Kirncroft Engineering Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01425170 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

KIRNCROFT ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M J Jackson

Mr R Pryboda

REGISTERED OFFICE:

Wadworth Hill

Burstwick

Hull

HU12 9EY

REGISTERED NUMBER:

01425170 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

SOLICITORS:

Andrew Jackson

Marina Court

Castle Street

Hull

East Yorkshire

HU1 1TJ

FIXED ASSETS

Tangible assets

4

2,030,394

1,989,991

Investments

5

573,139

667,938

Investment property

6

349,564

2,953,097

3,007,493

CURRENT ASSETS

Stocks

3,467,074

3,472,146

Debtors

7

1,767,602

1,577,981

Cash at bank and in hand

2,608,982

3,608,968

7,843,658

8,659,095

CREDITORS

Amounts falling due within one year

8

1,884,303

2,376,459

NET CURRENT ASSETS

5,959,355

6,282,636

TOTAL ASSETS LESS CURRENT
LIABILITIES

8,912,452

9,290,129

CREDITORS

Amounts falling due after more than one year

9

-

(3,932

)

PROVISIONS FOR LIABILITIES

12

(113,466

)

(136,318

)

NET ASSETS

8,798,986

9,149,879

CAPITAL AND RESERVES

Called up share capital

1,500

Share premium

9,500

Undistributable reserves

13

201,652

Retained earnings

8,586,334

8,937,227

SHAREHOLDERS' FUNDS

8,798,986

9,149,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

Mr R Pryboda - Director

1.	STATUTORY INFORMATION

Kirncroft Engineering Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principle place of business at Wadworth Hill, Burstwick, HU12 9EY.

The principal activity of the company is that of the manufacture and supply of security doors.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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 as modified by the revaluation of certain assets.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

1% on cost excluding land

Plant and machinery etc

-

20% on cost and 10% on cost

Land and buildings are held under the revaluation model with changes in fair value being recognised in other comprehensive income to the extent they do not reverse previous changes in fair value recognised in the profit and loss statement.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Taxation

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Short-term employee benefits are recognised as an expense in the period they are incurred.

Fixed asset investments

Entities in which the company holds an interest and which are jointly controlled by the company and one or more other venturers under a contractual arrangement are treated as joint ventures.

Investments in joint ventures are accounted for at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2024 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 April 2024

1,611,043

1,308,692

2,919,735

Additions

-

205,057

Disposals

-

(70,470

)

(70,470

)

At 31 March 2025

1,611,043

1,443,279

3,054,322

DEPRECIATION

At 1 April 2024

40,000

889,744

929,744

Charge for year

5,000

109,151

114,151

Eliminated on disposal

-

(19,967

)

(19,967

)

At 31 March 2025

45,000

978,928

1,023,928

NET BOOK VALUE

At 31 March 2025

1,566,043

464,351

2,030,394

At 31 March 2024

1,571,043

418,948

1,989,991

Included in cost or valuation of land and buildings is freehold land of £ 261,470 (2024 - £ 261,470 ) which is not depreciated.

Cost or valuation at 31 March 2025 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2005

193,530

-

193,530

Valuation in 2012

(256,706

)

-

(256,706

)

Valuation in 2016

296,514

-

296,514

Cost

1,377,705

1,443,279

2,820,984

1,611,043

1,443,279

3,054,322

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025

2024

£

Cost

1,380,047

Aggregate depreciation

91,806

Value of land in freehold land and buildings

261,470

Freehold land and buildings were valued on a fair value basis on 10 March 2022 by Sanderson Weatherall .

The directors have undertaken a review of valuation at the current year end and are confident that the above valuation materially reflects the fair value of the property.

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

99,667

DEPRECIATION

At 1 April 2024

28,741

Charge for year

15,838

At 31 March 2025

44,579

NET BOOK VALUE

At 31 March 2025

55,088

At 31 March 2024

70,926

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2024

667,938

Disposals

(94,799

)

At 31 March 2025

573,139

NET BOOK VALUE

At 31 March 2025

573,139

At 31 March 2024

667,938

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Chongqing Kirncroft Doors Company Limited

Registered office: No.36, 3 Garden road, central area of Hechuan industrial land, Hechuan District, Chongqing China

Nature of business: Door manufacture

%

Class of shares:

holding

Ordinary

55.00

Kirncroft Engineering Limited hold a joint venture in Chongqing Kirncroft Doors Company Limited by virtue of the fact that a contractual arrangement between both venturers establishes joint control over the economic activity of the entity.

Entities in which the company holds an interest and which are jointly controlled by the company and one or more other venturers under a contractual arrangement are treated as joint ventures.

Investments in joint ventures are accounted for at cost less impairment.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

349,564

NET BOOK VALUE

At 31 March 2025

349,564

At 31 March 2024

349,564

Fair value at 31 March 2025 is represented by:

£

Valuation in 2012

(67,638

)

Cost

417,202

349,564

If had not been revalued would have been included at the following historical cost:

2025

2024

£

Cost

1,611,043

-

Investment properties were valued on a fair value basis on 12 May 2023 by Bruce Ryan Homes .

The directors review investment properties annually and consider the valuation to be fairly stated.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

1,728,729

1,547,341

Other debtors

38,873

30,640

1,767,602

1,577,981

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Hire purchase contracts (see note 10)

3,932

22,296

Trade creditors

1,529,782

1,934,469

Taxation and social security

320,401

395,729

Other creditors

30,188

23,965

1,884,303

2,376,459

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Hire purchase contracts (see note 10)

-

3,932

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

Net obligations repayable:

Within one year

3,932

22,296

Between one and five years

-

3,932

26,228

The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Hire purchase contracts

3,932

26,228

Trade creditors

-

1,686,300

3,932

1,712,528

The hire purchase liabilities are secured on the assets to which they relate.

Bank loans are secured by a legal charge which is held over the freehold property known as Wadworth Hill Farm, Burstwick.

The bank also holds a debenture including fixed charge over all present freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

Other securities held by the bank include a Counter Indemnity Omnibus and a General Letter of Pledge.

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

Other timing differences

53,335

Accelerated capital allowances

60,131

82,983

113,466

136,318

Deferred

tax

£

Balance at 1 April 2024

136,318

Provided during year

(22,852

)

Balance at 31 March 2025

113,466

13.

RESERVES

Undistributable

reserves

£

At 1 April 2024

and 31 March 2025

201,652

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed its director M J Jackson £921 (2024: £921) and R Pryboda owed the company £7,763 (2024: £7,763). The loans are free from interest and repayable on demand.

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.