,676

NET BOOK VALUE

At 30 April 2025

108,821

3,814

740,162

At 30 April 2024

145,214

5,812

806,127

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2024

and 30 April 2025

300,582

147,724

448,306

DEPRECIATION

At 1 May 2024

201,368

36,931

238,299

Charge for year

19,843

27,698

47,541

At 30 April 2025

221,211

64,629

285,840

NET BOOK VALUE

At 30 April 2025

79,371

83,095

162,466

At 30 April 2024

99,214

110,793

210,007

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade debtors

393,476

489,987

S455 tax recoverable

33,750

33,750

Other debtors

80,001

45,766

Directors' current accounts

99,179

100,000

VAT

-

4,449

606,406

673,952

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts (see note 9)

83,394

53,870

Trade creditors

338,978

569,749

Tax

126,247

94,437

Social security and other taxes

11,850

34,672

VAT

50,218

-

Other creditors

1,769

2,725

Accrued expenses

3,935

3,748

626,391

769,201

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.25

30.4.24

£

£

Bank loans - 1-2 years

9,791

10,000

Bank loans - 2-5 years

-

7,088

Hire purchase contracts (see note 9)

79,609

170,283

89,400

187,371

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.4.25

30.4.24

£

£

Net obligations repayable:

Within one year

83,394

53,870

Between one and five years

79,609

170,283

163,003

224,153

Non-cancellable

operating leases

30.4.25

30.4.24

£

£

Within one year

42,500

42,500

Between one and five years

212,500

212,500

In more than five years

198,780

241,280

453,780

496,280

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.25

30.4.24

£

£

Hire purchase contracts

163,003

224,153

The hire purchase balance is secured over the financed asset.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.25

30.4.24

value:

£

£

200

Ordinary

£0.01

2

2

12.

RESERVES

Retained

earnings

£

At 1 May 2024

1,326,440

Profit for the year

256,729

Dividends

(206,000

)

At 30 April 2025

1,377,169

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 April 2025 and the period ended 30 April 2024:

30.4.25

30.4.24

£

£

Ms E Kelly

Balance outstanding at start of year

50,000

(2,000

)

Amounts advanced

1,589

107,300

Amounts repaid

(2,000

)

(55,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

49,589

50,000

Mr P Kelly

Balance outstanding at start of year

50,000

(2,000

)

Amounts advanced

1,590

107,300

Amounts repaid

(2,000

)

(55,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

49,590

50,000

14.	RELATED PARTY DISCLOSURES

During the year the directors remuneration (including pension payments) amounted to £134,576 (2024: £88,297).

Dividends paid to directors and former directors amounted to £206,000 (2024: £110,600).

15.	ULTIMATE CONTROLLING PARTY

The company is a 60% subsidiary of Kelvent (Holdings) Limited a company incorporated in the UK.

Paul and Eleanor Kelly are the ultimate controlling parties via their direct and indirect share ownership.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kelvent Limited for the year ended 30 April 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Kelvent Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kelvent Limited and state those matters that we have agreed to state to the Board of Directors of Kelvent Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kelvent Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kelvent Limited. You consider that Kelvent Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kelvent Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

3 October 2025