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COMPANY REGISTRATION NUMBER: 01885122
KINGSGATE FURNITURE LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
28 February 2023
KINGSGATE FURNITURE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
37,891
32,507
CURRENT ASSETS
Stocks
67,025
71,950
Debtors
17,057
28,101
Cash at bank and in hand
5,112
7,069
---------
----------
89,194
107,120
CREDITORS: amounts falling due within one year
67,314
72,778
---------
----------
NET CURRENT ASSETS
21,880
34,342
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
59,771
66,849
CREDITORS: amounts falling due after more than one year
32,358
43,007
---------
---------
NET ASSETS
27,413
23,842
---------
---------
KINGSGATE FURNITURE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
20,201
20,201
Profit and loss account
7,212
3,641
---------
---------
SHAREHOLDERS FUNDS
27,413
23,842
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 5 October 2023 , and are signed on behalf of the board by:
M S Baldery
A R Brown
Director
Director
Company registration number: 01885122
KINGSGATE FURNITURE LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Oakwood Industrial Estate, Dane Valley Road, St Peters, Broadstairs, Kent, CT10 3JL.
2. STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2022: 12 ).
5. TANGIBLE ASSETS
£
Cost
At 1 March 2022
86,567
Additions
6,642
---------
At 28 February 2023
93,209
---------
Depreciation
At 1 March 2022
54,060
Charge for the year
1,258
---------
At 28 February 2023
55,318
---------
Carrying amount
At 28 February 2023
37,891
---------
At 28 February 2022
32,507
---------
6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M S Baldery
( 17,672)
2,783
( 14,889)
A R Brown
( 18,072)
2,783
( 15,289)
---------
-------
---------
( 35,744)
5,566
( 30,178)
---------
-------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M S Baldery
( 25,708)
8,036
( 17,672)
A R Brown
( 26,108)
8,036
( 18,072)
---------
---------
---------
( 51,816)
16,072
( 35,744)
---------
---------
---------