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COMPANY REGISTRATION NUMBER: 09880065
Kingscrest Services Limited
Filleted Unaudited Abridged Financial Statements
30 November 2023
Kingscrest Services Limited
Abridged Financial Statements
Year Ended 30 November 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 7
Kingscrest Services Limited
Abridged Statement of Financial Position
30 November 2023
2023
2022
(restated)
Note
£
£
£
Fixed Assets
Tangible assets
5
83,993
181,944
Investments
6
510,500
--------
---------
83,993
692,444
Current Assets
Debtors
1,313,119
1,250,809
Cash at bank and in hand
139,645
142,285
------------
------------
1,452,764
1,393,094
Creditors: amounts falling due within one year
927,765
920,410
------------
------------
Net Current Assets
524,999
472,684
---------
------------
Total Assets Less Current Liabilities
608,992
1,165,128
Creditors: amounts falling due after more than one year
21,435
70,046
Provisions
18,843
19,971
---------
------------
Net Assets
568,714
1,075,111
---------
------------
Capital and Reserves
Called up share capital
8
100
100
Profit and loss account
568,614
1,075,011
---------
------------
Shareholders Funds
568,714
1,075,111
---------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Kingscrest Services Limited
Abridged Statement of Financial Position (continued)
30 November 2023
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr R Burton
Director
Company registration number: 09880065
Kingscrest Services Limited
Notes to the Abridged Financial Statements
Year Ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mansion House, 19 Kingfield Road, Sheffield, South Yorkshire, S11 9AS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain fixed assets as specified in the accounting policies below. The financial statements are prepared in sterling, which is functional currency of the entity.
Going concern
The director monitors results and cash flow on an ongoing basis. The director believes the company has sufficient working capital to continue to trade for the foreseeable future. Therefore, the director considers it is appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
The turnover shown in the financial statements represents fees earned for services provided during the period, net of VAT.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 15 ).
5. Tangible assets
£
Cost
At 1 December 2022 as restated
250,831
Additions
9,972
Disposals
( 104,625)
---------
At 30 November 2023
156,178
---------
Depreciation
At 1 December 2022
68,887
Charge for the year
39,262
Disposals
( 35,964)
---------
At 30 November 2023
72,185
---------
Carrying amount
At 30 November 2023
83,993
---------
At 30 November 2022
181,944
---------
6. Investments
£
Cost
At 1 December 2022 as restated
510,500
Disposals
( 510,500)
---------
At 30 November 2023
---------
Impairment
At 1 December 2022 as restated and 30 November 2023
---------
Carrying amount
At 30 November 2022
510,500
---------
7. Prior period adjustment
A vehicle under a hire purchase agreement was omitted from the 2022 accounts in error. A prior year adjustment has been made resulting in changes to tangible fixed assets, hire purchase creditor and directors loan account. Profit and loss account reserves have decreased by £15,029.
8. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Securities
There is a fixed and floating debenture charge over the assets of the company for a loan in the name of Burton & Burton Properties, a partnership in which the director and shareholders of Kingscrest Services Limited have an interest in.
10. Directors' advances, credits and guarantees
The company operated an interest free loan account to the director during the period. The summary of the movement for the year is as follows:
Balance b/f Advances Repayments Balance c/f
£ £ £ £
Directors loan account (229,912) 293,312 (365,668) (157,556)
11. Related party transactions
During the year the company provided and received short and long term loans from related parties. The balances outstanding due from/(to) related parties at 30 November 2023 are as follows:
2023 2022
£ £
Amounts owed from group undertakings 668,368
Amounts owed to group undertakings (87,314)
Amounts owed from other related parties 38,879 672,973
Amounts owed to other related parties (371,646) (394,724)
The above are unsecured and repayable on demand.
12. Controlling party
The ultimate parent company is RB & RB Holdings Limited, a company incorporated in England and Wales.