KS Composites Limited Company accounts

COMPANY REGISTRATION NUMBER: 04464777

KS Composites Limited

Financial Statements

30 September 2024

KS Composites Limited

Financial Statements

Year ended 30 September 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	9

Statement of financial position	10

Statement of cash flows	11

Notes to the financial statements	12

KS Composites Limited

Strategic Report

Year ended 30 September 2024

KS Composites is a leader in the composites industry, distinguished by its commitment to Innovation, Experience, and Excellence. These three key pillars enable KS to offer manufacturing solutions for any composite requirements across all business sectors. The key performance indicators of the company are operational and financial. The company aims to meet customer requirements through quality solutions and ensure on-time delivery. By maintaining and improving these Key Performance Indicators, the company has experienced revenue growth, new opportunities, and an improved business offering to its client base.

	2024	2023
	£	£
Turnover	15,777,871	14,574,284
Gross Profit	2,653,488	3,356,204
Profit before taxation	34,633	895,396

Review of the business The company has successfully met its initial plan, and the investment made to develop its own product will result in a significant advancement for the business. KS has experienced an 8% revenue growth; however, the investment and cost base have affected its profitability. KS firmly believes that investing in people and retaining top talent are essential drivers for achieving this growth and maintaining the quality and customer focus upon which KS is built. KS's expertise and knowledge have supported the business through rapid growth and product development. The coming years present challenges for the business, making it essential to strengthen the foundations laid down. KS is planning future investments in human resources and capital to become leaders in the composites field while providing the competitive edge necessary in a demanding industry. As part of our ongoing commitment to environmental responsibility, KS Composites continues to make significant progress on our journey towards net zero. Over the past year, we have undertaken a range of initiatives to reduce our carbon footprint, including increased energy monitoring, waste reduction strategies, and more sustainable material sourcing. We remain focused on embedding sustainability across our operations and are actively exploring further innovations to support long-term environmental goals in line with industry best practice. Principle risks and uncertainties The business views the following areas as the main areas of risk and uncertainty: The composites industry is known for its innovation and versatility and remains at the forefront of technological advancements across various sectors. However, the industry faces challenges that require strategic planning and adaptability to remain competitive. - Talent Acquisition and Retention: Recruiting and retaining skilled professionals is vital for success in composite manufacturing. Companies should invest in training and development to align staff with industry standards. - Operational Efficiency: Improving manufacturing with quality-focused methods reduces waste and increases production efficiency. - Global Economic Uncertainty: Large-scale projects in the composites sector often rely on stable economic conditions, which can be disrupted by global financial changes. Strategic planning is necessary to navigate these uncertainties. The business is evaluating this risk through KPIs and investing in new technology to ensure its sustainability. The focus is on enhancing quality-led approaches and gaining comprehensive knowledge of manufacturing processes to increase efficiency. There is an emphasis on training and development for all staff, as well as clear communication regarding business expectations and the KS standard that the business aims to achieve.

This report was approved by the board of directors on 21 November 2025 and signed on behalf of the board by:

Mr J Smith

Director

Registered office:

Unit 1, Crown Business Park

Station Road

Old Dalby

Melton Mowbray

LE14 3NQ

KS Composites Limited

Directors' Report

Year ended 30 September 2024

The directors present their report and the financial statements of the company for the year ended 30 September 2024 .

Directors

The directors who served the company during the year were as follows:

Mr K Smith
Mr J Smith
Mr D G Swain

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Events after the end of the reporting period

On 30 October 2025, the entire issued share capital of KS Composites Group Limited was acquired by Twisted Inc Limited, a company incorporated in England and Wales. Following the acquisition, the ultimate holding company made a facility available to the Group for general working capital and operational purposes. The facility is unsecured and provided on normal commercial terms. The directors consider the acquisition to enhance the Group's strategic capabilities within the composites engineering sector.

Disclosure of information in the strategic report

Please see page 1 of these financial statements for the strategic report.

Directors' responsibilities statement

The directors are responsible 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 21 November 2025 and signed on behalf of the board by:

Mr J Smith

Director

Registered office:

Unit 1, Crown Business Park

Station Road

Old Dalby

Melton Mowbray

LE14 3NQ

KS Composites Limited

Independent Auditor's Report to the Members of KS Composites Limited

Year ended 30 September 2024

Opinion

We have audited the financial statements of KS Composites Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management around actual and potential litigation and claims; - Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; - Reviewing minutes of meeting of those charges with governance; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. paragraph. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

ANDREW WILD BA FCA

(Senior Statutory Auditor)

For and on behalf of

TLP Consulting Limited

Chartered accountants & statutory auditor

3 Greengate

Cardale Park

Harrogate

HG3 1GY

21 November 2025

KS Composites Limited

Statement of Income and Retained Earnings

Year ended 30 September 2024

		2024	2023
Note		£	£
Turnover	4	15,777,871	14,574,284

Cost of sales	13,124,383	11,218,080
	-------------	-------------
Gross profit	2,653,488	3,356,204

Administrative expenses		2,311,053	1,978,130
Other operating income	5	7,446	3,561
		------------	------------
Operating profit	6	349,881	1,381,635

Interest payable and similar expenses	10	315,248	486,239
		------------	------------
Profit before taxation		34,633	895,396

Tax on profit	11	( 1,043,494)	586,323
		------------	---------
Profit for the financial year and total comprehensive income		1,078,127	309,073
		------------	---------

Dividends paid and payable	12	( 800,000)	( 200,000)

Retained earnings at the start of the year	800,460	691,387
	------------	---------
Retained earnings at the end of the year	1,078,587	800,460
	------------	---------

All the activities of the company are from continuing operations.

KS Composites Limited

Statement of Financial Position

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	14		2,279,452	2,390,529

Current assets

Stocks	15	1,434,673	1,891,311
Debtors	16	3,376,864	3,458,159
Cash at bank and in hand		17,557	136,954
		------------	------------
		4,829,094	5,486,424

Creditors: amounts falling due within one year	17	4,319,488		5,629,963
		------------		------------
Net current assets/(liabilities)			509,606	( 143,539)
			------------	------------
Total assets less current liabilities			2,789,058	2,246,990

Creditors: amounts falling due after more than one year	18		367,048	86,299

Provisions

Taxation including deferred tax	20	343,323	360,131
		------------	------------
Net assets		2,078,687	1,800,560
		------------	------------

Capital and reserves

Called up share capital	24	100	100
Capital redemption reserve	25	1,000,000	1,000,000
Profit and loss account	25	1,078,587	800,460
		------------	------------
Shareholders funds		2,078,687	1,800,560
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 21 November 2025 , and are signed on behalf of the board by:

Mr J Smith

Director

Company registration number: 04464777

KS Composites Limited

Statement of Cash Flows

Year ended 30 September 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	1,078,127	309,073

Adjustments for:
Depreciation of tangible assets	225,949	225,947
Government grant income	( 7,446)	( 3,561)
Interest payable and similar expenses	315,248	486,239
Tax on profit	( 1,043,494)	586,323
Accrued (income)/expenses	( 352,922)	447,798

Changes in:
Stocks	456,638	( 920,193)
Trade and other debtors	22,262	( 212,055)
Trade and other creditors	( 454,145)	1,120,769
	------------	------------
Cash generated from operations	240,217	2,040,340

Interest paid	( 283,801)	( 486,239)
Tax received/(paid)	307,242	( 351,006)
	---------	------------
Net cash from operating activities	263,658	1,203,095
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 66,722)	( 138,870)
Cash advances and loans granted	332,885	–
	---------	------------
Net cash from/(used in) investing activities	266,163	( 138,870)
	---------	------------

Cash flows from financing activities

Proceeds from borrowings	( 39,667)	( 579,956)
Government grant income	7,446	3,561
Payments of finance lease liabilities	183,003	( 270,362)
Dividends paid	( 800,000)	( 200,000)
	---------	------------
Net cash used in financing activities	( 649,218)	( 1,046,757)
	---------	------------

Net (decrease)/increase in cash and cash equivalents	( 119,397)	17,468
Cash and cash equivalents at beginning of year	136,954	119,486
	---------	---------
Cash and cash equivalents at end of year	17,557	136,954
	---------	---------

KS Composites Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Crown Business Park, Station Road, Old Dalby, Melton Mowbray, LE14 3NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 4 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buildings	-	Over the life of the lease
Plant & Machinery	-	15% straight line
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	10 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	15,777,871	14,574,284
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Government grant income	7,446	3,561
	-------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	225,949	225,947
Impairment of trade debtors	(71)	23,124
Operating lease rentals	52,530	67,000
Foreign exchange differences	( 401)	( 147)
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	9,750	9,750
	-------	-------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	140	132
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	5,171,747	4,552,061
Other pension costs	26,325	34,447
	------------	------------
	5,198,072	4,586,508
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	94,970	104,305
Company contributions to defined contribution pension plans	16,020	14,570
	---------	---------
	110,990	118,875
	---------	---------

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	237,701	356,706
Interest on obligations under finance leases and hire purchase contracts	36,463	55,554
Other interest payable and similar charges	41,084	73,979
	---------	---------
	315,248	486,239
	---------	---------

11. Tax on profit

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax (income)/expense	( 231,450)	214,883
Adjustments in respect of prior periods	( 795,236)	358,919
	------------	---------
Total current tax	( 1,026,686)	573,802
	------------	---------

Deferred tax:

Origination and reversal of timing differences	( 16,808)	12,521
	------------	---------
Tax on profit	( 1,043,494)	586,323
	------------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	34,633	895,396
	--------	---------
Profit on ordinary activities by rate of tax	8,658	223,849
Adjustment to tax charge in respect of prior periods	( 795,236)	358,919
Effect of expenses not deductible for tax purposes	3,589	1,315
Effect of capital allowances and depreciation	10,022	34,832
Effect of different UK tax rates on some earnings	(19,339)	(32,592)
Rounding on tax charge	1	–
R&D tax credit	(251,189)	–
	------------	---------
Tax on profit	( 1,043,494)	586,323
	------------	---------

12. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	800,000	200,000
	---------	---------

13. Intangible assets

	Goodwill
	£
Cost
At 1 October 2023 and 30 September 2024	1,000,000
	------------
Amortisation
At 1 October 2023 and 30 September 2024	1,000,000
	------------
Carrying amount
At 30 September 2024	–
	------------
At 30 September 2023	–
	------------

14. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Oct 2023	1,624,269	1,998,864	239,513	132,045	132,069	4,126,760
Additions	36,381	14,579	3,172	48,820	11,920	114,872
	------------	------------	---------	---------	---------	------------
At 30 Sep 2024	1,660,650	2,013,443	242,685	180,865	143,989	4,241,632
	------------	------------	---------	---------	---------	------------
Depreciation
At 1 Oct 2023	405,694	1,084,100	93,647	105,636	47,154	1,736,231
Charge for the year	40,607	148,731	14,429	12,632	9,550	225,949
	------------	------------	---------	---------	---------	------------
At 30 Sep 2024	446,301	1,232,831	108,076	118,268	56,704	1,962,180
	------------	------------	---------	---------	---------	------------
Carrying amount
At 30 Sep 2024	1,214,349	780,612	134,609	62,597	87,285	2,279,452
	------------	------------	---------	---------	---------	------------
At 30 Sep 2023	1,218,575	914,764	145,866	26,409	84,915	2,390,529
	------------	------------	---------	---------	---------	------------

The following assets have been used as security against borrowings.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 30 September 2024	489,338	59,371	548,709
	---------	--------	---------
At 30 September 2023	544,117	21,682	565,799
	---------	--------	---------

15. Stocks

	2024	2023
	£	£
Raw materials and consumables	1,434,673	1,891,311
	------------	------------

16. Debtors

	2024	2023
	£	£
Trade debtors	1,948,177	2,433,513
Amounts owed by group undertakings	410,571	743,456
Prepayments and accrued income	203,996	246,190
Corporation tax repayable	812,020	–
Other debtors	2,100	35,000
	------------	------------
	3,376,864	3,458,159
	------------	------------

17. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	–	39,667
Trade creditors	1,504,593	2,193,474
Accruals and deferred income	170,357	523,279
Corporation tax	–	222,796
Social security and other taxes	792,724	258,348
Obligations under finance leases and hire purchase contracts	133,612	151,761
Other creditors	1,718,202	2,240,638
	------------	------------
	4,319,488	5,629,963
	------------	------------

Amounts falling due within one year includers the following amounts on which security has been given by the company.

	2024	2023
	£	£
Hire purchase and finance lease agreements	133,612	151,761
Bank loans	–	39,667

18. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	367,048	86,299
	---------	--------

Amounts falling due within one year includers the following amounts on which security has been given by the company.

	2024	2023
	£	£
Hire purchase and finance lease agreements	367,048	86,299

19. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2024	2023
	£	£
Not later than 1 year	133,612	151,761
Later than 1 year and not later than 5 years	367,048	86,299
	---------	---------
	500,660	238,060
	---------	---------

20. Provisions

	Deferred tax (note 21)
	£
At 1 October 2023	360,131
Additions	( 16,808)
	---------
At 30 September 2024	343,323
	---------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 20)	343,323	360,131
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	358,320	379,954
Provisions	( 21,940)	( 19,823)
	---------	---------
	336,380	360,131
	---------	---------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 26,325 (2023: £ 34,447 ).

23. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2024	2023
	£	£

Recognised in other operating income:

Government grants recognised directly in income	7,446	3,561
	--------	-------

24. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	---------	--------	----	----

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	---------	--------	----	----

25. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Analysis of changes in net debt

	At 1 Oct 2023	Cash flows	At 30 Sep 2024
	£	£	£
Cash at bank and in hand	136,954	(119,397)	17,557
Debt due within one year	(191,428)	57,816	(133,612)
Debt due after one year	(86,299)	(280,749)	(367,048)
	---------	---------	---------
	( 140,773)	( 342,330)	( 483,103)
	---------	---------	---------

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	231,055	171,875
Later than 1 year and not later than 5 years	654,656	–
	---------	---------
	885,711	171,875
	---------	---------

28. Directors' advances, credits and guarantees

The directors loan account remained in credit throughout the current year. There were no guarantees in the year.

KS Composites Limited

Notes to the Financial Statements (continued)

Year ended 30 September 2024

29. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.

30. Controlling party

The company is under the control of KS Composites Group Limited, a company incorporated in England & Wales.