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Company registration number: 2245922
Kingfisher Carpets Limited
Unaudited filleted financial statements
31 May 2024
Kingfisher Carpets Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Kingfisher Carpets Limited
Directors and other information
Directors Mr K G Knight
Mrs B A Knight
Secretary Mr K G Knight
Company number 2245922
Registered office Unit 5 Bridgeside Trading Estate
Kettlebrook Road
Tamworth
Staffordshire
B77 1AB
Business address Unit 5 Bridgeside Trading Estate
Kettlebrook Road
Tamworth
Staffordshire
B77 1AB
Accountants Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Bankers Lloyds TSB Plc
George Street
Tamworth
Staffordshire
B79 7PA
Kingfisher Carpets Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Kingfisher Carpets Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingfisher Carpets Limited for the year ended 31 May 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Kingfisher Carpets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kingfisher Carpets Limited and state those matters that we have agreed to state to the board of directors of Kingfisher Carpets Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingfisher Carpets Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kingfisher Carpets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kingfisher Carpets Limited. You consider that Kingfisher Carpets Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kingfisher Carpets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lindley & Co
Chartered Certified Accountants
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
2 August 2024
Kingfisher Carpets Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 194,178 194,282
_______ _______
194,178 194,282
Current assets
Stocks 4,705 4,075
Debtors 6 170,831 195,050
Cash at bank and in hand 800,068 840,064
_______ _______
975,604 1,039,189
Creditors: amounts falling due
within one year 7 ( 99,881) ( 141,753)
_______ _______
Net current assets 875,723 897,436
_______ _______
Total assets less current liabilities 1,069,901 1,091,718
_______ _______
Net assets 1,069,901 1,091,718
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 1,064,901 1,086,718
_______ _______
Shareholders funds 1,069,901 1,091,718
_______ _______
For the year ending 31 May 2024 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 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 financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2024 , and are signed on behalf of the board by:
Mr K G Knight
Director
Company registration number: 2245922
Kingfisher Carpets Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 5,000 1,001,612 1,006,612
Profit for the year 235,106 235,106
_______ _______ _______
Total comprehensive income for the year - 235,106 235,106
Dividends paid and payable ( 150,000) ( 150,000)
_______ _______ _______
Total investments by and distributions to owners - ( 150,000) ( 150,000)
_______ _______ _______
At 31 May 2023 and 1 June 2023 5,000 1,086,718 1,091,718
Profit for the year 53,183 53,183
_______ _______ _______
Total comprehensive income for the year - 53,183 53,183
Dividends paid and payable ( 75,000) ( 75,000)
_______ _______ _______
Total investments by and distributions to owners - ( 75,000) ( 75,000)
_______ _______ _______
At 31 May 2024 5,000 1,064,901 1,069,901
_______ _______ _______
Kingfisher Carpets Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Kingfisher Carpets Limited, Unit 5 Bridgeside Trading Estate, Kettlebrook Road, Tamworth, Staffordshire, B77 1AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
No depreciation has been provided on the buildings element of freehold property. The directors consider that the freehold property is maintained in such a state of repair that the residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 3 (2023: 3 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2023 and 31 May 2024 193,962 21,759 21,678 6,800 244,199
_______ _______ _______ _______ _______
Depreciation
At 1 June 2023 - 21,699 21,418 6,800 49,917
Charge for the year - 30 74 - 104
_______ _______ _______ _______ _______
At 31 May 2024 - 21,729 21,492 6,800 50,021
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 193,962 30 186 - 194,178
_______ _______ _______ _______ _______
At 31 May 2023 193,962 60 260 - 194,282
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 170,331 194,550
Other debtors 500 500
_______ _______
170,831 195,050
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 73,669 69,576
Corporation tax 13,006 57,854
Social security and other taxes 12,211 13,328
Other creditors 995 995
_______ _______
99,881 141,753
_______ _______
8. Controlling party
The company is under the control of K G Knight and Mrs B A Knight who own 100% of the issued share capital.