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REGISTERED NUMBER: 01812753 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Kingswood Controls Limited

Kingswood Controls Limited (Registered number: 01812753)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Kingswood Controls Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: K P Gilliham





SECRETARY: K P Gilliham





REGISTERED OFFICE: Workshop 5
CEME Campus
Marsh Way
Rainham
Essex
RM13 8EU





REGISTERED NUMBER: 01812753 (England and Wales)





ACCOUNTANTS: Anser Solutions!
Chartered Accountants
Suite 1
19 Aviation Way
Southend Airport
Southend on Sea
Essex
SS2 6UN

Kingswood Controls Limited (Registered number: 01812753)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 13,818 18,351

CURRENT ASSETS
Stocks 29,885 32,055
Debtors 4 111,160 120,151
Cash at bank 320,122 199,283
461,167 351,489
CREDITORS
Amounts falling due within one year 5 200,165 158,667
NET CURRENT ASSETS 261,002 192,822
TOTAL ASSETS LESS CURRENT
LIABILITIES

274,820

211,173

CREDITORS
Amounts falling due after more than one year 6 (23,345 ) (38,694 )

PROVISIONS FOR LIABILITIES (3,455 ) -
NET ASSETS 248,020 172,479

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 248,018 172,477
248,020 172,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Kingswood Controls Limited (Registered number: 01812753)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 6 September 2024 and were signed by:





K P Gilliham - Director


Kingswood Controls Limited (Registered number: 01812753)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Kingswood Controls Limited (Registered number: 01812753)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 26,447
DEPRECIATION
At 1 January 2023 8,096
Charge for year 4,533
At 31 December 2023 12,629
NET BOOK VALUE
At 31 December 2023 13,818
At 31 December 2022 18,351

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 20,832
DEPRECIATION
At 1 January 2023 3,038
Charge for year 4,449
At 31 December 2023 7,487
NET BOOK VALUE
At 31 December 2023 13,345
At 31 December 2022 17,794

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 109,560 116,977
Other debtors 1,600 3,174
111,160 120,151

Kingswood Controls Limited (Registered number: 01812753)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,140 9,890
Hire purchase contracts 5,208 4,820
Trade creditors 144,593 133,533
Taxation and social security 31,847 6,779
Other creditors 8,377 3,645
200,165 158,667

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,806 24,947
Hire purchase contracts 8,539 13,747
23,345 38,694

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 13,747 -

Hire purchase liabilities are secured against the assets to which they used to procure.

The bank loan was taken out under the COVID / Bounceback loan legislation and is thus unsecured.