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Company Registration Number: 04690455 KMF GROUP LIMITED FINANCIAL STATEMENTS 31 MARCH 2026
KMF GROUP LIMITED COMPANY INFORMATION
Director | G M Higgins
Company secretary | N D Owen
Registered number | 04690455
Registered office | Millennium Way
| High Carr Business Park
| Newcastle Under Lyme
| Staffordshire
| ST5 7UF
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Number 3
| Acorn Business Park
| Airedale Business Centre
| Skipton
| North Yorkshire
| BD23 2UE
Bankers | HSBC Bank plc
| Crown Bank
| Hanley
| Stoke on Trent
| Staffordshire
| ST1 1DA
KMF GROUP LIMITED CONTENTS
| Page
Strategic report | 1
Director's report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 25
KMF GROUP LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2026
Introduction
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2026.
Business review
The principal activity of the company is that of a holding and investment company. The registered office is Millennium Way, High Carr Business Park, Newcastle Under Lyme, Staffordshire, ST5 7UF. The company has generated revenue in the year in line with that of the previous year due to no movement in rent being received for investment properties held. There have been no revaluations or sales of investment properties in the year, profit before tax is £472,812. The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
Principal risks and uncertainties
The market conditions in which the company operates are still extremely challenging due to the global economic climate.
Financial risk
The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such no hedge accounting is applied. Liquidity risk The directors believe that the company has sufficient funds available to support its activities in the future. The company has therefore implemented policies that maintained a strong balance sheet to minimise these risks and allow the continuing operational capabilities of the business. Page 1
KMF GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Financial key performance indicators
The key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. These being turnover and return on capital employed. Rent received has remained the same at £784,200 in 2025 and 2026. Return on capital employed is approximately 4.4% (2025 - 3.9%) and is calculated by operating profit divided by total assets less current liabilities. Executive board meetings are held monthly, with full board meetings held three times a year. Actual performance is compared to budget at these meetings and significant variances are investigated. The management of working capital is also reviewed at these meetings. With the risks and uncertainties of the current economic climate, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control. Shareholders funds as at 31 March 2026 amounted to £11,682,793.
Directors' statement of compliance with section 172(1)
The directors consider, both individually and together, that they have acted in the way they consider in good faith, would be most likely to promote the success of the Company and the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172 of the Act) in the decisions taken during the year. - Our plans are designed to have long term beneficial impact on the Group and to contribute to its success by providing our customers with high-quality products. We achieve these objectives by continuing to monitor market trends, by investing in people and focusing on improving our customer service, along with continued focus on bringing new products and services to market that generate value for our customers, employees and stakeholders. - Our employees are fundamental to the delivery of our plans. We aim to be a responsible and attractive employer in our approach to the pay and benefits our employees receive and the opportunities they have to grow their careers. The directors are committed to employees' health, wellbeing and training engaging with specialists for external training and providing in-house sessions where required. - Our plans are formed by engagement with our suppliers and customers, enabling us to gain an in depth understanding of their needs and priorities. We aim to act responsibly and fairly in how we engage with all stakeholders. - We consider the impact of the Group's operations on the community and environment. We aim to employ local people and utilise the services of local companies as far as is possible. - As directors, our intention is to behave responsibly and ensure that management operates the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours, and in doing so, will contribute positively to the delivery of our plans. - As directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally so that they too may benefit from the successful delivery of our plans. This report was approved by the board and signed on its behalf.
G M Higgins Director
Date: 11 August 2026
Page 2
KMF GROUP LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2026 The director presents his report and the financial statements for the year ended 31 March 2026.
Director's responsibilities statement
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Results and dividends
The profit for the year, after taxation, amounted to £341,966 (2025 - £264,590). The directors do not recommend a final dividend.
Directors
The directors who served during the year were:
G M Higgins
M F Higgins (deceased 19 October 2025)
Future developments
The directors are not expecting to make any significant changes in the nature of the business in the near future.
Matters covered in the Strategic report
Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators. Page 3
KMF GROUP LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙ 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 2006, Armstrong Watson 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 and signed on its behalf.
G M Higgins Director
Date: 11 August 2026
Page 4
KMF GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KMF GROUP LIMITED
Opinion
We have audited the financial statements of KMF Group Limited (the 'Company') for the year ended 31 March 2026, 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 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 March 2026 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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. Page 5
KMF GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KMF GROUP LIMITED (CONTINUED)
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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
KMF GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KMF GROUP 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis. • reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; and • enquiring of management as to actual and potential litigation and claims. Page 7
KMF GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KMF GROUP LIMITED (CONTINUED) Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 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.
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 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. Rohan Day (Senior statutory auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants Statutory Auditors Skipton 11 August 2026 Page 8
KMF GROUP LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 784,200 | 784,200
Gross profit |  | 784,200 | 784,200
Administrative expenses |  | (238,834) | (262,803)
Operating profit | 5 | 545,366 | 521,397
Impairment of investment in subsidiary undertakings |  | - | (25,000)
Interest receivable and similar income | 8 | 72,360 | 52,926
Interest payable and similar expenses | 9 | (144,914) | (237,136)
Profit before tax |  | 472,812 | 312,187
Tax on profit | 10 | (130,846) | (47,597)
Profit for the financial year |  | 341,966 | 264,590
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 12 to 25 form part of these financial statements.
Page 9
KMF GROUP LIMITED REGISTERED NUMBER: 04690455 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 722,873 |  | 790,304
Investments | 12 |  | 2,274,958 |  | 2,274,958
Investment property | 13 |  | 10,550,000 |  | 10,550,000
|  |  | 13,547,831 |  | 13,615,262
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 6,314,134 |  | 6,323,342 |
Cash at bank and in hand | 15 | 3,642,962 |  | 3,301,114 |
|  | 9,957,096 |  | 9,624,456 |
Creditors: amounts falling due within one year | 16 | (11,070,084) |  | (9,918,888) |
Net current liabilities |  |  | (1,112,988) |  | (294,432)
Total assets less current liabilities |  |  | 12,434,843 |  | 13,320,830
Creditors: amounts falling due after more than one year | 17 |  | (692,108) |  | (1,911,277)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (59,942) |  | (68,726) |
|  |  | (59,942) |  | (68,726)
Net assets |  |  | 11,682,793 |  | 11,340,827
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,000 |  | 1,000
Share premium account | 21 |  | 2,233,071 |  | 2,233,071
Revaluation reserve | 21 |  | 2,474,407 |  | 2,474,407
Profit and loss account | 21 |  | 6,974,315 |  | 6,632,349
|  |  | 11,682,793 |  | 11,340,827
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G M Higgins
Director
Date: 11 August 2026
The notes on pages 12 to 25 form part of these financial statements. Page 10
KMF GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 1,000 | 2,233,071 | 2,474,407 | 6,367,759 | 11,076,237
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 264,590 | 264,590
At 1 April 2025 | 1,000 | 2,233,071 | 2,474,407 | 6,632,349 | 11,340,827
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 341,966 | 341,966
At 31 March 2026 | 1,000 | 2,233,071 | 2,474,407 | 6,974,315 | 11,682,793
| The notes on pages 12 to 25 form part of these financial statements.
Page 11
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
KMF Group Limited is a holding and investment property company. During the year the company operated from its premises at High Carr Business Park, Millennium Way, Newcastle-Under-Lyme, Staffordshire, England, ST5 7UF. The Company is a private company limited by shares incorporated and domiciled in the United Kingdom. The Company is a tax resident in the United Kingdom. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of KMF Group Holdings Limited as at 31 March 2026 and these financial statements may be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. Page 12
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | Going concern
The directors believe that the company has adequate resources to continue in operational existence for at least 12 months from signing these financial statements. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 13
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | Reducing balance over the useful life of 20 years
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.
| 2.12 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Page 14
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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. Increases in provisions are generally charged as an expense to profit or loss. Page 15
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.18 | 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. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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. 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. Page 16
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors consider the key accounting estimates to be the useful life and residual value of tangible fixed assets, valuation of investment properties, and the carrying value of investments in subsidiary undertakings. The useful lives and residual values of tangible fixed assets are reviewed on an ongoing basis by the directors. The investment properties are included at current market valuation which is assessed and reviewed by the directors on an ongoing basis. The carrying value of investment in subsidiary undertakings is reviewed for impairment on an ongoing basis.
4. | Turnover
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Rent receivable | 784,200 | 784,200
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 67,431 | 67,431
6. | Auditors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 13,200 | 12,500
| 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 17
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | Employees
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Directors | 2 | 2
8. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 72,360 | 52,926
|  | 72,360 | 52,926
9. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank interest payable | 144,914 | 230,870
| Other loan interest payable | - | 6,266
|  | 144,914 | 237,136
Page 18
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
10. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 134,816 | 100,455
| Adjustments in respect of previous periods | 4,814 | (49,301)
|  | 139,630 | 51,154
| Total current tax | 139,630 | 51,154
| Deferred tax |  |
| Origination and reversal of timing differences | (8,784) | 2,267
| Short term timing differences | - | (5,824)
| Total deferred tax | (8,784) | (3,557)
| Tax on profit | 130,846 | 47,597
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - lower than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 472,812 | 312,187
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 118,203 | 78,047
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 8,006 | 8,652
| Prior year movement | 4,814 | (49,301)
| Movement in deferred tax not recognised | - | 10,268
| Non-taxable income | - | (69)
| Other differences leading to an increase (decrease) in the tax charge | (177) | -
| Total tax charge for the year | 130,846 | 47,597
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 19
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 April 2025 | 1,312,461
| At 31 March 2026 | 1,312,461
| Depreciation |
| At 1 April 2025 | 522,157
| Charge for the year on owned assets | 67,431
| At 31 March 2026 | 589,588
| Net book value |
| At 31 March 2026 | 722,873
| At 31 March 2025 | 790,304
12. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| At 1 April 2025 | 2,274,958
| At 31 March 2026 | 2,274,958
Page 20
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| KMF Precision Sheet Metal Limited | Caledonian Exchange, 19a Canning Street, Edinburgh, Scotland, EH3 8HE | Ordinary | 100%
| KMF (Precision Sheet Metal) Limited S.R.O | Johanna Vaillanta 2, 91311 Trencianske Stankovce, Slovakia | Ordinary | 100%
| BETD Components Limited | Millennium Way, High Carr Business Park, Newcastle, Staffordshire, England, ST5 7UF | Ordinary | 100%
13. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2025 | 10,550,000
| At 31 March 2026 | 10,550,000
| Comprising |
| Cost | 8,554,336
| Annual revaluation surplus/(deficit): |
| 2016 to 2018 - Recognised in P/L | (478,743)
| 2020 to 2024 - Recognised in reserve | 3,129,407
| 2024 - Disposal reversal | (655,000)
| At 31 March 2026 | 10,550,000
The investment properties were formally revalued on an open market value for existing use basis by Lambert Smith Hampton on 15 January 2024. The directors confirm that the current market value of the property is not materially different from this valuation as at 31 March 2026. The investment properties above are used in operating leases. Gross rents receivable relating to these operating leases amounted to £784,200 (2025 - £784,200).
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KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
14. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 134,125 | 43,397
| Amounts owed by group undertakings | 6,154,768 | 6,259,398
| Other debtors | 20,773 | 16,547
| Prepayments and accrued income | 4,468 | 4,000
|  | 6,314,134 | 6,323,342
| Amounts owed by group undertakings are repayable on demand with no interest incurred.
15. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,642,962 | 3,301,114
|  | 3,642,962 | 3,301,114
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 689,963 | 768,853
| Trade creditors | 16,284 | 37,677
| Amounts owed to group undertakings | 10,196,021 | 9,052,700
| Corporation tax | 134,816 | 59,658
| Accruals and deferred income | 33,000 | -
|  | 11,070,084 | 9,918,888
| Obligations under bank loans are secured by the company. Amounts owed to group undertakings are repayable on demand with no interest incurred.
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 692,108 | 1,911,277
|  | 692,108 | 1,911,277
Page 22
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 689,963 | 768,853
|  | 689,963 | 768,853
| Amounts falling due 1-2 years |  |
| Bank loans | 414,963 | 743,853
|  | 414,963 | 743,853
| Amounts falling due 2-5 years |  |
| Bank loans | 277,144 | 863,769
|  | 277,144 | 863,769
| Amounts falling due after more than 5 years |  |
| Bank loans | - | 303,654
|  | - | 303,654
|  | 1,382,070 | 2,680,129
| The bank loan is repayable in monthly instalments terminating during the year ending 31 March 2029. Interest is calculated at the rate of 1.95% over the base rate of HSBC Bank plc. The base term loan is repayable in monthly instalments terminating during the year ending 31 March 2035. Interest is calculated at the rate of 2% over the base rate of HSBC Bank plc. The bank loan is repayable in monthly instalments terminating during the year ending 31 March 2027. Interest is calculated at the rate of 3.99% over the base rate of HSBC Bank plc.
Page 23
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. | Deferred taxation
|  | 2026 | 2025
|  | £ | £
| At beginning of year | 68,726 | 72,282
| Charged to profit or loss | (8,784) | (3,556)
| At end of year | 59,942 | 68,726
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | 59,942 | 68,726
|  | 59,942 | 68,726
20. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2025 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
| Each £1 Ordinary share holds one vote.
21. | Reserves
Share premium account Share premium is the amount received by a company over and above the face value of its shares. Revaluation reserve This reserve arises on revaluation of the investment property. Deferred tax is provided on the reserve at the applicable corporation tax rate. This is a non-distributable reserve.
22. | Related party transactions
| The company has taken advantage of the exemption contained in Section 33 of Financial Reporting Standard 102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group, and the company is included within the group accounts which are publicly available.
Page 24
KMF GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
23. | Controlling party
The immediate and ultimate parent undertaking is KMF Group Holdings Limited, a company registered in England and Wales. The financial statements of KMF Group Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. KMF Group Holdings Limited is under the control of G M Higgins and his close family members who are interested in 100% of the issued share capital.
Page 25