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Registered number: 05697832
KINGSWOOD JOINERY UK LIMITED
ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Prepared By:
McMillan Rose & Co Ltd
Chartered Certified Accountants
Haltgate House
52A Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NH
KINGSWOOD JOINERY UK LIMITED
ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
DIRECTORS
Mr R Packman
REGISTERED OFFICE
Unit 8 Ilford Trading Estate
Paycocke Road
Basildon
Essex
SS14 3DR
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 05697832
ACCOUNTANTS
McMillan Rose & Co Ltd
Chartered Certified Accountants
Haltgate House
52A Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NH
KINGSWOOD JOINERY UK LIMITED
ACCOUNTS
FOR THEYEARENDED28 FEBRUARY 2023
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
KINGSWOOD JOINERY UK LIMITED
BALANCE SHEET AT 28 February 2023
20232022
Notes££
FIXED ASSETS
Tangible assets2246,606126,830
CURRENT ASSETS
Stock36,00025,000
Debtors4158,500382,844
Cash at bank and in hand1,6681,668
196,168409,512
CREDITORS: Amounts falling due within one year5110,769170,748
NET CURRENT ASSETS85,399238,764
TOTAL ASSETS LESS CURRENT LIABILITIES332,005365,594
CREDITORS: Amounts falling due after more than one year670,65097,198
PROVISIONS FOR LIABILITIES AND CHARGES946,17023,185
NET ASSETS215,185245,211
CAPITAL AND RESERVES
Called up share capital1022
Profit and loss account215,183245,209
SHAREHOLDERS' FUNDS215,185245,211
For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 4 October 2023 and signed on their behalf by
.............................
Mr R Packman
Director
KINGSWOOD JOINERY UK LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 25%
Commercial Vehiclesreducing balance 20%
Fixtures and Fittingsreducing balance 25%
Equipmentreducing balance 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Government Grants
Government grants are recognised in profit and loss in the year in which they are received.
1f. Leases
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
KINGSWOOD JOINERY UK LIMITED
2. TANGIBLE FIXED ASSETS
Plant and
Machinery Etc.Total
££
Cost
At 1 March 2022363,092363,092
Additions219,136219,136
Disposals(51,401)(51,401)
At 28 February 2023530,827530,827
Depreciation
At 1 March 2022236,262236,262
Disposals(30,491)(30,491)
For the year78,45078,450
At 28 February 2023284,221284,221
Net Book Amounts
At 28 February 2023246,606246,606
At 28 February 2022126,830126,830
3. STOCK 20232022
££
Stock comprises:
Stock raw materials6,000-
Work in progress30,00025,000
36,00025,000
4. DEBTORS 20232022
££
Amounts falling due within one year:
Trade debtors17,92842,908
Other Tax72,75870,719
Other debtors67,814269,217
158,500382,844
KINGSWOOD JOINERY UK LIMITED
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
Bank loans and overdrafts65,370112,438
Trade creditors-9,413
Taxation and social security22,99416,310
Other creditors22,40532,587
110,769170,748
Included within other creditors are obligations under finance leases3,718577
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20232022
££
Bank loans and overdrafts1,44739,610
Other creditors69,20357,588
70,65097,198
Included in other creditors are:
Obligations under hire purchase69,20357,588
7. SECURED CREDITORS
20232022
££
Amount of bank loans and overdrafts which are secured62,289135,674
Amount of other creditors which are secured88,85086,358
Hire purchase and finance leases are secured on the assets they relate to. Bank loans and overdrafts are secured on a fixed and floating charge over all assets.
8. EMPLOYEES
20232022
No.No.
Average number of employees43
KINGSWOOD JOINERY UK LIMITED
9. PROVISIONS FOR LIABILITIES 20232022
££
Deferred taxation46,17023,185
46,17023,185
10. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
2 Ordinary shares of £1 each22
22
11. OTHER FINANCIAL COMMITMENTS
At 28 February 2023 the company was committed to making the following payments under non-cancellable operating leases, which finish in May 2026:
20232022
££
Operating leases74,9932,874