A M King & Sons Ltd 11382737 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of construction. Digita Accounts Production Advanced 6.30.9574.0 true 11382737 2023-06-01 2024-05-31 11382737 2024-05-31 11382737 core:CurrentFinancialInstruments 2024-05-31 11382737 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11382737 core:Goodwill 2024-05-31 11382737 core:FurnitureFittings 2024-05-31 11382737 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 11382737 core:MotorVehicles 2024-05-31 11382737 core:OfficeEquipment 2024-05-31 11382737 core:PlantMachinery 2024-05-31 11382737 1 2024-05-31 11382737 bus:SmallEntities 2023-06-01 2024-05-31 11382737 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11382737 bus:FilletedAccounts 2023-06-01 2024-05-31 11382737 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11382737 bus:RegisteredOffice 2023-06-01 2024-05-31 11382737 bus:Director1 2023-06-01 2024-05-31 11382737 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11382737 core:Goodwill 2023-06-01 2024-05-31 11382737 core:ComputerEquipment 2023-06-01 2024-05-31 11382737 core:FurnitureFittings 2023-06-01 2024-05-31 11382737 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11382737 core:LandBuildings 2023-06-01 2024-05-31 11382737 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11382737 core:MotorVehicles 2023-06-01 2024-05-31 11382737 core:OfficeEquipment 2023-06-01 2024-05-31 11382737 core:PlantMachinery 2023-06-01 2024-05-31 11382737 countries:EnglandWales 2023-06-01 2024-05-31 11382737 1 2023-06-01 2024-05-31 11382737 2023-05-31 11382737 core:Goodwill 2023-05-31 11382737 core:FurnitureFittings 2023-05-31 11382737 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 11382737 core:MotorVehicles 2023-05-31 11382737 core:OfficeEquipment 2023-05-31 11382737 core:PlantMachinery 2023-05-31 11382737 1 2023-05-31 11382737 2022-06-01 2023-05-31 11382737 2023-05-31 11382737 core:CurrentFinancialInstruments 2023-05-31 11382737 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11382737 core:Goodwill 2023-05-31 11382737 core:FurnitureFittings 2023-05-31 11382737 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 11382737 core:MotorVehicles 2023-05-31 11382737 core:OfficeEquipment 2023-05-31 11382737 core:PlantMachinery 2023-05-31 11382737 1 2023-05-31 11382737 1 2022-06-01 2023-05-31 11382737 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 11382737

A M King & Sons Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

A M King & Sons Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

A M King & Sons Ltd

(Registration number: 11382737)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,200

11,500

Tangible assets

5

34,079

34,098

 

43,279

45,598

Current assets

 

Stocks

12,369

11,443

Debtors

6

5,280

4,559

Cash at bank and in hand

 

48,524

52,144

 

66,173

68,146

Creditors: Amounts falling due within one year

7

(24,585)

(27,237)

Net current assets

 

41,588

40,909

Total assets less current liabilities

 

84,867

86,507

Provisions for liabilities

(6,319)

(6,478)

Net assets

 

78,548

80,029

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

78,546

80,027

Shareholders' funds

 

78,548

80,029

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

 

A M King & Sons Ltd

(Registration number: 11382737)
Statement of Financial Position as at 31 May 2024 (continued)


Mr Andrew King
Director

 

A M King & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mandava
Ringmore
Kingsbridge
Devon
TQ7 4HL
England

Principal activity

The principal activity of the company is that of construction.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

A M King & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for goods supplied and services rendered in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

15% reducing balance

Plant and machinery

15% reducing balance

Fittings fixtures and equipment

20% reducing balance

 

A M King & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

A M King & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

23,000

23,000

At 31 May 2024

23,000

23,000

Amortisation

At 1 June 2023

11,500

11,500

Amortisation charge

2,300

2,300

At 31 May 2024

13,800

13,800

Carrying amount

At 31 May 2024

9,200

9,200

At 31 May 2023

11,500

11,500

 

A M King & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

2,895

259

58,024

1,985

4,567

67,730

Additions

1,224

-

2,885

1,788

-

5,897

At 31 May 2024

4,119

259

60,909

3,773

4,567

73,627

Depreciation

At 1 June 2023

920

160

27,088

1,981

3,483

33,632

Charge for the year

375

20

4,863

387

271

5,916

At 31 May 2024

1,295

180

31,951

2,368

3,754

39,548

Carrying amount

At 31 May 2024

2,824

79

28,958

1,405

813

34,079

At 31 May 2023

1,975

99

30,936

4

1,084

34,098

6

Debtors

2024
£

2023
£

Other debtors

3,894

3,500

Prepayments

1,386

1,059

5,280

4,559

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

2,060

-

Taxation and social security

6,040

6,719

Accruals and deferred income

1,619

1,412

Other creditors

14,866

19,106

24,585

27,237

 

A M King & Sons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

During the year the directors entered into the following advances and credits with the company:
 

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Directors

(19,106)

4,800

-

(14,306)

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Directors

(31,983)

12,877

-

(19,106)

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.