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REGISTERED NUMBER: 10352270 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

KINGS FOREST LIVERY LTD

KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)






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


KINGS FOREST LIVERY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mrs M E Mason
Mr P A Mason





REGISTERED OFFICE: Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY





REGISTERED NUMBER: 10352270 (England and Wales)





ACCOUNTANTS: Twinn Accountants Limited
Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY

KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 603,527 611,119

CURRENT ASSETS
Stocks 5 1,985 2,978
Debtors 6 1,617 1,517
Cash at bank 6,274 2,395
9,876 6,890
CREDITORS
Amounts falling due within one year 7 222,760 226,865
NET CURRENT LIABILITIES (212,884 ) (219,975 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

390,643

391,144

CREDITORS
Amounts falling due after more than one
year

8

(37,770

)

(46,802

)

PROVISIONS FOR LIABILITIES (73,119 ) (58,165 )
NET ASSETS 279,754 286,177

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 9 204,275 243,130
Retained earnings 75,477 43,045
SHAREHOLDERS' FUNDS 279,754 286,177

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 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.

KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)

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 Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:





Mrs M E Mason - Director


KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Kings Forest Livery Ltd 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 as modified by the revaluation of certain assets.

Changes in accounting policies
During the previous year, the accounting policy relating to the measurement of property improvements was changed from the cost method to the revaluation method. The directors consider this to be a more reliable and relevant basis on which to measure the property improvements at the year end.

Turnover
Income 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Machinery & equipment - 25% on reducing balance
Computer equipment - 33% on cost

Property improvements are not depreciated.

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 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.

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.

KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of the capital and interest elements. The interest is charged to the profit and loss so as to produce a constant periodic rate of interest of the remaining balance of the liability.

Rentals payable under the operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Fixed assets measured at revalued amounts
Property improvements are measured using the revaluation method. The revaluation is reviewed annually based on market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Property Machinery Computer
improvements & equipment equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 September 2022 577,355 61,010 350 638,715
Additions - 1,137 - 1,137
At 31 August 2023 577,355 62,147 350 639,852
DEPRECIATION
At 1 September 2022 - 27,246 350 27,596
Charge for year - 8,729 - 8,729
At 31 August 2023 - 35,975 350 36,325
NET BOOK VALUE
At 31 August 2023 577,355 26,172 - 603,527
At 31 August 2022 577,355 33,764 - 611,119

Cost or valuation at 31 August 2023 is represented by:

Property Machinery Computer
improvements & equipment equipment Totals
£    £    £    £   
Valuation in 2020 222,367 - - 222,367
Valuation in 2022 50,000 - - 50,000
Cost 304,988 62,147 350 367,485
577,355 62,147 350 639,852

During the previous year, the company adopted the revaluation method in relation to the property improvements.

KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Machinery
& equipment
£   
COST OR VALUATION
At 1 September 2022
and 31 August 2023 33,073
DEPRECIATION
At 1 September 2022 8,785
Charge for year 6,072
At 31 August 2023 14,857
NET BOOK VALUE
At 31 August 2023 18,216
At 31 August 2022 24,288

5. STOCKS
2023 2022
£    £   
Stocks 1,985 2,978

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 1,617 1,517

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,532 5,294
Trade creditors 286 386
Corporation tax 5,833 6,695
Other creditors 3,945 5,369
Directors' current accounts 205,348 207,093
Accrued expenses 1,816 2,028
222,760 226,865

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 26,500 30,000
Hire purchase contracts 11,270 16,802
37,770 46,802

KINGS FOREST LIVERY LTD (REGISTERED NUMBER: 10352270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

9. RESERVES
Revaluation
reserve
£   
At 1 September 2022 243,130
Changes to tax rates (16,342 )
Transfer (22,513 )

At 31 August 2023 204,275