Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01false5The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.5true 10646691 2022-04-01 2023-03-31 10646691 2021-04-01 2022-03-31 10646691 2023-03-31 10646691 2022-03-31 10646691 c:Director2 2022-04-01 2023-03-31 10646691 d:PlantMachinery 2022-04-01 2023-03-31 10646691 d:PlantMachinery 2023-03-31 10646691 d:PlantMachinery 2022-03-31 10646691 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10646691 d:FurnitureFittings 2022-04-01 2023-03-31 10646691 d:FurnitureFittings 2023-03-31 10646691 d:FurnitureFittings 2022-03-31 10646691 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10646691 d:ComputerEquipment 2022-04-01 2023-03-31 10646691 d:ComputerEquipment 2023-03-31 10646691 d:ComputerEquipment 2022-03-31 10646691 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10646691 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10646691 d:CurrentFinancialInstruments 2023-03-31 10646691 d:CurrentFinancialInstruments 2022-03-31 10646691 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10646691 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10646691 d:ShareCapital 2023-03-31 10646691 d:ShareCapital 2022-03-31 10646691 d:RetainedEarningsAccumulatedLosses 2023-03-31 10646691 d:RetainedEarningsAccumulatedLosses 2022-03-31 10646691 c:FRS102 2022-04-01 2023-03-31 10646691 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10646691 c:FullAccounts 2022-04-01 2023-03-31 10646691 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10646691









KING'S TRADING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
KING'S TRADING LIMITED
REGISTERED NUMBER: 10646691

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
988
1,232

Current assets
  

Stocks
  
2,640
2,100

Debtors: amounts falling due within one year
 5 
15,318
12,322

Cash at bank and in hand
 6 
26,993
93,468

  
44,951
107,890

Creditors: amounts falling due within one year
 7 
(51,020)
(141,814)

Net current liabilities
  
 
 
(6,069)
 
 
(33,924)

Total assets less current liabilities
  
(5,081)
(32,692)

  

Net liabilities
  
(5,081)
(32,692)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(5,091)
(32,702)

  
(5,081)
(32,692)


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.


Paul Timothy Wright
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
KING'S TRADING LIMITED
 

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

1.


General information

The principal activity of the company is to operate a cafe and hire premises for events.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
KING'S TRADING LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
KING'S TRADING LIMITED
 

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

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
KING'S TRADING LIMITED
 

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

3.


Employees

2023
2022
£
£

Wages and salaries
66,392
54,181

Social security costs
3,306
2,981

Cost of defined contribution scheme
2,593
2,727

72,291
59,889


The average monthly number of employees, including directors, during the period was 5 (2022 - 5).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
14,252
12,115
208
26,575


Additions
430
-
-
430



At 31 March 2023

14,682
12,115
208
27,005



Depreciation


At 1 April 2022
13,490
11,779
74
25,343


Charge for the period on owned assets
407
215
52
674



At 31 March 2023

13,897
11,994
126
26,017



Net book value



At 31 March 2023
785
121
82
988



At 31 March 2022
762
336
134
1,232

Page 5

 
KING'S TRADING LIMITED
 

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

5.


Debtors

2023
2022
£
£


Trade debtors
15,231
12,312

Other debtors
87
10

15,318
12,322



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
26,993
93,468

26,993
93,468



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,672
3,847

Amounts owed to group undertakings
30,857
127,883

Other taxation and social security
13,426
7,584

Accruals and deferred income
2,065
2,500

51,020
141,814



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,593 (2022: £2,727).


9.


Controlling party

The Company is wholly owned by The King's Church Mid Sussex, registered office: 33 - 35, Victoria Road, Burgess Hill, West Sussex, RH15 9LR.

Page 6