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Registration number: 08435549

Kingstone Products Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Kingstone Products Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Kingstone Products Limited

Balance Sheet

as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

632,807

617,372

Investments

5

110,060

110,060

 

742,867

727,432

Current assets

 

Stocks

177,484

116,228

Debtors

6

752,485

657,633

Cash at bank and in hand

 

1,272,428

1,997,756

 

2,202,397

2,771,617

Creditors: Amounts falling due within one year

7

(848,633)

(1,248,985)

Net current assets

 

1,353,764

1,522,632

Total assets less current liabilities

 

2,096,631

2,250,064

Provisions for liabilities

(23,401)

(12,222)

Net assets

 

2,073,230

2,237,842

Capital and reserves

 

Allotted, called up and fully paid share capital

360

360

Profit and loss account

2,072,870

2,237,482

Shareholders' funds

 

2,073,230

2,237,842

Registration number: 08435549

 

Kingstone Products Limited

Balance Sheet

as at 31 March 2023 (continued)

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr E B McMullan
Director

 

Kingstone Products Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 08435549.

The address of its registered office is:
First Floor
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE

The principal place of business is:
Unit 154
Langar Industrial Estate
Harby Road
Nottingham
Nottinghamshire
NG13 9HY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Kingstone Products Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% per annum on a straight line basis

Plant and machinery

25% per annum on a straight line basis

Fixtures and fittings

20% per annum on a straight line basis

Motor vehicles

25% per annum on a straight line basis

Investments

Investments are recognised at cost.

 

Kingstone Products Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 22 (2022 - 22).

 

Kingstone Products Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Freehold property
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 April 2022

669,158

17,393

37,000

302,407

1,025,958

Additions

-

-

48,000

13,770

61,770

At 31 March 2023

669,158

17,393

85,000

316,177

1,087,728

Depreciation

At 1 April 2022

86,826

17,393

37,000

267,367

408,586

Charge for the year

13,383

-

9,000

23,952

46,335

At 31 March 2023

100,209

17,393

46,000

291,319

454,921

Net book value

At 31 March 2023

568,949

-

39,000

24,858

632,807

At 31 March 2022

582,332

-

-

35,040

617,372

5

Investments

2023
£

2022
£

Shares in group undertakings and participating interests

110,060

110,060

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Kingstone Concrete Limited

Ordinary shares

100%

100%

         

 

Kingstone Products Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 March 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

639,743

615,353

Prepayments

11,742

9,280

Other debtors

101,000

33,000

 

752,485

657,633

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

199,736

151,932

Taxation and social security

107,789

118,703

Other creditors

395,987

791,541

Accruals and deferred income

68,238

62,043

Corporation tax

76,883

124,766

848,633

1,248,985

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,434 (2022 - £Nil).