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COMPANY REGISTRATION NUMBER: 12297415
Kingsley Assets Ltd
Filleted Unaudited Financial Statements
31 October 2022
Kingsley Assets Ltd
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
341,201
341,201
Current assets
Cash at bank and in hand
2,948
2,928
Creditors: amounts falling due within one year
5
76,844
71,544
--------
--------
Net current liabilities
73,896
68,616
---------
---------
Total assets less current liabilities
267,305
272,585
Creditors: amounts falling due after more than one year
6
262,412
270,800
---------
---------
Net assets
4,893
1,785
---------
---------
Capital and reserves
Called up share capital
300
300
Profit and loss account
4,593
1,485
-------
-------
Shareholders funds
4,893
1,785
-------
-------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 October 2022 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 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 financial statements .
Kingsley Assets Ltd
Statement of Financial Position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr Harpal Singh Dhudwarr
Director
Company registration number: 12297415
Kingsley Assets Ltd
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 53 Kingsley Road, Hounslow, TW3 1QB.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
4. Tangible assets
Freehold property
£
Cost
At 1 November 2021 and 31 October 2022
341,201
---------
Depreciation
At 1 November 2021 and 31 October 2022
---------
Carrying amount
At 31 October 2022
341,201
---------
At 31 October 2021
341,201
---------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
1,077
347
Other creditors
75,767
71,197
--------
--------
76,844
71,544
--------
--------
6. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
262,412
270,800
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2022
2021
£
£
Mr D S Dhudwarr
( 37,109)
( 35,199)
Mr Harpal Singh Dhudwarr
( 349)
( 199)
Mr Harbant Singh
( 37,109)
( 35,199)
--------
--------
( 74,567)
( 70,597)
--------
--------