Kensa Contracting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08166502 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

KENSA CONTRACTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Trewhella

G Cashmore

K Clarke

D Broom

S G Gregory

L J Danysz

SECRETARY:

M Adderley

REGISTERED OFFICE:

Mount Wellington Mine

Chacewater

TRURO

Cornwall

TR4 8RJ

REGISTERED NUMBER:

08166502 (England and Wales)

AUDITORS:

Lang Bennetts Audit Limited

The Old Carriage Works

Moresk Road

TRURO

Cornwall

TR1 1DG

SOLICITORS:

Tozers LLP

Broadwalk House

Southernhay West

EXETER

Devon

EX1 1UA

FIXED ASSETS

Tangible assets

4

16,118

13,265

CURRENT ASSETS

Stocks

19,920

19,920

Debtors

5

4,408,579

3,040,946

Cash at bank

1,727,862

-

6,156,361

3,060,866

CREDITORS

Amounts falling due within one year

6

4,685,770

3,071,566

NET CURRENT ASSETS/(LIABILITIES)

1,470,591

(10,700

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,486,709

2,565

CAPITAL AND RESERVES

Called up share capital

9

1,000

2

Retained earnings

10

1,485,709

2,563

SHAREHOLDERS' FUNDS

1,486,709

2,565

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2021 and were signed on its behalf by:

K Clarke - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

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.

Significant judgements and estimates

Determination of stage of completion on incomplete contracts

Contract revenue and costs are determined by reference to surveys performed by project managers as well as cumulative historical data, extensive experience within the industry and knowledge of the contract in question.

Turnover

Turnover represents amounts receivable on staged levels of completion during the contract installation of ground source heat pumps, net of trade discounts, VAT and other sales related taxes.

Where revenue and costs in relation to contract work can be estimated reliably, both revenue and expenses are recognised by reference to the stage of completion of the contract activity at the end of the reporting period. If the outcome cannot be measured reliably, then all contract costs are expensed in the period in which they were incurred and revenue is only recognised to the extent that it is probable such costs are recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

Straight line over 7 years

Government grants

Revenue grants are recognised as income so as to match them with the expenditure to which they relate.

Stocks

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

Financial instruments

The company holds the following financial instruments:

- Trade debtors and creditors.

- Other short term debtors and creditors, including intercompany loan balances.

- Cash and bank balances.

All of the above are classified as basic.

The company has elected to apply the principles of FRS102 for recognition and measurement of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Assets are derecognised when contractual rights to cash flows expire or substantially all the risks and rewards of ownership are transferred to another party. Liabiltiies are derecognised when the company's obligations are discharged, expire or are cancelled.

Financial instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration to be paid or received, after accounting for impairment adjustments. Financial assets are reviewed for impairment at each reporting date and would be impaired where there is evidence that, as a result of an event occurring after the initial recognition of the asset, estimated future cash flows have been affected. Such an impairment would be recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2020 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

14,786

Additions

5,700

At 30 April 2021

20,486

DEPRECIATION

At 1 May 2020

1,521

Charge for year

2,847

At 30 April 2021

4,368

NET BOOK VALUE

At 30 April 2021

16,118

At 30 April 2020

13,265

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,987,899

2,392,667

Other debtors

1,420,680

648,279

4,408,579

3,040,946

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

333,841

Trade creditors

2,260,756

923,843

Amounts owed to group undertakings

240,722

20,966

Taxation and social security

77,351

33,484

Other creditors

2,106,941

1,759,432

4,685,770

3,071,566

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

64,836

66,575

Between one and five years

41,100

74,112

105,936

140,687

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

-

333,841

The bank holds security in the form of an unlimited multilateral guarantee given by the company and other members of the group, as well as by means of a debenture which includes fixed and floating charges over all assets of the company. A group set-off of balances applies.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

1

1,000

2

On 23 April 2021 998 Ordinary shares were issued. The amount paid per share was £1,002 and as such £998,998 was credited to the share premium account.

10.

RESERVES

On 26 April 2021 a special resolution was passed for the share premium account of the Company to be reduced from £998,998 to £nil. The value was credited to the company's distributable reserves.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Mashen FCA (Senior Statutory Auditor)

for and on behalf of Lang Bennetts Audit Limited

12.	PARENT UNDERTAKING

The company's immediate parent is Kensa Group Limited, a company incorporated in England and Wales.

These financial statements are available on request from:

Mount Wellington

Chacewater

TRURO

Cornwall

TR4 8RJ