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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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CAMPBELL & KENNEDY LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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CAMPBELL & KENNEDY LIMITED |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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CAMPBELL & KENNEDY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
3rd Floor, St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
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BANKERS: |
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32 Sylvania Way South |
Clydebank |
Glasgow |
G81 1RP |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2018 |
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The directors present their strategic report of the company and the group for the year ended 31 March 2018. Campbell |
& Kennedy Limited's company vision is to be a truly proactive design and installation partner, with an ever-present |
positive attitude that gets the job done but never compromises on quality. We continue to operate primarily within four |
key areas of the construction sector, namely technology solutions, electrical test and inspect, energy and fire security. |
Our strategy moving forward is to continue to position the business as a one-stop shop for clients requiring multiple |
trades in a single project or contract. Training and development of staff and operatives throughout the business is |
integral to this strategy ensuring cross skills and flexibility of our workforce. With a Head Office in Glasgow we |
continue to have a base in London, providing solid platforms to service the whole of the UK. We continue to seek out |
business at corporate level, ideally directly with client organisations but equally by operating as a single partner |
alongside, or sub-contracting to large framework contractors and major constructors. Our ongoing strategy is to seek |
out opportunities to be selected directly onto client frameworks in the sectors where such frameworks exist, or partner |
larger national framework contractors who operate in multi-trade frameworks. Whilst revenue in the year was down |
compared with 2016/17, the net worth of the business remains robust. |
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Principal Risks and Uncertainties |
Customer Strategy |
We must ensure that we do not fail to deliver on our three key areas of strategic growth, namely growing market share, |
improving margin and controlling working capital. If we do not increase our profits, revenue and margins, it may |
impact on the continued re-investment into the business. To mitigate against this we are seeking business in less |
competitive segments, as well as obtaining external accreditations that offer access to "better margin" less competitive |
business. There is also a strong focus on working capital and we undertake thorough reviews of proposed capital |
expenditure. |
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Brand, Key Relationships and Reputation |
Failure to implement key management structure review may lead to insufficient experience within the management team |
to deliver projects to our clients' satisfaction. As such there is a constant focus on recruiting key personnel. Whilst the |
economic outlook remains turbulent, our focus on internal training and development has established a staff retention |
culture that has proven to improve our financial returns. We will continue to engage with our staff at all levels as we |
believe it is a key area to delivering customer excellence. |
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Systems and Technology |
We must ensure that our confidential data is secure as any breach would impact on customer relationships and be |
detrimental to our reputation. To mitigate against this we have recognised industry standard security policies in place |
for all systems and servers. |
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People and Health & Safety |
Failure to attract, develop and maintain talent would impact on our ability to deliver the business plan. To safeguard |
against this risk, we have an annual performance review process, external benchmarking of remuneration and a talent |
review. In addition, failure to comply with health & safety standards could lead to injury to customers, employees or |
the general public. We have an external health & safety consultant to audit and review all procedures and processes. |
We also have a specific health & safety audit plan, management training, regular training for all staff and operatives, |
and ongoing investment in health & safety equipment. |
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Outlook |
Revenue was lower than expected this year, with the business taking a conscious decision to ensure all bad debts and |
issues with problem contracts were flushed out and realised in the year. This had the impact of returning a one time loss |
for the period, but one that is expected to be followed by a profitable year in 2018/19, with revenues expected to return |
to more familiar levels of £10m plus, an increase of around 29% on this year. We expect the Return On Sales to be |
between 3.5 and 5%. There were drops in revenue in our Sky operation due to Sky closing down it's multi dwelling unit |
Enablement project - which had a year on year negative impact of £2m revenue. We also lost ground in our Electrical |
division, as our focus moved to working with direct clients on test & inspect work. A large proportion of the loss posted |
in the period related to electrical projects that caused us difficulty due to our role as a Subcontractor. As stated, 2018/19 |
will see us move fully into the test & inspect arena where there is a quality of work that ensures few issues and by |
working directly with end user customers, we can build solid relationships that will promote repeat profitable business. |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Our Energy division had another difficult year. We work closely with our customers in this sector, as there is a lot of |
preparation work required before we can begin a project - e.g. planning permission and tenant approval for commercial |
solar work, and this has caused some delays in completing projects. However, we continue to ensure expectations are |
properly managed, leading to stronger customer relationships and we are seeing progress in this area in 2018/19. Our |
core Technical and Aerial Satellite sector are again expected to deliver steady revenue and profit returns through |
excellent long standing customer relationships. As reported last year, our attainment of the BAFE accreditation has |
boosted Fire Installation and Maintenance business, particularly in our southern area, whom, as a result, have seen a |
spike in revenue and margin which will continue to grow in 2018/19. Augmenting this growth will be our entry into the |
security market (Intruder alarms, CCTV and Access Control) via our NACOSS Gold accreditation. Once in place, and |
with BAFE already secured, we will be at a level similar to the larger fire and security organisations in the UK, so we |
see this as a major strategic growth area in 2018/19 and beyond, with particular emphasis in the south of the UK. |
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Operational delivery continues to be a main focus to ensure we maintain high levels of service and customer retention |
through of excellence of our Field Operatives. The business has also carried out a review and implemented some |
changes to our Sales approach in 2018/19. A UK wide Sales Manager has been appointed to streamline and regulate |
processes that ensures all Business Development Managers have similar tools to achieve with performance measured |
closely. Our number of BDM's have increased as we go into 2018/19 to ensure all our business strands are represented |
by industry specialists. We continued to provide financial support to CircoSense Ltd, which manufactures, installs and |
maintains an energy saving product. CircoSense is in the process of introducing a patented version 2 product to the |
marketplace with much expected from it in terms of volume of sales. Our banking partners continued to provide the |
business with strong support over the year, and we continue to work closely with them to ensure our funding avenues |
remain relative to our business model. Continued focus on strong governance and responsibility augments the |
excellence of our people and quality of delivery to customers, all of which has contributed to the strong profile C&K |
enjoys within its chosen marketplaces. |
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ON BEHALF OF THE BOARD: |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
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PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of the design, installation and maintenance |
of television aerial and satellite systems together with the installation of solar panels, internal reception systems and |
electrical contracting. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2018 amounted to £121,000 (2017 : £114,216). |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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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. |
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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 company's auditors are unaware, and each director has taken all the steps that he or she ought to |
have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
the company's auditors are aware of that information. |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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AUDITORS |
The auditors, Stewart Gilmour & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CAMPBELL & KENNEDY LIMITED |
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Opinion |
We have audited the financial statements of Campbell & Kennedy Limited (the 'company') for the year ended |
31 March 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its loss 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. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the 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 |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CAMPBELL & KENNEDY LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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: |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' 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 a Report of the Auditors 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. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in 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. |
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for and on behalf of
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Chartered Accountants |
3rd Floor, St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING (LOSS)/PROFIT | 5 | ( |
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Interest receivable and similar income |
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(286,323 | ) | 350,360 |
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Interest payable and similar expenses | 6 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
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Tax on (loss)/profit | 7 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
) |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
) |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
) |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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BALANCE SHEET |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 | 311,856 | 521,049 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
14 |
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( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Share premium | 19 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 April 2016 |
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Changes in equity |
Issue of share capital | ( |
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( |
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Dividends | - | ( |
) | - | ( |
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Total comprehensive income | - | 254,386 | - | 254,386 |
Balance at 31 March 2017 |
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Changes in equity |
Dividends | - | ( |
) | - | ( |
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Total comprehensive income | - | (213,032 | ) | - | (213,032 | ) |
Balance at 31 March 2018 |
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CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
( |
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( |
) |
( |
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Tax paid |
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( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities |
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( |
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Cash flows from financing activities |
New loans in year |
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Capital repayments in year | ( |
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Amount introduced by directors | 469,330 | 348,330 |
Amount withdrawn by directors | (469,330 | ) | (348,330 | ) |
Cancellation of own shares |
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( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
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Increase/(decrease) in cash and cash equivalents |
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( |
) |
Cash and cash equivalents at beginning of
year |
2 |
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576,760 |
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Cash and cash equivalents at end of year | 2 | 459,001 | 457,588 |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. |
RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2018 | 2017 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 17,223 | 11,670 |
Finance income | (100 | ) | (136 | ) |
(96,984 | ) | 558,080 |
Decrease in stocks |
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Decrease in trade and other debtors |
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Decrease in trade and other creditors | ( |
) | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 31 March 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 459,001 | 457,588 |
Year ended 31 March 2017 |
31.3.17 | 1.4.16 |
£ | £ |
Cash and cash equivalents | 457,588 | 576,760 |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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Campbell & Kennedy Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Preference shares |
Where preference shares carry an obligation to deliver economic value they are included as liabilities in the |
balance sheet and any related dividend is treated as a finance cost in the profit and loss account. Where |
preference shares carry no such obligation, they are treated as equity. |
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3. | TURNOVER |
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The turnover and loss (2017 - profit) before taxation are attributable to the principal activities of the company. |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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67 | 74 |
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2018 | 2017 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
2018 | 2017 |
£ | £ |
Emoluments etc |
|
|
|
5. | OPERATING (LOSS)/PROFIT |
|
The operating loss (2017 - operating profit) is stated after charging: |
|
2018 | 2017 |
£ | £ |
Hire of plant and machinery |
|
|
Depreciation - owned assets |
|
|
Loss on disposal of fixed assets |
|
|
Goodwill amortisation |
|
|
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Employer Financed Retirement |
Benefits Scheme |
|
|
Hire purchase |
|
|
|
|
|
7. | TAXATION |
|
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
|
|
Deferred tax | ( |
) |
|
Tax on (loss)/profit | ( |
) |
|
|
8. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
|
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
|
At 31 March 2018 |
|
AMORTISATION |
Amortisation for year |
|
At 31 March 2018 |
|
NET BOOK VALUE |
At 31 March 2018 |
|
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2017 |
|
|
|
Additions |
|
|
|
At 31 March 2018 |
|
|
|
DEPRECIATION |
At 1 April 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 March 2018 |
|
|
|
NET BOOK VALUE |
At 31 March 2018 |
|
|
|
At 31 March 2017 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 March 2018 |
|
|
|
DEPRECIATION |
At 1 April 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 March 2018 |
|
|
|
NET BOOK VALUE |
At 31 March 2018 |
|
|
|
At 31 March 2017 |
|
|
|
|
Within fixed assets there are motor vehicles financed by hire purchase agreements. |
|
11. | STOCKS |
2018 | 2017 |
£ | £ |
Goods for resale |
|
|
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Amounts due from CircoSense |
Ltd | 881,341 | 782,264 |
Amounts due from CK Fire |
Protection Ltd | 15,821 | 15,000 |
Prepayments and accrued income |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
Trade creditors |
|
|
Amounts due to Campbell & |
Kennedy Maintenance Ltd | 175,000 | 175,000 |
Current corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Employer Financed Retirement |
Benefit Scheme | 200,000 | 200,000 |
Accruals and deferred income |
|
|
|
|
|
14. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 16) |
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Loan to finance Circosense |
|
|
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
17. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 42,989 | 109,085 |
|
Deferred |
tax |
£ |
Balance at 1 April 2017 |
|
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2018 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 50,788 | 50,788 |
|
Redeemable preference | £0.10 | 15,000 | 15,000 |
65,788 | 65,788 |
|
19. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 April 2017 |
|
|
1,411,885 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 March 2018 |
|
|
1,077,853 |
|
20. | ULTIMATE PARENT COMPANY |
|
The ultimate parent company of Campbell & Kennedy Limited is Campbell & Kennedy UK Limited, a company |
registered in Scotland. |
CAMPBELL & KENNEDY LIMITED (REGISTERED NUMBER: SC164130) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
21. | RELATED PARTY DISCLOSURES |
|
At 31 March 2018 the company was owed £881,341 by CircoSense Ltd, a company of which Gerald Kennedy is |
a director (2017 : £782,264). |
|
At 31 March 2018 the company was owed £15,821 by CK Fire Protection Ltd, a company of which Gerald |
Kennedy is a director (2017 : £15,000). |
|
At 31 March 2018 the company owed £175,000 to Campbell & Kennedy Maintenance Limited, a company of |
which Lynne Prior is a director (2017 : £175,000). |
|
During the year, Tabard Services Limited provided professional services to the company negotiated at market |
value of £88,000 (2017 : £77,000). This company is controlled by a family member of director Gerald |
Kennedy. |