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REGISTERED NUMBER: 04134171 (England and Wales)











Prince & King Financial Services Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023







Prince & King Financial Services Limited (Registered number: 04134171)








Contents of the Financial Statements

for the year ended 31 August 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





Prince & King Financial Services Limited



Company Information

for the year ended 31 August 2023









DIRECTOR:

M Prince







SECRETARY:

Mrs L A Southern







REGISTERED OFFICE:

The Bank Building


32/34 Victoria Road


Earby


BARNOLDSWICK


Lancashire


BB18 6UR







REGISTERED NUMBER:

04134171 (England and Wales)







ACCOUNTANTS:

Walkers Accountants Limited


Aireside House


Aireside Business Centre


Royd Ings Avenue


Keighley


West Yorkshire


BD21 4BZ



Prince & King Financial Services Limited (Registered number: 04134171)



Balance Sheet

31 August 2023



31.8.23

31.8.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

-


-



Tangible assets

5

10,181


17,647



Investments

6

7,500


7,500



17,681


25,147




CURRENT ASSETS

Debtors

7

41,807


66,312



Cash at bank and in hand

64,409


191,545



106,216


257,857



CREDITORS

Amounts falling due within one year

8

4,037


127,298



NET CURRENT ASSETS

102,179


130,559



TOTAL ASSETS LESS CURRENT

LIABILITIES

119,860


155,706




PROVISIONS FOR LIABILITIES

-


3,353



NET ASSETS

119,860


152,353




CAPITAL AND RESERVES

Called up share capital

2,335


2,335



Capital redemption reserve

9

22,665


22,665



Retained earnings

9

94,860


127,353



SHAREHOLDERS' FUNDS

119,860


152,353




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


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.  


The director acknowledges his 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.



Prince & King Financial Services Limited (Registered number: 04134171)



Balance Sheet - continued

31 August 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 Income Statement has not been delivered.


The financial statements were approved by the director and authorised for issue on 19 September 2023 and were signed by:






M Prince - Director




Prince & King Financial Services Limited (Registered number: 04134171)



Notes to the Financial Statements

for the year ended 31 August 2023


1.

STATUTORY INFORMATION



Prince & King Financial Services 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.


The presentation currency of the financial statements is the Pound Sterling (£).


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.    



Revenue recognition


Turnover comprises commissions and fees receivable exclusive of sales related taxes. Commissions are recognised once a transaction has been completed. Fees comprise net invoiced sales for professional services rendered.



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.



Prince & King Financial Services Limited (Registered number: 04134171)



Notes to the Financial Statements - continued

for the year ended 31 August 2023


2.

ACCOUNTING POLICIES - continued



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, 15% on cost and Over the life of the lease


All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.


Taxation

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



Prince & King Financial Services Limited (Registered number: 04134171)



Notes to the Financial Statements - continued

for the year ended 31 August 2023


2.

ACCOUNTING POLICIES - continued


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.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the directors. Contributions payable to the company's pension scheme or a good independent stakeholder scheme for staff are charged to the profit and loss account in the period to which they relate.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 6 (2022 - 11 ) .


4.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 September 2022


and 31 August 2023

55,000




AMORTISATION


At 1 September 2022


and 31 August 2023

55,000




NET BOOK VALUE


At 31 August 2023

-




At 31 August 2022

-




5.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 September 2022


and 31 August 2023

79,956




DEPRECIATION


At 1 September 2022

62,309




Charge for year

7,466




At 31 August 2023

69,775




NET BOOK VALUE


At 31 August 2023

10,181




At 31 August 2022

17,647





Prince & King Financial Services Limited (Registered number: 04134171)



Notes to the Financial Statements - continued

for the year ended 31 August 2023


5.

TANGIBLE FIXED ASSETS - continued



6.

FIXED ASSET INVESTMENTS


Other


investments

£   



COST


At 1 September 2022


and 31 August 2023

7,500




NET BOOK VALUE


At 31 August 2023

7,500




At 31 August 2022

7,500




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.8.23


31.8.22

£   

£   



Trade debtors

-


263




Other debtors

41,807


66,049



41,807


66,312




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.8.23


31.8.22

£   

£   



Trade creditors

1


-




Taxation and social security

-


112,974




Other creditors

4,036


14,324



4,037


127,298




9.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 September 2022

127,353


22,665


150,018




Deficit for the year

(15,558

)

(15,558

)



Dividends

(16,935

)

(16,935

)



At 31 August 2023

94,860


22,665


117,525




The company affected a buy back of 7,665 ordinary Class "A" shares by special resolution dated 23rd March 2022 The subsequent Own Share Purchase Agreement was dated 6th April 2022 and the 7,665 Class "A" shares of £1each within that share class were cancelled.



Prince & King Financial Services Limited (Registered number: 04134171)



Notes to the Financial Statements - continued

for the year ended 31 August 2023


10.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



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



31.8.23


31.8.22

£   

£   



M Prince


Balance outstanding at start of year

7,935


7,683




Amounts advanced

258


252




Amounts repaid

(8,193

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


7,935