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REGISTERED NUMBER: 03750873 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

KING COMPONENTS LIMITED

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KING COMPONENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R J King
D E King





REGISTERED OFFICE: Unit 20
Stonebridge East
Invincible Way
Liverpool
Merseyside
L11 0ED





REGISTERED NUMBER: 03750873 (England and Wales)





ACCOUNTANTS: John Kerr - Chartered Accountants
375 Eaton Road
West Derby
Liverpool
Merseyside
L12 2AH

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,000 3,000
Tangible assets 5 26,801 15,109
28,801 18,109

CURRENT ASSETS
Stocks 173,889 135,952
Debtors 6 378,117 300,134
Cash at bank 151,959 145,217
703,965 581,303
CREDITORS
Amounts falling due within one year 7 418,564 391,741
NET CURRENT ASSETS 285,401 189,562
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,202

207,671

CREDITORS
Amounts falling due after more than one year 8 (23,208 ) (38,194 )

PROVISIONS FOR LIABILITIES (3,534 ) (1,213 )
NET ASSETS 287,460 168,264

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 287,360 168,164
SHAREHOLDERS' FUNDS 287,460 168,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





R J King - Director


KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

King Components 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.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Fixtures & equipment - 20% on cost
Motor vehicles - 20% on cost

Government grants
Government grants in relation to expenditure are created to the Statement of Income when the expenditure is charged to the Statement of Income.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 11 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 20,000
AMORTISATION
At 1 April 2022 17,000
Amortisation for year 1,000
At 31 March 2023 18,000
NET BOOK VALUE
At 31 March 2023 2,000
At 31 March 2022 3,000

5. TANGIBLE FIXED ASSETS
Short Fixtures Motor
leasehold & equipment vehicles Totals
£    £    £    £   
COST
At 1 April 2022 5,000 41,592 46,769 93,361
Additions - - 22,240 22,240
Disposals - - (12,440 ) (12,440 )
At 31 March 2023 5,000 41,592 56,569 103,161
DEPRECIATION
At 1 April 2022 4,998 41,309 31,945 78,252
Charge for year - 282 7,599 7,881
Eliminated on disposal - - (9,773 ) (9,773 )
At 31 March 2023 4,998 41,591 29,771 76,360
NET BOOK VALUE
At 31 March 2023 2 1 26,798 26,801
At 31 March 2022 2 283 14,824 15,109

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 325,882 288,734
Other debtors 52,235 11,400
378,117 300,134

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 15,294 16,321
Trade creditors 284,792 243,508
Taxation and social security 88,433 90,820
Other creditors 30,045 41,092
418,564 391,741

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 23,208 38,194

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 13,789 13,789

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 38,502 54,515

The bank loans are secured by a debenture giving fixed and floating charges over the undertaking and all property and assets present and future.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
R J King
Balance outstanding at start of year - -
Amounts advanced 42,714 -
Amounts repaid (4,700 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,014 -