Kinsale Ltd - Filleted accounts

Registered number

10767182

Kinsale Ltd

Unaudited Filleted Accounts

31 May 2023

Kinsale Ltd
Registered number:		10767182
Balance Sheet
as at 31 May 2023

Notes			2023			2022
£				£
Fixed assets
Tangible assets	3		6,090			5,897

Current assets
Stocks		2,050			995
Debtors	4	21,343			27,632
Cash at bank and in hand		4,121			3,856
		27,514			32,483

Creditors: amounts falling due within one year	5	(22,015)			(19,506)

Net current assets			5,499			12,977

Total assets less current liabilities			11,589			18,874

Creditors: amounts falling due after more than one year	6		(11,370)			(17,961)



Net assets			219			913

Capital and reserves
Called up share capital			1			1
Profit and loss account			218			912

Shareholders' funds			219			913

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Michael Dudley
Director
Approved by the board on 25 September 2023

Kinsale Ltd
Notes to the Accounts
for the year ended 31 May 2023


1	Accounting policies

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees			2023		2022
Number					Number

	Average number of persons employed by the company			1		1


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 June 2022	1,905		19,158		21,063
	At 31 May 2023	3,552		19,158		22,710

	Depreciation
	At 1 June 2022	1,181		13,985		15,166
	Charge for the year	419		1,035		1,454
	At 31 May 2023	1,600		15,020		16,620

	Net book value
	At 31 May 2023	1,952		4,138		6,090
	At 31 May 2022	724		5,173		5,897


4	Debtors			2023		2022
£					£

	Trade debtors			2,400		18,056
	Other debtors			18,943		9,576
				21,343		27,632


5	Creditors: amounts falling due within one year			2023		2022
£					£

	Bank loans and overdrafts			6,967		7,127
	Trade creditors			10,815		5,679
	Taxation and social security costs			3,937		6,404
	Other creditors			296		296
				22,015		19,506


6	Creditors: amounts falling due after one year			2023		2022
£					£

	Bank loans			11,370		17,961


7	Other information

	Kinsale Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	300 St Marys Road
	Garston
	Liverpool
	Merseyside
	L19 0NQ