Company registration number 07519390 (England and Wales)
KNM PROJECT SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
KNM PROJECT SERVICES LIMITED
COMPANY INFORMATION
Directors
Flavio Porro
Wong Toh Sing
(Appointed 17 January 2022)
Company number
07519390
Registered office
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
Auditor
Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
KNM PROJECT SERVICES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
KNM PROJECT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2022
- 1 -
The directors present their annual report and financial statements for the period ended 30 June 2022.
Principal activities
The principal activity of the
C
ompany is that of project management and services and provision of process technology for oil and gas, biomass, biofuels, waste to energy and power plants as well as provision of turnkey services including operation and maintenance services.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Flavio Porro
Filippo Molinari
(Resigned 14 January 2022)
Wong Toh Sing
(Appointed 17 January 2022)
Auditor
In accordance with the Company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the Company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the
C
ompany’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Wong Toh Sing
Director
10 March 2023
KNM PROJECT SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
The directors are responsible for preparing the annual 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 of 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 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.
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.
KNM PROJECT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KNM PROJECT SERVICES LIMITED
- 3 -
Opinion
We have audited the financial statements of KNM Project Services Limited
(the 'Company')
for the period ended 30 June 2022 set out on pages 6 to 14. 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 FRS 10
1 Reduced Disclosure Framework.
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.
Material uncertainty related to going concern
We draw attention to Note 1.2 in the financial statements, which indicates that the validity of the financial statements being prepared on a going concern basis depends on the continuing support of the Parent Company. As stated in Note 1.2, this indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters 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 Directors' R
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the Directors' Report has been prepared in accordance with applicable legal requirements.
KNM PROJECT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KNM PROJECT SERVICES LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
C
ompany and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Directors' Report
.
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, 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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
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
C
ompany’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
C
ompany 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
.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
KNM PROJECT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KNM PROJECT SERVICES LIMITED
- 5 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
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 bias and 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 indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.
This report is made solely to the
C
ompany’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
C
ompany’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
C
ompany and the
C
ompany’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Graham Jones BA FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 March 2023
Chartered Accountants
Statutory Auditor
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
KNM PROJECT SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2022
- 6 -
Period
Year
ended
ended
30 June
31 December
2022
2020
Notes
£
£
Continuing operations
Administrative expenses
(94,891)
39,137
(Loss)/profit from operations
3
(94,891)
39,137
Finance costs
4
(9,189)
(5,294)
(Loss)/profit before taxation
(104,080)
33,843
Tax expense
5
(Loss)/profit for the period/year from continuing operations
(104,080)
33,843
Other comprehensive income
-
-
Total comprehensive (expense)/income for the period/year
(104,080)
33,843
All (loss)/profit and total comprehensive (expense)/income for the period/year is attributable to the owners of the Company.
KNM PROJECT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2022
30 June 2022
- 7 -
2022
2020
Notes
£
£
£
£
Assets
Trade and other receivables
7
13,206,775
13,206,081
Cash and cash equivalents
1,360
962
13,208,135
13,207,043
Total assets
13,208,135
13,207,043
Liabilities
Creditors: amounts falling due within one year
Trade and other payables
8
12,457,757
12,442,835
12,457,757
12,442,835
Total current liabilities
12,457,757
12,442,835
Non-current liabilities
9
Other payables
741,116
650,866
741,116
650,866
Total liabilities
13,198,873
13,093,701
Equity
Equity attributable to the equity holders of the parent
Issued capital
10
210,000
210,000
Accumulated losses
(200,738)
(96,658)
Total equity
9,262
113,342
Total equity and liabilities
13,208,135
13,207,043
The financial statements were approved by the board of directors and authorised for issue on 10 March 2023 and are signed on its behalf by:
Wong Toh Sing
Director
Company Registration No. 07519390
KNM PROJECT SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2022
- 8 -
Share capital
Accumulated losses
Total
£
£
£
Balance at 1 January 2020
210,000
(130,501)
79,499
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
33,843
33,843
Balance at 31 December 2020
210,000
(96,658)
113,342
Period ended 30 June 2022:
Loss and total comprehensive income for the period
-
(104,080)
(104,080)
Balance at 30 June 2022
210,000
(200,738)
9,262
KNM PROJECT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 9 -
1
Accounting policies
Company information
KNM Project Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Ruthlyn House, 90 Lincoln Road, Peterborough, Cambridgeshire, United Kingdom, PE1 2SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS 101) and the Companies Act 2006. The recognition, measurement and disclosure requirements of International Financial Reporting Standard as adopted by the EU (EU-adopted IFRS) have been applied to these financial statements and, where necessary amendments have been made in order to comply with the Companies Act 2006 and The Large and Medium Sized Companies and Groups Regulations 2008/410 ('Regulations').
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by FRS101 paragraph 8:
(i) The requirements of IAS 7 'Statement of Cash Flows' and IAS 1 'Presentation of Financial Statements' paragraph 10(d), 111 relating to the presentation of a Cash Flow Statement.
The financial statements are prepared in
sterling
, which is the functional currency of the
C
ompany.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Company is dependent on the support of its penultimate parent company KNM
Process Systems
Sdn Bhd. Continuing finance is required both to enable the Company to meet its liabilities as they fall due and to continue operating without immediate realisation of all its assets.
The ultimate holding company of
KNM
Process Systems
Sdn Bhd, KNM Group Berhad (“KNMG”), had on 7 December 2022 announced the default in payment to Danos Limited (“Lender”) in relation to the EUR68.5 million credit facilities granted by the Lender to the Company, as the extension of time from the Lender to defer the repayment until 30 November 2022 was not extended upon its expiry.
On 15 December 2022, with the support from the majority of the creditors of
KNMG, including the Lender,
KNMG has obtained a restraining order from the Malaysian High Court which allows KNMG and the Company to negotiate and finalise the terms of a scheme of arrangement with the Lender without the potential threat of any proceedings and actions being brought against the Company in the process. The restraining order is valid for 3 months from 15 December 2022 and may be extended up to additional 9 months.
The directors of the Company and KNMG acknowledged the current liquidity exposure of the Company and have appointed consultants to explore the opportunity to monetise its investments within the KNMG group of companies. The directors have a reasonable expectation that the Company will be able to meet their liabilities when they fall due and will have adequate resources to continue in operational existence for the foreseeable future based on the positive outcomes of the above-mentioned disposal of investments, the scheme of arrangement with the Lender and continued financial support from its holding company. On this basis, the directors consider that it is appropriate to prepare the financial statements of the Company on a going concern basis.
1.3
Reporting period
The accounting period has been extended to 30 June 2022 in order to bring it in line with the new accounting period end of the ultimate parent company, KNM Group Berhad. The current period results represent 18 months of trading and are therefore not entirely comparable.
KNM PROJECT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 10 -
1.4
Revenue
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
.
1.6
Financial instruments
The company has elected to apply the provisions of
IFRS 7
‘Financial Instruments
Disclosures
’
to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
KNM PROJECT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 11 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
Company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.10
KNM Project Services Limited is an indirect wholly owned subsidiary of KNM Group Berhad, a company incorporated in Malaysia, and the results of KNM Project Services Limited are included in the consolidated financial statements of KNM Group Berhad.
KNM Group Berhad's Annual Report and financial statements for 30 June 2022 are available online at www.knm-group.com/knm_annual.htm.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Loss from operations
2022
2020
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Unrealised exchange losses/(gains)
80,590
(25,080)
Auditor's remuneration
3,150
2,100
KNM PROJECT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
3
Loss from operations
(Continued)
- 12 -
Exchange differences recognised in profit or loss during the period, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £80,590 (2020 - £25,080).
4
Finance costs
2022
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
9,189
5,294
5
Taxation
2022
2020
£
£
UK corporation tax
Total current tax
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation
(104,080)
33,843
Profit on ordinary activities before taxation multiplied by standard
rate of UK corporation tax of 19% (2019 - 19%)
(19,775)
6,430
The actual charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:
2022
2020
£
£
(Loss)/profit before taxation
(104,080)
33,843
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(19,775)
6,430
Tax effect of utilisation of tax losses not previously recognised
(6,430)
Unutilised tax losses carried forward
19,775
Taxation charge for the period/year
-
-
The Company has estimated tax losses of £240,122 (2020: £136,042) available for carry forward against future trading profits.
KNM PROJECT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 13 -
6
Financial instruments
2022
2020
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost:
Cash at bank
1,360
962
Amounts owed by group undertakings
13,206,081
13,206,081
Other receivables
694
-
13,208,135
13,207,043
Carrying amount of financial liabilities
Measured at amortised cost:
Amounts due to group undertakings
11,299,577
11,198,298
Other payables
1,894,641
1,889,903
Accruals and deferred income
4,655
5,500
13,198,873
13,093,701
7
Trade and other receivables
2022
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,206,081
13,206,081
Other receivables
694
13,206,775
13,206,081
8
Trade and other payables
2022
2020
£
£
Current
Amounts due to group undertakings
10,558,461
10,547,432
Other payables
1,894,641
1,889,903
Accruals and deferred income
4,655
5,500
12,457,757
12,442,835
9
Other payables
2022
2020
£
£
Non Current
Amounts due to group undertakings
741,116
650,866
KNM PROJECT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 14 -
10
Issued capital
2022
2020
£
£
Ordinary share capital
Issued and fully paid
210,000 Ordinary shares of £1 each
210,000
210,000
210,000
210,000
11
Related party transactions
The Company has taken advantage of the exemption in paragraph 8(k) of FRS101 from the requirement to disclose transactions with group companies on the grounds that all group companies which are party to the transactions are wholly owned by the same company in the group.
12
Ultimate controlling party
The parent company is KNM Europa BV, incorporated in Netherlands, who owns 100% of the issued share capital.
The ultimate holding company is KNM Group Bhd who own 100% of the issued share capital of KNM Process Systems Sdn Bhd, who in turn owns 100% of the issued share capital of KNM Europa BV.
KNM Group Bhd and KNM Process Systems Sdn Bhd are both incorporated in Malaysia.
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07519390
core:ShareCapital
2020-12-31
07519390
core:RetainedEarningsAccumulatedLosses
2022-06-30
07519390
core:RetainedEarningsAccumulatedLosses
2020-12-31
07519390
core:ShareCapital
2019-12-31
07519390
core:RetainedEarningsAccumulatedLosses
2019-12-31
07519390
2019-12-31
07519390
core:ShareCapitalOrdinaryShares
2022-06-30
07519390
core:ShareCapitalOrdinaryShares
2020-12-31
07519390
core:UKTax
2021-01-01
2022-06-30
07519390
core:UKTax
2020-01-01
2020-12-31
07519390
core:CurrentFinancialInstruments
2022-06-30
07519390
bus:OrdinaryShareClass1
2021-01-01
2022-06-30
07519390
bus:OrdinaryShareClass1
2022-06-30
07519390
bus:PrivateLimitedCompanyLtd
2021-01-01
2022-06-30
07519390
bus:FRS102
2021-01-01
2022-06-30
07519390
bus:Audited
2021-01-01
2022-06-30
07519390
bus:FullAccounts
2021-01-01
2022-06-30
xbrli:pure
xbrli:shares
iso4217:GBP