Company Registration No. 02657061 (England and Wales)
KEL-BERG TRAILER AND TRUCKS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2015
KEL-BERG TRAILER AND TRUCKS LIMITED
COMPANY INFORMATION
Directors
J Larsen
R Verner
Secretary
A M Kristensen
Company number
02657061
Registered office
Middleton Stoney Road
Weston-on-the-Green
Bicester
Oxfordshire
OX25 3TH
Auditors
Chapman Worth Limited
6 Newbury Street
Wantage
Oxfordshire
OX12 8BS
KEL-BERG TRAILER AND TRUCKS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditors' report
3 - 4
Profit and loss account
5
Balance sheet
6
Cash flow statement
7
Notes to the financial statements
9 - 16
KEL-BERG TRAILER AND TRUCKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2015
- 1 -
The directors present the strategic report and financial statements for the year ended 30 June 2015.
Review of the business
The sales reported for the year are £29,656,174 compared to £29,279,032 for the period ended 30 June 2014. The company's performance has given the directors' confidence and the resource to expand the business and move its strategy forward to offer the most innovative trailers and trailer products. The investment and development of our facilities in Bicester is a key strategy to be part of the market in the UK and Ireland. With the company generating profits this year of £1,808,706 (2014: £995,861) the directors can continue to build on the company's success.
In addition to this we have started an extension on the existing work shop facility at our Weston-on-the-green site which should be operational in late 2015. This is part of our strategy to increase workshop capacity.
The directors consider the company’s principal risks and uncertainties to be:
• the reliance on major truck manufacturers products for our contract hire, and we have mitigated this risk by using the most popular lorry brands. Due to market sector demands, the most popular lorry manufacturers cover our purchasing needs, so we stand by our purchasing strategies.
• The construction industry is still very much on the mend and risks relating to our reliance on this market still remains.
As the construction industry has continued to grow this year by 4.6% compared to the end of June 2014 the related markets are showing similar growth. These are now levels experienced before the recession, and we are confident that our business will grow at a similar pace.
The directors are pleased with the company’s overall performance and early indications are excellent for the year ended 30 June 2016. We believe that we can experience similar sales through 2016 but we are still firmly focused on customer satisfaction as this has been key to our success to date.
By order of the board
A M Kristensen
Secretary
21 October 2015
KEL-BERG TRAILER AND TRUCKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2015
- 2 -
The directors present their report and financial statements for the year ended 30 June 2015.
Results and dividends
The results for the year are set out on page 5.
Future developments
The director is responding to the changes in demand for the company's products and are looking to invest in the business to keep up the supply and to build up the business' profile.
Directors
The following directors have held office since 1 July 2014:
J Larsen
R Verner
Auditors
The auditors, Chapman Worth Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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 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.
Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors 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 auditors are aware of that information.
By order of the board
A M Kristensen
Secretary
21 October 2015
KEL-BERG TRAILER AND TRUCKS LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF KEL-BERG TRAILER AND TRUCKS LIMITED
- 3 -
We have audited the financial statements of Kel-Berg Trailer and Trucks Limited for the year ended 30 June 2015 set out on pages 5 to 16. 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).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for 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 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 Annual Report 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 company's affairs as at 30 June 2015 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
give a true and fair view of the state of the company's affairs as at 30 June 2015 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
KEL-BERG TRAILER AND TRUCKS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF KEL-BERG TRAILER AND TRUCKS LIMITED
- 4 -
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, 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.
Anna Chapman (Senior Statutory Auditor)
for and on behalf of Chapman Worth Limited
27 October 2015
Chartered Accountants
Statutory Auditor
6 Newbury Street
Wantage
Oxfordshire
OX12 8BS
KEL-BERG TRAILER AND TRUCKS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2015
- 5 -
2015
2014
Notes
£
£
Turnover
2
29,656,174
29,279,032
Cost of sales
(26,659,829)
(26,800,434)
Gross profit
2,996,345
2,478,598
Administrative expenses
(760,339)
(1,263,349)
Operating profit
3
2,236,006
1,215,249
Other interest receivable and similar income
4
59,951
1,757
Interest payable and similar charges
5
(17,218)
(46,194)
Profit on ordinary activities before taxation
2,278,739
1,170,812
Tax on profit on ordinary activities
6
(470,033)
(174,951)
Profit for the year
15
1,808,706
995,861
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
KEL-BERG TRAILER AND TRUCKS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 6 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
7
402,346
111,109
Investments
8
849
839
403,195
111,948
Current assets
Stocks
9
5,341,744
4,044,994
Debtors
10
6,416,323
6,211,472
Cash at bank and in hand
6,608
812
11,764,675
10,257,278
Creditors: amounts falling due within one year
11
(7,260,102)
(7,326,092)
Net current assets
4,504,573
2,931,186
Total assets less current liabilities
4,907,768
3,043,134
Creditors: amounts falling due after more than one year
12
(20,080)
(13,568)
Provisions for liabilities
13
(70,576)
(21,160)
4,817,112
3,008,406
Capital and reserves
Called up share capital
14
2
2
Profit and loss account
15
4,817,110
3,008,404
Shareholders' funds
16
4,817,112
3,008,406
Approved by the Board and authorised for issue on 21 October 2015
J Larsen
Director
Company Registration No. 02657061
KEL-BERG TRAILER AND TRUCKS LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2015
- 7 -
2015
2014
Notes
£
£
£
£
Net cash inflow from operating activities
1,269,206
788,990
Returns on investments and servicing of finance
Interest received
59,951
1,757
Interest paid
(17,218)
(46,194)
Net cash inflow/(outflow) for returns on investments and servicing of finance
42,733
(44,437)
Taxation
(162,493)
31,061
Capital expenditure and financial investment
Payments to acquire tangible assets
(334,542)
(82,041)
Payments to acquire investments
(10)
-
Receipts from sales of investments
-
817,434
Net cash (outflow)/inflow for capital expenditure
(334,552)
735,393
Acquisitions and disposals
Purchase of subsidiary undertakings (net of cash acquired)
-
(286,704)
Net cash outflow for acquisitions and disposals
-
(286,704)
Net cash inflow before management of liquid resources and financing
814,894
1,224,303
Financing
Capital element of hire purchase contracts
12,438
(2,697)
Net cash inflow/(outflow) from financing
12,438
(2,697)
Increase in cash in the year
,
827,332
1,221,606
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2015
- 8 -
1
Reconciliation of operating profit to net cash outflow from operating activities
2015
2014
£
£
Operating profit
2,236,006
1,215,249
Depreciation of tangible assets
43,305
23,230
Increase in stocks
(1,296,750)
(429,288)
Increase in debtors
(489,426)
(2,648,273)
Increase in creditors within one year
491,496
2,628,072
Net cash inflow from operating activities
984,631
788,990
2
Analysis of net debt
1 July 2014
Cash flow
Other non-cash changes
30 June 2015
£
£
£
£
Net cash:
Cash at bank and in hand
812
5,796
-
6,608
Bank overdrafts
(2,585,116)
821,536
-
(1,763,580)
(2,584,304)
827,332
-
(1,756,972)
Bank deposits
-
-
-
-
Debt:
Finance leases
(17,203)
6,744
(19,182)
(29,641)
Net debt
(2,601,507)
834,076
(19,182)
(1,786,613)
3
Reconciliation of net cash flow to movement in net debt
2015
2014
£
£
Increase in cash in the year
827,332
1,221,606
Cash outflow from decrease in debt and lease financing
6,744
2,697
Change in net debt resulting from cash flows
834,076
1,224,303
New finance lease
(19,182)
(19,900)
Movement in net debt in the year
814,894
1,204,403
Opening net debt
(2,601,507)
(3,805,910)
Closing net debt
(1,786,613)
(2,601,507)
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
- 9 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company's underlying performance has met the expectations of the directors, with sales and profits increasing significantly during the year. The company is expected to continue its sales, profits and matching positive cash inflows for the foreseeable future, and directors' see no adverse events or circumstances that would change the their assessment over the company's ability to trade over the next 12 months. On this assessment the directors' believe that the going concern basis of accounting is appropriate.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for commercial vehicles and servicing net of VAT.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
10% reducing balance
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line and 20% reducing balance
Motor vehicles
25% reducing balance
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.8
Stock
Stock is valued at the lower of cost and net realisable value.
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
1
Accounting policies
(Continued)
- 10 -
1.9
Deferred taxation
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.
1.10
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Turnover
Geographical market
Turnover
2015
2014
£
£
UK
29,171,375
28,230,086
EU
383,499
579,489
Rest of the world
101,300
469,457
29,656,174
29,279,032
3
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
43,305
23,230
Research and development
-
203,078
Operating lease rentals
150,000
245,000
Auditors' remuneration (including expenses and benefits in kind)
5,500
5,500
and after crediting:
Profit on foreign exchange transactions
(18,892)
(4,439)
4
Investment income
2015
2014
£
£
Bank interest
132
1,757
Other interest
59,819
-
59,951
1,757
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 11 -
5
Interest payable
2015
2014
£
£
On bank loans and overdrafts
15,763
46,194
Hire purchase interest
1,455
-
17,218
46,194
6
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
414,872
162,493
Adjustment for prior years
-
(8,702)
Total current tax
414,872
153,791
Deferred tax
Origination and reversal of timing differences
55,161
21,160
470,033
174,951
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation
2,278,739
1,170,812
Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 21.00% (2014 - 23.00%)
478,535
269,287
Effects of:
Non deductible expenses
-
1,728
Depreciation add back
9,094
5,343
Capital allowances
(64,545)
(25,413)
Tax losses utilised
-
(86,534)
Adjustments to previous periods
-
(8,342)
Other tax adjustments
(8,212)
(2,278)
(63,663)
(115,496)
Current tax charge for the year
414,872
153,791
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 12 -
7
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2014
791
301,943
106,391
66,853
475,978
Additions
-
316,765
-
17,777
334,542
Disposals
-
(116,370)
-
(18,996)
(135,366)
At 30 June 2015
791
502,338
106,391
65,634
675,154
Depreciation
At 1 July 2014
714
212,894
106,391
44,870
364,869
On disposals
-
(116,370)
-
(18,996)
(135,366)
Charge for the year
8
32,263
-
11,034
43,305
At 30 June 2015
722
128,787
106,391
36,908
272,808
Net book value
At 30 June 2015
69
373,551
-
28,726
402,346
At 30 June 2014
77
89,049
-
21,983
111,109
Included above are assets held under finance leases or hire purchase contracts as follows:
Plant and machinery
£
Net book values
At 30 June 2015
26,393
At 30 June 2014
14,925
Depreciation charge for the year
At 30 June 2015
8,797
At 30 June 2014
4,975
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 13 -
8
Fixed asset investments
Listed investments
£
Cost
At 1 July 2014
839
Additions
10
At 30 June 2015
849
Net book value
At 30 June 2015
849
At 30 June 2014
839
9
Stocks
2015
2014
£
£
Finished goods and goods for resale
5,341,744
4,044,994
10
Debtors
2015
2014
£
£
Trade debtors
2,629,758
1,865,039
Other debtors
3,700,402
4,346,433
Prepayments and accrued income
86,163
-
6,416,323
6,211,472
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 14 -
11
Creditors: amounts falling due within one year
2015
2014
£
£
Bank loans and overdrafts
1,763,580
2,585,116
Net obligations under hire purchase contracts
9,561
3,635
Trade creditors
4,353,965
4,179,555
Corporation tax
420,617
162,493
Other taxes and social security costs
338,588
10,367
Directors' current accounts
1,320
5,578
Other creditors
317,316
292,527
Accruals and deferred income
55,155
86,821
7,260,102
7,326,092
12
Creditors: amounts falling due after more than one year
2015
2014
£
£
Net obligations under hire purchase contracts
20,080
13,568
Net obligations under hire purchase contracts
Included in liabilities falling due within one year
(9,561)
(3,635)
(9,561)
(3,635)
13
Provisions for liabilities
Deferred tax liability
£
Balance at 1 July 2014
21,160
Profit and loss account
49,416
Balance at 30 June 2015
70,576
The deferred tax liability is made up as follows:
2015
2014
£
£
Accelerated capital allowances
70,576
21,160
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 15 -
14
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
15
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 July 2014
3,008,404
Profit for the year
1,808,706
Balance at 30 June 2015
4,817,110
16
Reconciliation of movements in Shareholders' funds
2015
2014
£
£
Profit for the financial year
1,808,706
995,861
Opening Shareholders' funds
3,008,406
2,012,545
Closing Shareholders' funds
4,817,112
3,008,406
17
Financial commitments
At 30 June 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 30 June 2016:
Land and buildings
Other
2015
2014
2015
2014
£
£
£
£
Operating leases which expire:
Between two and five years
150,000
144,000
9,561
3,635
KEL-BERG TRAILER AND TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 16 -
18
Employees
Number of employees
The average monthly number of employees (including directors) during the year was:
2015
2014
Number
Number
Management, administration and workshop
13
12
Employment costs
2015
2014
£
£
Wages and salaries
371,334
433,589
Social security costs
35,527
44,518
406,861
478,107
19
Directors' remuneration
2015
2014
£
£
Remuneration for qualifying services
54,513
105,000
20
Control
The ultimate controlling party is the director J Larsen.
21
Related party relationships and transactions
The director, Mr J Larsen has provided personal unlimited guarantees to the bank against the debts of the company. At the year end a balance of £1,320 (2014: £5,578) was owed to Mr J Larsen from the company. During the year total commissions receivable amounted to £3,245 from Kel-Berg Finance Limited and £4,267 (2014: £1,000) from Kel-Berg Used Limited in respect of sales services. During the year commissions payable amounted to £324,734 (2014: £48,251) payable to Kel-Berg Finance Limited, During the year the company paid rent at arms length of £150,000 (2014 £245,000) to Kel-Berg Contracts Limited. At 30 June 2014 Kel-Berg Contracts Limited owed the company £2,563,664 (2014: £2,576,292), An amount of £222,929 (2014:Nil) was owed to Kel-Berg Finance Limited. Kel-Berg Used Limited owed the company £70,316 (2014 £140,191). All companies are under the common control of the director J Larsen.
During the year total commissions receivable amounted to £3,245 from Kel-Berg Finance Limited and £4,267 (2014: £1,000) from Kel-Berg Used Limited in respect of sales services. During the year commissions payable amounted to £324,734 (2014: £48,251) payable to Kel-Berg Finance Limited,
During the year the company paid rent at arms length of £150,000 (2014 £245,000) to Kel-Berg Contracts Limited. At 30 June 2014 Kel-Berg Contracts Limited owed the company £2,563,664 (2014: £2,576,292), An amount of £222,929 (2014:Nil) was owed to Kel-Berg Finance Limited. Kel-Berg Used Limited owed the company £70,316 (2014 £140,191). All companies are under the common control of the director J Larsen.
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2015-11-05
The director, Mr J Larsen has provided personal unlimited guarantees to the bank against the debts of the company. At the year end a balance of £1,320 (2014: £5,578) was owed to Mr J Larsen from the company. During the year total commissions receivable amounted to £3,245 from Kel-Berg Finance Limited and £4,267 (2014: £1,000) from Kel-Berg Used Limited in respect of sales services. During the year commissions payable amounted to £324,734 (2014: £48,251) payable to Kel-Berg Finance Limited, During the year the company paid rent at arms length of £150,000 (2014 £245,000) to Kel-Berg Contracts Limited. At 30 June 2014 Kel-Berg Contracts Limited owed the company £2,563,664 (2014: £2,576,292), An amount of £222,929 (2014:Nil) was owed to Kel-Berg Finance Limited. Kel-Berg Used Limited owed the company £70,316 (2014 £140,191). All companies are under the common control of the director J Larsen. During the year total commissions receivable amounted to £3,245 from Kel-Berg Finance Limited and £4,267 (2014: £1,000) from Kel-Berg Used Limited in respect of sales services. During the year commissions payable amounted to £324,734 (2014: £48,251) payable to Kel-Berg Finance Limited, During the year the company paid rent at arms length of £150,000 (2014 £245,000) to Kel-Berg Contracts Limited. At 30 June 2014 Kel-Berg Contracts Limited owed the company £2,563,664 (2014: £2,576,292), An amount of £222,929 (2014:Nil) was owed to Kel-Berg Finance Limited. Kel-Berg Used Limited owed the company £70,316 (2014 £140,191). All companies are under the common control of the director J Larsen.
The director, Mr J Larsen has provided personal unlimited guarantees to the bank against the debts of the company. At the year end a balance of £1,320 (2014: £5,578) was owed to Mr J Larsen from the company. During the year total commissions receivable amounted to £3,245 from Kel-Berg Finance Limited and £4,267 (2014: £1,000) from Kel-Berg Used Limited in respect of sales services. During the year commissions payable amounted to £324,734 (2014: £48,251) payable to Kel-Berg Finance Limited, During the year the company paid rent at arms length of £150,000 (2014 £245,000) to Kel-Berg Contracts Limited. At 30 June 2014 Kel-Berg Contracts Limited owed the company £2,563,664 (2014: £2,576,292), An amount of £222,929 (2014:Nil) was owed to Kel-Berg Finance Limited. Kel-Berg Used Limited owed the company £70,316 (2014 £140,191). All companies are under the common control of the director J Larsen. During the year total commissions receivable amounted to £3,245 from Kel-Berg Finance Limited and £4,267 (2014: £1,000) from Kel-Berg Used Limited in respect of sales services. During the year commissions payable amounted to £324,734 (2014: £48,251) payable to Kel-Berg Finance Limited, During the year the company paid rent at arms length of £150,000 (2014 £245,000) to Kel-Berg Contracts Limited. At 30 June 2014 Kel-Berg Contracts Limited owed the company £2,563,664 (2014: £2,576,292), An amount of £222,929 (2014:Nil) was owed to Kel-Berg Finance Limited. Kel-Berg Used Limited owed the company £70,316 (2014 £140,191). All companies are under the common control of the director J Larsen.
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