Kendall Bros (Portsmouth) Limited - Limited company accounts 16.3
Kendall Bros (Portsmouth) Limited - Limited company accounts 16.3
| REGISTERED NUMBER: 00478188 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| FOR |
| KENDALL BROS (PORTSMOUTH) LIMITED |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| KENDALL BROS (PORTSMOUTH) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Pyle House |
| 136/137 Pyle Street |
| Newport |
| Isle of Wight |
| PO30 1JW |
| BANKERS: | Lloyds Bank Plc |
| 4 West Street |
| Havant |
| Hampshire |
| PO9 1PE |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| The directors present their strategic report of the company and the group for the year ended |
| 31st March 2017. |
| OVERVIEW |
| The consolidated group has experienced excellent results during the last financial year, both in its loose and |
| bagged aggregate turnover and ready mixed concrete sales. |
| OBJECTIVES |
| The group's overall objective, as an independent operator, is to maintain its high reputation of customer |
| satisfaction, providing quality products at competitive prices, delivering on time with the focus on ensuring |
| repeat business. |
| The group's approach to remaining a successful business is to embrace established Quality Systems in |
| conjunction with recognised Health and Safety processes which ensure the safety of its employees and |
| confidence within the customer base with respect to the products and services available. |
| Matters of environmental importance are also high on the group's agenda as it has a vision of being a |
| prominent player in enhancing local and regional policies established to improve modern living for all. |
| PERFORMANCE |
| The group's external turnover increased to £24.946m in the last financial year, providing a net profit before |
| taxation of 2.327m. This was achieved by controlling fixed overheads at sustainable levels whilst creating |
| increases in sales in conjunction with careful control of costs of production and procurement of raw |
| materials and services. |
| The group acquired and successfully implemented a dredging vessel during the year. This has resulted in |
| lower costs of marine products by acquiring these by internal means, therefore replacing the cost of more |
| expensive sub-contract activities. |
| The group's management structure is such that the upturn in business has been well controlled with the use of |
| sophisticated operating and financial systems which provide measured data and information enabling day to |
| day and longer term decisions to be made. |
| The group has maintained suitable levels of staff in all departments to ensure smooth running of performance |
| and also employment satisfaction. |
| The Balance Sheet and Asset Value of the Group has strengthened as a result of the increased financial |
| activity with assets being continually reviewed to ensure future performance is suitably catered for. |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| FUTURE OUTLOOK AND RISK MANAGEMENT |
| The directors view the future as being very bright with activity levels being maintained for a considerable |
| time to come, therefore the expectation for the ensuing year is continued profitability. |
| Further sales opportunities will be considered accordingly, but always with availability of resources being |
| uppermost on the agenda when making decisions for the future. Risk management is therefore important, |
| giving consideration at all times to availability of supplies, staffing levels, asset structure and funding |
| criteria. |
| ON BEHALF OF THE BOARD: |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| The directors present their report with the financial statements of the company and the group for the year |
| ended 31st March 2017. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of a sand/ballast merchant and |
| concrete/cement supplier. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31st March 2017. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st April 2016 to the date of |
| this report. |
| FINANCIAL RISK MANAGEMENT |
| The group's operations expose it to a number of financial risks that include credit risk, interest rate risk and |
| movement in the price of raw materials. There is no exposure to foreign exchange risk as the group sells all |
| it's products in Sterling. |
| Credit risk is managed regularly by reviewing credit status of customers and stopping supplies where |
| necessary. The group has a good track record with regard to bad debts and continues to strive to minimise |
| losses in this area. Interest rate risk is controlled by having a good mix of fixed and variable rate debt. |
| Fluctuations in prices are difficult to manage, however, are passed on to the customer whenever possible. |
| KEY PERFORMANCE INDICATORS |
| Given the straightforward nature of the business, the group's directors are of the opinion that analysis using |
| KPI's is not necessary for an understanding of the development, performance or position of the business. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including |
| Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland'. 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 group and of the profit or |
| loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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. |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
| the company's and the group's transactions and disclose with reasonable accuracy at any time the financial |
| position of the company and the group 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 the group |
| and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
| Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps |
| that he ought to have taken as a director in order to make himself aware of any relevant audit information |
| and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KENDALL BROS (PORTSMOUTH) LIMITED |
| We have audited the financial statements of Kendall Bros (Portsmouth) Limited for the year ended |
| 31st March 2017 on pages eight to thirty four. The financial reporting framework that has been applied in |
| their preparation is 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'. |
| 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 a Report of the Auditors 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. |
| Respective responsibilities of directors and auditors |
| Scope of the audit of the financial statements |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient |
| to give reasonable assurance that the financial statements are free from material misstatement, whether |
| caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to |
| the group's and the parent company's circumstances and have been consistently applied and adequately |
| disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall |
| presentation of the financial statements. In addition, we read all the financial and non-financial information |
| in the Group Strategic Report and the Report of the Directors to identify material inconsistencies with the |
| audited financial statements and to identify any information that is apparently materially incorrect based on, |
| or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we |
| become aware of any apparent material misstatements or inconsistencies we consider the implications for |
| our report. |
| Opinion on financial statements |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company's affairs as at 31st March 2017 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Opinion on other matter prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of our audit, the information given in the Group |
| Strategic Report and the Report of the Directors for the financial year for which the financial statements are |
| prepared is consistent with the financial statements, and has been prepared in accordance with applicable |
| legal requirements. In the light of the knowledge and understanding of the group and the parent company and |
| its environment, we have not identified any material misstatements in the Group Strategic Report or the |
| Report of the Directors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| KENDALL BROS (PORTSMOUTH) LIMITED |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
| report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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. |
| for and on behalf of |
| Statutory Auditor |
| Pyle House |
| 136/137 Pyle Street |
| Newport |
| Isle of Wight |
| PO30 1JW |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 24,945,850 | 23,037,630 |
| Cost of sales | 15,688,589 | 14,182,055 |
| GROSS PROFIT | 9,257,261 | 8,855,575 |
| Distribution costs | 4,868,549 | 4,573,868 |
| Administrative expenses | 1,999,045 | 2,009,672 |
| 6,867,594 | 6,583,540 |
| OPERATING PROFIT | 4 | 2,389,667 | 2,272,035 |
| Interest payable and similar expenses | 5 | 62,495 | 75,936 |
| PROFIT BEFORE TAXATION | 2,327,172 | 2,196,099 |
| Tax on profit | 6 | 429,538 | 433,751 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,897,634 |
1,762,348 |
| Profit attributable to: |
| Owners of the parent | 1,897,634 | 1,762,348 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,897,634 | 1,762,348 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| CONSOLIDATED BALANCE SHEET |
| 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 11,138,679 | 8,547,451 |
| Investments | 10 | - | - |
| 11,138,679 | 8,547,451 |
| CURRENT ASSETS |
| Stocks | 11 | 191,831 | 389,987 |
| Debtors | 12 | 5,190,771 | 4,204,037 |
| Cash at bank and in hand | 698,113 | 1,264,654 |
| 6,080,715 | 5,858,678 |
| CREDITORS |
| Amounts falling due within one year | 13 | 5,052,166 | 5,265,706 |
| NET CURRENT ASSETS | 1,028,549 | 592,972 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
12,167,228 |
9,140,423 |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
(2,024,929 |
) |
(983,765 |
) |
| PROVISIONS FOR LIABILITIES | 18 | (356,610 | ) | (268,603 | ) |
| NET ASSETS | 9,785,689 | 7,888,055 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| CONSOLIDATED BALANCE SHEET - continued |
| 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 8,136 | 8,136 |
| Share premium | 20 | 82,183 | 82,183 |
| Revaluation reserve | 20 | 2,689,712 | 2,689,712 |
| Capital redemption reserve | 20 | 16,535 | 16,535 |
| Retained earnings | 20 | 6,989,123 | 5,091,489 |
| SHAREHOLDERS' FUNDS | 9,785,689 | 7,888,055 |
| The financial statements were approved by the Board of Directors on 26th October 2017 and were signed on |
| its behalf by: |
| R C Kendall - Director |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| COMPANY BALANCE SHEET |
| 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| COMPANY BALANCE SHEET - continued |
| 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Share premium | 20 |
| Revaluation reserve | 20 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,892,918 | 1,773,820 |
| The financial statements were approved by the Board of Directors on its behalf by: |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1st April 2015 | 8,136 | 3,589,477 | 82,183 |
| Changes in equity |
| Dividends | - | (260,336 | ) | - |
| Total comprehensive income | - | 1,762,348 | - |
| Balance at 31st March 2016 | 8,136 | 5,091,489 | 82,183 |
| Changes in equity |
| Total comprehensive income | - | 1,897,634 | - |
| Balance at 31st March 2017 | 8,136 | 6,989,123 | 82,183 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1st April 2015 | 2,689,712 | 16,535 | 6,386,043 |
| Changes in equity |
| Dividends | - | - | (260,336 | ) |
| Total comprehensive income | - | - | 1,762,348 |
| Balance at 31st March 2016 | 2,689,712 | 16,535 | 7,888,055 |
| Changes in equity |
| Total comprehensive income | - | - | 1,897,634 |
| Balance at 31st March 2017 | 2,689,712 | 16,535 | 9,785,689 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1st April 2015 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 31st March 2016 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31st March 2017 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1st April 2015 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 31st March 2016 |
| Changes in equity |
| Total comprehensive income |
| Balance at 31st March 2017 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,111,744 | 2,801,225 |
| Interest paid | (31,413 | ) | (46,589 | ) |
| Interest element of hire purchase payments paid |
(19,082 |
) |
(17,347 |
) |
| Finance costs paid | (12,000 | ) | (12,000 | ) |
| Tax paid | (415,094 | ) | (711,014 | ) |
| Net cash from operating activities | 1,634,155 | 2,014,275 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (3,516,537 | ) | (2,493,881 | ) |
| Sale of tangible fixed assets | 51,500 | 51,001 |
| Net cash from investing activities | (3,465,037 | ) | (2,442,880 | ) |
| Cash flows from financing activities |
| New loans | 1,000,000 | - |
| Loan repayments | (419,712 | ) | (177,642 | ) |
| New hire purchase contracts | 872,110 | 401,962 |
| Capital repayments in year | (415,827 | ) | (325,848 | ) |
| Amount introduced by directors | 227,770 | - |
| Equity dividends paid | - | (260,336 | ) |
| Net cash from financing activities | 1,264,341 | (361,864 | ) |
| Decrease in cash and cash equivalents | (566,541 | ) | (790,469 | ) |
| Cash and cash equivalents at beginning of year |
2 |
1,264,654 |
2,055,123 |
| Cash and cash equivalents at end of year |
2 |
698,113 |
1,264,654 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2017 | 2016 |
| £ | £ |
| Profit before taxation | 2,327,172 | 2,196,099 |
| Depreciation charges | 850,439 | 594,991 |
| Loss on disposal of fixed assets | 23,369 | 12,311 |
| Finance costs | 62,495 | 75,936 |
| 3,263,475 | 2,879,337 |
| Decrease/(increase) in stocks | 198,156 | (216,804 | ) |
| (Increase)/decrease in trade and other debtors | (986,734 | ) | 243,287 |
| Decrease in trade and other creditors | (363,153 | ) | (104,595 | ) |
| Cash generated from operations | 2,111,744 | 2,801,225 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Consolidated Cash Flow Statement in respect of cash and cash |
| equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31st March 2017 |
| 31.3.17 | 1.4.16 |
| £ | £ |
| Cash and cash equivalents | 698,113 | 1,264,654 |
| Year ended 31st March 2016 |
| 31.3.16 | 1.4.15 |
| £ | £ |
| Cash and cash equivalents | 1,264,654 | 2,055,123 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 1. | GENERAL INFORMATION |
| Kendall Bros (Portsmouth) Limited is a private company limited by shares and incorporated in |
| England and Wales. Its principal place of business and registered office is Kendall's Wharf, Eastern |
| Road, Portsmouth, Hampshire, PO3 5LY. The functional currency of the group is Sterling shown in |
| the financial statements to the nearest pound. |
| The group supplies sand/ballast and concrete/cement to the building trade. The group has plants in the |
| South of England and sells goods only in the United Kingdom. |
| 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" and the Companies |
| Act 2006. The financial statements have been prepared under the historical cost convention as |
| modified by the revaluation of certain assets. |
| The parent company has taken advantage of section 408 of the Companies Act 2006 and has not |
| included it's own Statement of Comprehensive Income in these financial statements. The parent |
| company's profit for the year was £2,258,737 (2016 : £2,110,651) |
| Basis of consolidation |
| The consolidated statement of comprehensive income and balance sheet include the financial |
| statements of the company and it's subsidiary undertaking made up to 31st March 2017. Intra group |
| transactions are eliminated fully on consolidation. The profit or loss of the subsidiary undertaking is |
| consolidated from the date of acquisition to the date of disposal. |
| Related party exemption |
| The group 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed |
| within the financial statements. |
| Turnover |
| Turnover represents net invoiced sale of goods, excluding value added tax and less trade discounts. |
| Revenue from the sale of goods is recognised when the group has transferred the significant risks and |
| rewards of ownership to the customer and it is probable that the group will receive payment. This is |
| usually at the point that the customer has signed for delivery of the goods. |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets, other than land and buildings, 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. |
| The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an |
| item when that cost is incurred if the replacement part is expected to provide incremental future |
| benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and |
| maintenance are charged to the statement of comprehensive income during the period in which they |
| are incurred. |
| Freehold land is not depreciated. |
| Depreciation is calculated to write down the cost or valuation of all tangible fixed assets to their |
| estimated residual value over their estimated useful lives using the straight line method. |
| The expected useful lives are as follows:- |
| Buildings | 50 years |
| Wharf and quay | 25 years |
| Dredgers and launches | 15 years |
| Mobile plant and cranes | 10 years |
| Fixed plant and machinery | 7 years |
| Lorries, tractors and cars | 7 years |
| Bespoke computer software | 10 years |
| Computer equipment | 5 years |
| Fixtures and fittings | 5 years |
| Investments |
| Investments in subsidiaries are held at cost less accumulated impairment losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Cost is based on the cost of purchase on a first in, first out basis. Cost includes the purchase price, |
| including taxes and duties, transport and handling directly attributable to bringing the stock to its |
| present location and condition. |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated |
| Statement of Comprehensive Income, 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 the statement of comprehensive income on a |
| straight-line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's |
| pension scheme are charged to the statement of comprehensive income in the period in which they |
| relate. |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| The group provides a range of benefits to employees, including annual bonus arrangements, defined |
| contribution pension plans and paid holiday arrangements. |
| (i) Short term benefits |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as |
| an expense in the period in which the service is received. |
| (ii) Defined contribution pension plans |
| The group operates a defined contribution pension scheme for its employees. A defined contribution |
| pension plan is a pension plan under which the group pays fixed contributions into a separate entity. |
| Once the contributions have been paid the group has no further payment obligations. The |
| contributions are recognised as an expense when they are due. The assets of the plan are held |
| separately from the group in independently administered funds. |
| (iii) Annual bonus plan |
| The group operates an annual bonus plan for employees. An expense is recognised when the group |
| has a legal or constructive obligation to make payments under the plan as a result of past events and a |
| reliable estimate of the obligation can be made. |
| Financial instruments |
| In preparing these financial statements, the financial instruments are recognised as follows: |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables, cash and bank balances are initially |
| recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade creditors and other payables including bank loans are |
| initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
| where the debt instrument is measured at the present value of the future receipts discounted at a |
| market rate of interest. |
| Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the |
| extent that it is probable that some or all of the facility will be drawn down. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary |
| course of business from suppliers. Accounts payable are classified as current liabilities if payment is |
| due within one year or less. If not, they are presented as non-current liabilities. Trade payables are |
| recognised initially at transaction price and subsequently measured at amortised cost using the |
| effective interest method. |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In preparing these financial statements, the directors have made the following judgements: |
| (i) Determine whether leases entered into by the group either as a lessor or a lessee are operating |
| leases or finance leases. These decisions depend on an assessment of whether the risks and rewards |
| of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
| (ii) Determine whether there are indicators of impairment of the group's tangible assets. Factors taken |
| into consideration in reaching such a decision include the economic viability and expected future |
| financial performance of the asset and where it is a component of a larger cash-generating unit, the |
| viability and expected future performance of that unit. |
| (iii) Determine whether the group has a present obligation (legal or constructive) as a result of a past |
| event, if it is probable that the group will be required to settle such obligation and if a reliable |
| estimate can be made of the amount of such obligation. |
| (iv) Determine whether a financial instrument is basic or advanced. Basic instruments are carried at |
| historic cost. Non basic instruments are measured at the present value of the future receipts |
| discounted at a market rate of interest. |
| Key estimation uncertainties are: |
| (i) Tangible fixed assets, other than land, are depreciated over their useful lives taking into account |
| residual values where appropriate. The actual lives of the assets and residual values are assessed |
| annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as |
| technological innovation, product life cycles and maintenance programmes are taken into account. |
| Residual value assessments consider issues such as future market conditions, the remaining life of the |
| asset and projected disposal values. |
| (ii) The amount the group recognises as a provision is the best estimate of the consideration required |
| to settle the present obligation at the end of the reporting period, taking into account the risks and |
| uncertainties surrounding the obligation. |
| (iii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing |
| impairment of trade and other debtors, management considers factors including current credit rating |
| of the debtor, the ageing profile of debtors and historical experience. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2017 | 2016 |
| £ | £ |
| Wages and salaries | 2,967,464 | 2,723,044 |
| Social security costs | 281,889 | 269,820 |
| Other pension costs | 150,798 | 145,596 |
| 3,400,151 | 3,138,460 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| The average monthly number of employees during the year was as follows: |
| 2017 | 2016 |
| Transport | 53 | 48 |
| Wharf | 27 | 23 |
| Directors | 3 | 3 |
| Administration | 20 | 19 |
| 103 | 93 |
| The average number of employees by undertakings that are proportionately consolidated during the |
| year was 36 (2016 - 34 ) . |
| 2017 | 2016 |
| £ | £ |
| Directors' remuneration | 260,614 | 352,303 |
| Directors' pension contributions to money purchase schemes | 95,538 | 87,832 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| 2017 | 2016 |
| £ | £ |
| Emoluments etc | 95,500 | 125,556 |
| Pension contributions to money purchase schemes | 46,609 | 37,200 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2017 | 2016 |
| £ | £ |
| Hire of plant and machinery | 93,665 | 81,761 |
| Other operating leases | 217,663 | 213,412 |
| Depreciation - owned assets | 850,439 | 594,991 |
| Loss on disposal of fixed assets | 23,369 | 12,311 |
| Auditors remuneration | 13,080 | 11,423 |
| Auditors' remuneration for non audit work | 3,620 | 3,650 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2017 | 2016 |
| £ | £ |
| Bank loan interest | 31,413 | 28,367 |
| Other loan interest | - | 18,222 |
| Hire purchase interest | 19,082 | 17,347 |
| Finance charges | 12,000 | 12,000 |
| 62,495 | 75,936 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2017 | 2016 |
| £ | £ |
| Current tax: |
| UK corporation tax | 342,001 | 426,618 |
| Under/over provision in |
| previous years | (470 | ) | 3,371 |
| Total current tax | 341,531 | 429,989 |
| Deferred tax | 88,007 | 3,762 |
| Tax on profit | 429,538 | 433,751 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
| difference is explained below: |
| 2017 | 2016 |
| £ | £ |
| Profit before tax | 2,327,172 | 2,196,099 |
| Profit multiplied by the standard rate of corporation tax in the UK of 20 % (2016 - 20 %) |
465,434 |
439,220 |
| Effects of: |
| Expenses not deductible for tax purposes | 1,955 | 1,804 |
| Capital allowances in excess of depreciation | (125,388 | ) | (14,405 | ) |
| Adjustments to tax charge in respect of previous periods | (470 | ) | 3,371 |
| Deferred tax | 88,007 | 3,761 |
| Total tax charge | 429,538 | 433,751 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of |
| the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2017 | 2016 |
| £ | £ |
| Ordinary shares of £0.25 each |
| Interim | - | 260,336 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Land & | Plant & | Dredgers |
| buildings | machinery | & launches |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2016 | 3,462,078 | 5,097,904 | - |
| Additions | 9,622 | 980 | - |
| Reclassification/transfer | - | - | 5,258,257 |
| At 31st March 2017 | 3,471,700 | 5,098,884 | 5,258,257 |
| DEPRECIATION |
| At 1st April 2016 | 14,688 | 4,033,852 | - |
| Charge for year | 7,396 | 303,984 | 262,913 |
| Eliminated on disposal | - | - | - |
| At 31st March 2017 | 22,084 | 4,337,836 | 262,913 |
| NET BOOK VALUE |
| At 31st March 2017 | 3,449,616 | 761,048 | 4,995,344 |
| At 31st March 2016 | 3,447,390 | 1,064,052 | - |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Assets |
| Motor | under |
| vehicles | construction | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2016 | 2,760,780 | 2,798,863 | 14,119,625 |
| Additions | 1,046,540 | 2,459,394 | 3,516,536 |
| Disposals | (320,326 | ) | - | (320,326 | ) |
| Reclassification/transfer | - | (5,258,257 | ) | - |
| At 31st March 2017 | 3,486,994 | - | 17,315,835 |
| DEPRECIATION |
| At 1st April 2016 | 1,523,634 | - | 5,572,174 |
| Charge for year | 276,146 | - | 850,439 |
| Eliminated on disposal | (245,457 | ) | - | (245,457 | ) |
| At 31st March 2017 | 1,554,323 | - | 6,177,156 |
| NET BOOK VALUE |
| At 31st March 2017 | 1,932,671 | - | 11,138,679 |
| At 31st March 2016 | 1,237,146 | 2,798,863 | 8,547,451 |
| Included in cost or valuation of land and buildings is freehold land of £3,150,000 (2016 : £3,150,000) |
| which is not depreciated. |
| The land and buildings were revalued on an open market value for existing use basis, on transition to |
| FRS 102 by Savills Chartered Surveyors. |
| Assets included in motor vehicles held under finance leases originally cost £1,285,618 (2016 : |
| £719,105) and have a net book value of £1,163,172 (2016 : £572,232). |
| Assets included in plant and machinery held under finance leases originally cost £281,750 (2016 : |
| £426,190) and have a net book value of £228,209 (2016 : £350,464). |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Land & | Plant & | Dredgers |
| buildings | machinery | & launches |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2016 |
| Additions |
| Reclassification/transfer |
| At 31st March 2017 |
| DEPRECIATION |
| At 1st April 2016 |
| Charge for year |
| Eliminated on disposal |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Assets |
| Motor | under |
| vehicles | construction | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31st March 2017 |
| DEPRECIATION |
| At 1st April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| Included in cost or valuation of land and buildings is freehold land of £3,150,000 (2016 : £3,150,000) |
| which is not depreciated. |
| The land and buildings were revalued on an open market value for existing use basis, on transition to |
| FRS 102 by Savills Chartered Surveyors. |
| Assets included in motor vehicles held under finance leases originally cost £1,285,618 (2016 : |
| £719,105) and have a net book value of £1,163,172 (2016 : £572,232). |
| Assets included in plant and machinery held under finance leases originally cost £281,750 (2016 : |
| £426,190) and have a net book value of £228,209 (2016 : £350,646). |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 10. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st April 2016 |
| Additions |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies |
| include the following: |
| Subsidiaries |
| Registered office: Kendall's Wharf, Eastern Road, Portsmouth, Hampshire, PO3 5LY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2017 | 2016 |
| £ | £ |
| Aggregate capital and reserves |
| Profit/(loss) for the year | ( |
) |
| Registered office: Kendall's Wharf, Eastern Road, Portsmouth, Hampshire, PO3 5LY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2017 | 2016 |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Loss for the year | ( |
) |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 11. | STOCKS |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Raw materials | 191,831 | 389,987 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Trade debtors | 4,951,895 | 4,107,022 |
| Amounts owed by group undertakings | - | - |
| Prepayments and accrued income | 238,876 | 97,015 |
| 5,190,771 | 4,204,037 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 15) | 260,881 | 183,908 |
| Other loans (see note 15) | - | 227,770 |
| Hire purchase contracts (see note 16) | 434,815 | 288,611 |
| Trade creditors | 2,960,137 | 3,417,063 |
| Corporation tax | 162,001 | 235,564 |
| Social security and other taxes | 132,715 | 116,926 |
| VAT | 394,487 | 256,273 | 314,052 | 161,922 |
| Other creditors | 97,867 | 90,723 |
| Aggregates levy | 102,072 | 54,196 | 102,072 | 54,196 |
| Directors' current accounts | 227,770 | - | 227,770 | - |
| Accruals and deferred income | 279,421 | 394,672 |
| 5,052,166 | 5,265,706 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Bank loans (see note 15) | 1,523,672 | 792,587 |
| Hire purchase contracts (see note 16) | 501,257 | 191,178 |
| 2,024,929 | 983,765 |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Amounts falling due within one year or |
| on demand: |
| Bank loans | 260,881 | 183,908 |
| Other loans | - | 227,770 |
| 260,881 | 411,678 |
| Amounts falling due between one and |
| two years: |
| Bank loans | 178,109 | 170,588 |
| Amounts falling due between two and |
| five years: |
| Bank loans | 562,388 | 263,138 |
| Amounts falling due in more than five |
| years: |
| Repayable by instalments |
| Bank loans | 783,175 | 358,861 | 783,175 | 358,861 |
| The interest payable and similar charges on bank and other loans during the year totalled £31,413 |
| (2016 : £46,589). |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase |
| contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 434,815 | 288,611 |
| Between one and five years | 501,257 | 191,178 |
| 936,072 | 479,789 |
| Company |
| Hire purchase |
| contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Group |
| Non-cancellable |
| operating leases |
| 2017 | 2016 |
| £ | £ |
| Within one year | 203,212 | 208,162 |
| Between one and five years | 426,415 | 580,377 |
| In more than five years | 111,188 | 160,438 |
| 740,815 | 948,977 |
| Lease payments recognised as an expense in the year totalled £263,412 (2016 : £259,162). |
| Finance charges on hire purchase arrangements and finance leases in the year totalled £19,082 (2016 : |
| £17,347). |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 16. | LEASING AGREEMENTS - continued |
| Company |
| Non-cancellable |
| operating leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| Lease payments recognised as an expense in the year totalled £152,700 (2016 : £149,700). |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Bank loans | 1,784,553 | 976,495 |
| Hire purchase contracts | 936,072 | 479,789 | 936,072 | 479,789 |
| 2,720,625 | 1,456,284 |
| The bank loans and overdrafts are secured by a fixed and floating charge over group assets. |
| Invoice discounting is secured over the debt to which it relates but is not used. |
| Hire purchase balances are secured on the assets to which they relate. |
| 18. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Deferred tax |
| Land & building revaluations | 24,582 | 46,098 | 24,582 | 46,098 |
| Accelerated capital allowances | 332,028 | 222,505 | 332,028 | 222,505 |
| 356,610 | 268,603 | 356,610 | 268,603 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 18. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1st April 2016 | 268,603 |
| Credit to Statement of Comprehensive Income during year | 88,007 |
| Balance at 31st March 2017 | 356,610 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1st April 2016 |
| Credit to Statement of Comprehensive Income during year |
| Balance at 31st March 2017 |
| The net deferred tax liability expected to reverse in 2018 is £89,901. This primarily relates to the |
| reversal of timing differences on capital allowances. |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £0.25 | 8,136 | 8,136 |
| There is a single class of ordinary shares. There is no restrictions on the distribution of dividends and |
| the repayment of capital. |
| 20. | RESERVES |
| Group |
| Capital |
| Retained | Share | Revaluation | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1st April 2016 | 5,091,489 | 82,183 | 2,689,712 | 16,535 | 7,879,919 |
| Profit for the year | 1,897,634 | 1,897,634 |
| At 31st March 2017 | 6,989,123 | 82,183 | 2,689,712 | 16,535 | 9,777,553 |
| KENDALL BROS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 00478188) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 20. | RESERVES - continued |
| Company |
| Capital |
| Retained | Share | Revaluation | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1st April 2016 | 7,871,327 |
| Profit for the year |
| At 31st March 2017 | 9,764,245 |
| 21. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme. The assets of the scheme are held |
| separately from those of the group in an independently administered fund. The pension costs |
| represent contributions payable by the group to the fund. |
| The contributions payable by the group for the year were £150,799 (2016 : £145,596) and £nil (2016 : |
| £nil) was outstanding at the year end. |
| 22. | CAPITAL COMMITMENTS |
| 2017 | 2016 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 356,804 | 2,571,672 |
| 23. | ULTIMATE CONTROLLING PARTY |
| The group is controlled by the directors who together with close family members own the entire |
| ordinary share capital. |