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REGISTERED NUMBER: 01425972 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Kempston Limited

Kempston Limited (Registered number: 01425972)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kempston Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: Mr R Thornton
Mr L Northover
Mr S Reynolds
Mrs T Thornton





SECRETARY: Mr R Thornton





REGISTERED OFFICE: Suite B
Blackdown House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX





REGISTERED NUMBER: 01425972 (England and Wales)

Kempston Limited (Registered number: 01425972)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,614,743 2,000,087

CURRENT ASSETS
Stocks 687,720 476,106
Debtors 5 1,699,974 1,518,668
Cash at bank 318,294 17,857
2,705,988 2,012,631
CREDITORS
Amounts falling due within one year 6 1,545,109 1,373,565
NET CURRENT ASSETS 1,160,879 639,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,775,622

2,639,153

CREDITORS
Amounts falling due after more than one
year

7

(88,867

)

(207,804

)

PROVISIONS FOR LIABILITIES 9 (224,248 ) (165,267 )
NET ASSETS 3,462,507 2,266,082

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 945,363 239,792
Retained earnings 10 2,517,044 2,026,190
3,462,507 2,266,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2022 and were signed on its behalf by:





Mr R Thornton - Director


Kempston Limited (Registered number: 01425972)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on straight line basis
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 20% on reducing balance and 15% on straight line basis

The freehold property is carried at revalued amount, being its fair value at the date of revaluation less subsequent depreciation and impairment.

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


Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Kempston Limited (Registered number: 01425972)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. The company also operates a defined benefit pension scheme for certain directors. No contributions are currently being made by the company since the scheme is sufficiently funded.

Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2021 - 61 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2021 1,040,573 2,265,884 248,722
Additions - 52,192 1,970
Revaluations 698,427 - -
At 31 March 2022 1,739,000 2,318,076 250,692
DEPRECIATION
At 1 April 2021 77,292 1,363,297 125,511
Charge for year 17,913 185,339 29,150
Revaluation adjustments (95,205 ) - -
At 31 March 2022 - 1,548,636 154,661
NET BOOK VALUE
At 31 March 2022 1,739,000 769,440 96,031
At 31 March 2021 963,281 902,587 123,211

Kempston Limited (Registered number: 01425972)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2021 34,004 57,987 3,647,170
Additions - 2,937 57,099
Revaluations - - 698,427
At 31 March 2022 34,004 60,924 4,402,696
DEPRECIATION
At 1 April 2021 25,036 55,947 1,647,083
Charge for year 2,242 1,431 236,075
Revaluation adjustments - - (95,205 )
At 31 March 2022 27,278 57,378 1,787,953
NET BOOK VALUE
At 31 March 2022 6,726 3,546 2,614,743
At 31 March 2021 8,968 2,040 2,000,087

Included in cost or valuation of land and buildings is freehold land of £ 144,896 (2021 - £ 144,896 ) which is not depreciated.

In March 2022 the freehold properties were valued at £1,739,000 by Harwoods Chartered Surveyors.

Cost or valuation at 31 March 2022 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2022 698,427 - -
Valuation in 2016 266,457 - -
Cost 774,116 2,318,076 250,692
1,739,000 2,318,076 250,692

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 - - 698,427
Valuation in 2016 - - 266,457
Cost 34,004 60,924 3,437,812
34,004 60,924 4,402,696

If freehold property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 774,116 774,116
Aggregate depreciation 63,211 50,627

Value of land in freehold land and buildings 144,896 144,896

Kempston Limited (Registered number: 01425972)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,678,149 1,506,433
Directors' current accounts 425 423
Prepayments and accrued income 21,400 11,812
1,699,974 1,518,668

The company is subject to an invoice discounting agreement which is secured on the company debtor book.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 93,993 93,993
Hire purchase contracts 16,667 131,006
Trade creditors 458,879 422,039
Corporation tax 142,353 37,909
Social security and other taxes 158,215 69,377
VAT 235,753 193,105
Other creditors 10,257 35,967
Directors' current accounts 156,965 204,080
Accruals and deferred income 272,027 186,089
1,545,109 1,373,565

The bank overdraft and loan is secured by a first legal mortgage over the company's freehold property known as the West Side of Brunel Road, Bedford and all moveable plant & machinery.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 1-2 years 88,867 93,993
Bank loans - 2-5 years - 97,145
Hire purchase contracts - 16,666
88,867 207,804

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 182,860 285,131
Hire purchase contracts 16,667 147,672
199,527 432,803

The hire purchase creditor is secured on the assets to which it relates.

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 224,248 165,267

Kempston Limited (Registered number: 01425972)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2021 165,267
Credit to Income Statement during year (23,751 )
Deferred tax on revaluation 82,732
Balance at 31 March 2022 224,248

The deferred taxation provision comprises £141,516 in respect of the timing differences between capital allowances for tax purposes and depreciation for accounting purposes and a deferred taxation provision of £82,732 on the revaluation of the freehold property after deducting cost plus indexation. Deferred taxation is calculated at the 19% corporation tax rate.

10. RESERVES

The revaluation reserve represents the non-distributable element of the profit and loss reserve.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R Thornton who owns 51% of the ordinary share capital.