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Company registration number:
10380599
Kingswood Ground Works Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2022
Kingswood Ground Works Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Kingswood Ground Works Limited
Year ended
30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Kingswood Ground Works Limited
for the year ended
30 September 2022
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Kingswood Ground Works Limited
, as a body, in accordance with the terms of my engagement letter dated 1 July 2017. My work has been undertaken solely to prepare for your approval the
financial statements
of
Kingswood Ground Works Limited
and state those matters that I have agreed to state to the Board of Directors of
Kingswood Ground Works Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Kingswood Ground Works Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Kingswood Ground Works Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Kingswood Ground Works Limited
. You consider that
Kingswood Ground Works Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Kingswood Ground Works Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
CSH Accounting
Chartered Accountants and Business Advisors
37A Anchor Road
Aldridge
Walsall
West Midlands
WS9 8PT
United Kingdom
Date:
27 June 2023
Kingswood Ground Works Limited
Statement of Financial Position
30 September 2022
20222021
Note££
Fixed assets    
Tangible assets 5
66,867
 
83,264
 
Current assets    
Cash at bank and in hand
34,998
 
19,321
 
Creditors: amounts falling due within one year 6
(17,226
)
(32,229
)
Net current assets/(liabilities)
17,772
 
(12,908
)
Total assets less current liabilities 84,639   70,356  
Creditors: amounts falling due after more than one year 7
(76,236
)
(71,352
)
Net assets/(liabilities)
8,403
 
(996
)
Capital and reserves    
Called up share capital
10
 
10
 
Profit and loss account
8,393
 
(1,006
)
Shareholders funds/(deficit)
8,403
 
(996
)
For the year ending
30 September 2022
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
27 June 2023
, and are signed on behalf of the board by:
Michael Kennedy
Director
Company registration number:
10380599
Kingswood Ground Works Limited
Notes to the Financial Statements
Year ended
30 September 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
112 Station Lane
,
Lapworth
,
Solihull
,
West Midlands
,
B94 6JJ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
20% reducing balance
Plant and machinery
25% straight line
Motor vehicles
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

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 entity after deducting all of its financial liabilities.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2021:
1.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 October 2021
125,075
 
Additions
32,000
 
Disposals
(36,950
)
At
30 September 2022
120,125
 
Depreciation  
At
1 October 2021
41,811
 
Charge
39,159
 
Disposals
(27,712
)
At
30 September 2022
53,258
 
Carrying amount  
At
30 September 2022
66,867
 
At 30 September 2021
83,264
 

6 Creditors: amounts falling due within one year

20222021
££
Taxation and social security
7,528
 
2,903
 
Other creditors
9,698
 
29,326
 
17,226
 
32,229
 

7 Creditors: amounts falling due after more than one year

20222021
££
Bank loans and overdrafts
35,803
 
46,451
 
Other creditors
40,433
 
24,901
 
76,236
 
71,352