REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Kingfisher Building Products Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Kingfisher Building Products Limited |
Kingfisher Building Products Limited (Registered number: SC249720) |
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 |
Kingfisher Building Products Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bank Chambers |
31 The Square |
Cumnock |
Ayrshire |
KA18 1AT |
Kingfisher Building Products Limited (Registered number: SC249720) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Kingfisher Building Products Limited (Registered number: SC249720) |
Balance Sheet - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Kingfisher Building Products Limited (Registered number: SC249720) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Kingfisher Building Products Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Amortisation of intangible assets - Amortisation is not charged in the year of addition. Thereafter amortisation is provided at a rate of 33 1/3% per annum on cost to write off the cost of the intangible asset off over it's expected useful life. |
Tangible fixed assets |
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful economic life as follows: |
Improvements to property | 4% |
Plant and machinery | 10% |
Motor vehicles | 20% |
Computer equipment | 33 1/3% |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Kingfisher Building Products Limited operate a recourse factoring arrangement against Invoices due. |
Amounts advanced to Kingfisher Building Products Limited are included in Other Creditors until repaid. |
Factor charges in respect of interest and administration fees are expensed to the Profit and Loss account as incurred. |
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. |
Kingfisher Building Products Limited (Registered number: SC249720) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Kingfisher Building Products Limited (Registered number: SC249720) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Other debtors |
Trade debtor amounts subject to factoring arrangements are as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Amounts due to factors included in trade debtors | 342,223 | 13,549 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Kingfisher Building Products Limited (Registered number: SC249720) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
Factors advances | 342,223 | - |
Bank loans are secured by bond and floating charge over the assets of the company. |
Factors advances are secured over trade debtors. |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Mr G Grainger |
Directors loan |
31.8.23 | 31.8.22 |
£ | £ |
At 1 September 2022 | 8,500 | 1,361 |
The maximum amount due to Mr Grainger in the year under review was | 16,014 | 8,500 |
At 31 August 2023 | 16,014 | 8,500 |
Rent charges |
The company rents factory space from from Mr G Grainger. Rents charged in the year under review are as | follows: |
31.8.23 | 31.8.22 |
£ | £ |
Rental charges | 103,900 | 103,900 |
11. | RELATED PARTY DISCLOSURES |
Kingfisher Connemaras LLP, a limited liability partnership of which G Grainger is a member, |
provided management services to Kingfisher Building Products Limited. |
The transactions were as follows: | 31.8.23 |
£ |
Amount due to Kingfisher Building Products Limited at 1 September 2022 | Nil |
Provision of services to Kingfisher Building Products Limited | 143,598 |
Payments by Kingfisher Building Products Limited | (143,598 | ) |
Amount due to Kingfisher Building Products Limited at 31 August 2023 | Nil |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is G L Grainger. |