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Company No: 08522917 (England and Wales)

KINGS & BARNHAMS GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

KINGS & BARNHAMS GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

KINGS & BARNHAMS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
KINGS & BARNHAMS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 105,610 92,860
Tangible assets 4 754,636 613,006
Investments 5 89 89
860,335 705,955
Current assets
Debtors 6 338,378 127,748
Cash at bank and in hand 699,487 664,450
1,037,865 792,198
Creditors: amounts falling due within one year 7 ( 223,450) ( 205,027)
Net current assets 814,415 587,171
Total assets less current liabilities 1,674,750 1,293,126
Creditors: amounts falling due after more than one year 8 ( 241,915) ( 185,008)
Provision for liabilities 9 ( 88,240) ( 49,471)
Net assets 1,344,595 1,058,647
Capital and reserves
Called-up share capital 100 100
Share premium account 16,715 16,715
Profit and loss account 1,327,780 1,041,832
Total shareholders' funds 1,344,595 1,058,647

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kings & Barnhams Group Limited (registered number: 08522917) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S R Everett
Director

26 July 2024

KINGS & BARNHAMS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
KINGS & BARNHAMS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kings & Barnhams Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 George Edwards Road, Fakenham, NR21 8NL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment.

Software development expenditure is capitalised when it is incurred as it will generate future economic benefits and the cost can be reliably measured. Amortisation is charged once development work has been completed, all current developments are ongoing and therefore no amortisation has been charged.

Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 - 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its costs can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 3 years.

If it is not possible to distinguish between the research phases and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Computer software Total
£ £
Cost
At 01 November 2022 92,860 92,860
Additions 12,750 12,750
At 31 October 2023 105,610 105,610
Accumulated amortisation
At 01 November 2022 0 0
At 31 October 2023 0 0
Net book value
At 31 October 2023 105,610 105,610
At 31 October 2022 92,860 92,860

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 November 2022 558,156 33,586 339,931 931,673
Additions 0 1,999 191,787 193,786
Disposals 0 0 ( 12,000) ( 12,000)
At 31 October 2023 558,156 35,585 519,718 1,113,459
Accumulated depreciation
At 01 November 2022 64,887 16,549 237,231 318,667
Charge for the financial year 11,123 4,634 33,552 49,309
Disposals 0 0 ( 9,153) ( 9,153)
At 31 October 2023 76,010 21,183 261,630 358,823
Net book value
At 31 October 2023 482,146 14,402 258,088 754,636
At 31 October 2022 493,269 17,037 102,700 613,006
Leased assets included above:
Net book value
At 31 October 2023 0 10,135 204,510 214,645
At 31 October 2022 0 0 0 0

The Company has chosen to account for properties which it rents to another group entity, using the cost model. The carrying value of these properties is £482,145 (2022 - £493,269)

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 73 73
Participating interests 16 16
89 89

6. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 314,903 124,456
Other debtors 23,475 3,292
338,378 127,748

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 26,440 26,712
Trade creditors 18,971 19,762
Amounts owed to associates 115,549 87,395
Amounts owed to directors 695 695
Accruals 2,930 2,900
Corporation tax 6,019 32,107
Obligations under finance leases and hire purchase contracts 52,846 35,456
223,450 205,027

Secured creditors

The bank loans are secured by way charges over freehold property and a fixed and floating charge over all of the assets of the Company.

Obligations under hire purchase contracts are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 145,890 169,962
Obligations under finance leases and hire purchase contracts 96,025 15,046
241,915 185,008

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 102,526 105,668

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 49,471) ( 54,979)
(Charged)/credited to the Income Statement ( 38,769) 5,508
At the end of financial year ( 88,240) ( 49,471)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 88,240) ( 49,471)