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REGISTERED NUMBER: 03750873 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KING COMPONENTS LIMITED

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

KING COMPONENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R J King
D E King





REGISTERED OFFICE: Unit 20
Stonebridge East
Invincible Way
Liverpool
Merseyside
L11 0ED





REGISTERED NUMBER: 03750873 (England and Wales)





ACCOUNTANTS: John Kerr - Chartered Accountants
375 Eaton Road
West Derby
Liverpool
Merseyside
L12 2AH

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,000 2,000
Tangible assets 5 36,330 26,801
37,330 28,801

CURRENT ASSETS
Stocks 178,419 173,889
Debtors 6 340,766 378,117
Cash at bank 288,893 151,959
808,078 703,965
CREDITORS
Amounts falling due within one year 7 467,554 418,564
NET CURRENT ASSETS 340,524 285,401
TOTAL ASSETS LESS CURRENT LIABILITIES 377,854 314,202

CREDITORS
Amounts falling due after more than one year 8 (13,270 ) (23,208 )

PROVISIONS FOR LIABILITIES (7,156 ) (3,534 )
NET ASSETS 357,428 287,460

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 357,328 287,360
SHAREHOLDERS' FUNDS 357,428 287,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

BALANCE SHEET - continued
31 MARCH 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





R J King - Director


KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

King Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Fixtures & equipment - 20% on cost
Motor vehicles - 20% on cost

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 Statement of Income and Retained Earnings, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Pension costs
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes 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 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 20,000
AMORTISATION
At 1 April 2023 18,000
Amortisation for year 1,000
At 31 March 2024 19,000
NET BOOK VALUE
At 31 March 2024 1,000
At 31 March 2023 2,000

5. TANGIBLE FIXED ASSETS
Short Fixtures Motor
leasehold & equipment vehicles Totals
£    £    £    £   
COST
At 1 April 2023 5,000 41,592 56,569 103,161
Additions - - 24,740 24,740
Disposals - - (10,420 ) (10,420 )
At 31 March 2024 5,000 41,592 70,889 117,481
DEPRECIATION
At 1 April 2023 4,998 41,591 29,771 76,360
Charge for year - - 12,711 12,711
Eliminated on disposal - - (7,920 ) (7,920 )
At 31 March 2024 4,998 41,591 34,562 81,151
NET BOOK VALUE
At 31 March 2024 2 1 36,327 36,330
At 31 March 2023 2 1 26,798 26,801

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 318,491 325,882
Other debtors 22,275 52,235
340,766 378,117

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 15,294
Trade creditors 315,765 284,792
Taxation and social security 116,683 88,433
Other creditors 25,106 30,045
467,554 418,564

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 13,270 23,208

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 20,603 13,789

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 23,270 38,502

The bank loans are secured by a debenture giving fixed and floating charges over the undertaking and all property and assets present and future.

KING COMPONENTS LIMITED (REGISTERED NUMBER: 03750873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
R J King
Balance outstanding at start of year 38,014 -
Amounts advanced - 42,714
Amounts repaid (38,014 ) (4,700 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 38,014

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KING COMPONENTS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of King Components Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of King Components Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of King Components Limited and state those matters that we have agreed to state to the Board of Directors of King Components Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than King Components Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that King Components 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 King Components Limited. You consider that King Components 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 King Components 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.






John Kerr - Chartered Accountants
375 Eaton Road
West Derby
Liverpool
Merseyside
L12 2AH


13 August 2024