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REGISTERED NUMBER: 01226275 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Kings (I.P.) Limited

Kings (I.P.) Limited (Registered number: 01226275)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


Kings (I.P.) Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: H J King
Mrs A F King
Mrs J Ellis
G F King
D L King
S Ellis





REGISTERED OFFICE: 60 North Street
Nazeing
Essex
EN9 2NW





REGISTERED NUMBER: 01226275 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Milton House
Gatehouse Road
Aylesbury
Buckinghamshire
HP19 8EA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Kings (I.P.) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kings (I.P.) Limited for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kings (I.P.) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kings (I.P.) Limited and state those matters that we have agreed to state to the Board of Directors of Kings (I.P.) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kings (I.P.) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kings (I.P.) 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 loss of Kings (I.P.) Limited. You consider that Kings (I.P.) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kings (I.P.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
Chartered Accountants
Milton House
Gatehouse Road
Aylesbury
Buckinghamshire
HP19 8EA


23 October 2023

Kings (I.P.) Limited (Registered number: 01226275)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,665 42,424

CURRENT ASSETS
Stocks 86,500 86,500
Debtors 5 310,062 265,063
Cash at bank and in hand 81,620 83,836
478,182 435,399
CREDITORS
Amounts falling due within one year 6 752,998 548,035
NET CURRENT LIABILITIES (274,816 ) (112,636 )
TOTAL ASSETS LESS CURRENT LIABILITIES (249,151 ) (70,212 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (249,251 ) (70,312 )
SHAREHOLDERS' FUNDS (249,151 ) (70,212 )

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

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

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 23 October 2023 and were signed on its behalf by:



H J King - Director


Kings (I.P.) Limited (Registered number: 01226275)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Kings (I.P.) 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Kings (I.P.) Limited (Registered number: 01226275)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 345,944
DEPRECIATION
At 1 June 2022 303,520
Charge for year 16,759
At 31 May 2023 320,279
NET BOOK VALUE
At 31 May 2023 25,665
At 31 May 2022 42,424

5. DEBTORS
31.5.23 31.5.22
£    £   
Amounts falling due within one year:
Trade debtors 211,346 161,522
Amounts owed by group undertakings 73,780 71,457
Other debtors 14,008 20,008
299,134 252,987

Amounts falling due after more than one year:
Other debtors 10,928 12,076

Aggregate amounts 310,062 265,063

Kings (I.P.) Limited (Registered number: 01226275)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 15,558 742
Trade creditors 218,155 60,808
Amounts owed to group undertakings 439,291 451,552
Taxation and social security 33,708 21,608
Other creditors 46,286 13,325
752,998 548,035