Registered number
06809595
Kingsley Smythe Limited
Filleted Accounts
29 February 2024
Kingsley Smythe Limited
Company Information
Directors
J J Lock
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered number
06809595
Kingsley Smythe Limited
Registered number: 06809595
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,151,390 1,050,080
Current assets
Stocks - 880,000
Debtors 4 471,263 37,500
Cash at bank and in hand 2,706 67,527
473,969 985,027
Creditors: amounts falling due within one year 5 (144,589) (474,717)
Net current assets 329,380 510,310
Total assets less current liabilities 1,480,770 1,560,390
Creditors: amounts falling due after more than one year 6 (954,166) (1,073,181)
Net assets 526,604 487,209
Capital and reserves
Called up share capital 2 2
Profit and loss account 526,602 487,207
Shareholders' funds 526,604 487,209
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J J Lock
Director
Approved by the board on 31 March 2024
Kingsley Smythe Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings nil
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 961,005 60,373 226,586 1,247,964
Additions - 73,487 92,118 165,605
At 29 February 2024 961,005 133,860 318,704 1,413,569
Depreciation
At 1 March 2023 - 21,123 176,761 197,884
Charge for the year - 16,520 47,775 64,295
At 29 February 2024 - 37,643 224,536 262,179
Net book value
At 29 February 2024 961,005 96,217 94,168 1,151,390
At 28 February 2023 961,005 39,250 49,825 1,050,080
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 432,551 -
Other debtors 38,712 37,500
471,263 37,500
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 95,101 368,136
Taxation and social security costs 32,483 96,631
Other creditors 17,005 9,950
144,589 474,717
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,167 34,167
Mortgage 444,856 503,518
Obligations under finance lease and hire purchase contracts 20,655 35,063
Directors loan 464,488 500,433
954,166 1,073,181
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 20,655 35,063
8 Controlling party
The company is controlled by the director.
9 Other information
Kingsley Smythe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
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