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REGISTERED NUMBER: 09796628 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Kingstown Associates (Holdings) Limited

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18


Kingstown Associates (Holdings) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr P Chambers
Mr W Barry
Ms J L Stephenson
Ms E A Curd
Ms L Thompson





REGISTERED OFFICE: 1 Wadsworth Road
Kelleythorpe Industrial Estate
Driffield
East Yorkshire
YO25 9DJ





REGISTERED NUMBER: 09796628 (England and Wales)





AUDITORS: Harris Lacey and Swain
Chartered Accountants and Statutory Auditors
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Group Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.

The turnover in the year is £13,486,055 (2022: £15,511,408) which is a decrease of 13.1% on 2022. The gross profit margin has decreased to 14.6% compared with 15.9% in the prior year. Product margins have stabilised, the increase in material costs and increased cost of labour led the company to increase its selling prices in line with inflation. Initially the company chose not to pass on the increases further impacting the 'cost of living crisis' and absorbed these additional costs for as long as possible. The company experienced a small decline in turnover as was seen across the consumables sector; consumers heeded caution when purchasing any non-essential items through fear of further interest rises and speculation that the country was heading into a recession. This temporary downturn was mainly seen in the winter months were people nervously awaited their winter fuel bills. The company had previously cleared down all historical debt which strengthened the balance sheet and boosted cash reserves. The company also actively reserved cash through the year to purchase the building in which it operates. Completion took place September 2023; the group's balance sheet was further strengthened with the addition of the investment property.


Key Performance Indicators

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross profit and operating profit. Efficiency KPI's such as cost per order processed/picked and parcels per order are used to monitor our fulfilment process. We also closely monitor delivery costs as a percentage of sales and our marketing spend as a percentage of sales which has a direct correlation to sales and indicates its effectiveness.

2023 2022
£m £m
Turnover 13.5 15.5
Gross Profit 2.0 2.5
Operating Profit 0.1 0.3

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management and Policies

The main financial risks of the company relate to foreign exchange and credit (in relation to trade receivables).

Foreign exchange risk

Currency risk management relating to transactional business, if significant, is dealt with through the use of foreign currency forward contracts.

Credit risk (trade receivables)

The company's credit risk is primarily attributable to trade receivables. It is company policy that all customers are granted credit subject to credit verification procedures. A rigorous system of credit control is applied, and receivables are continually monitored. The amounts presented in the balance sheet are net of allowances for doubtful debts.


Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Group Strategic Report
for the Year Ended 31 December 2023

FUTURE DEVELOPMENTS
The Company has explored different ways in how it reaches out to its customers throughout the year and continues to concentrate on customer retention. Whilst the recruitment of new customers took a slight back seat in 2023, the intention for 2024 is to grow the existing database and increase the demographic spread of customers. The Company has continued to find interesting new products to create excitement alongside the staple and longstanding bestselling items which it provides to its customers. The company has always had the ethos of providing value for money and bringing products to the market which are not readily available to its target audience. The company will continue with this approach.

The Company's focus for 2023 was on customer reactivation and retention; in 2024 the focus is on growing the database, so the focus is on recruitment and retention of those new customers. The company's intention is to focus on obtaining 3 orders from a new customer, after which it is the expectation a customer will remain loyal to a brand. That said the promotions offered are tailored to each brand to build on customer spending habits and offer brand stability.

The company aims to maintain strong product margins and encourage a higher average order value, both of which affect the overall profitability and success of the company. The merchandise team, whilst keeping the product selection fresh, also actively resource the best value for money products whilst ensuring the quality of products sourced remain high and meet the customer expectations.

The company continues to maintain and improve the current stock forecasting system. With stock being one of the key assets it is essential the company maintains this at an optimum level whereby stock is available to fulfil orders without holding excess volumes and tying up free cash. A keen eye is still placed on slow movers and seasonal items to ensure current stock levels remain in line with demand.

The Company's plans for the current financial year are to increase and maintain the customer database with emphasis placed on customer retention. It continues to improve efficiencies in all areas and explore different ways to maximise the return on investment in marketing spend. The company has had to absorb hefty increases in 'National minimum wage' and will again in 2024, with that in mind it is essential that costs are managed with optimum efficiency, with all areas seeking to reduce costs by streamlining processes and renegotiating contracts or even changing suppliers.

Furthermore, with the completion of the building purchase finalised the company intends to build on this investment by increasing the value of the asset with investment in its internal infrastructure and by enhancing the external structure.

MATTERS OF STRATEGIC IMPORTANCE
As for many companies of our size, the business environment in which we operate continues to be challenging given the current global slowdown. The company approaches the new year with optimism of economic growth but still bears in mind the risks and uncertainties of an unstable economy. Whilst future development of the business may be subject to unforeseen future events outside of our control, we strive to grow and build value to strengthen the company's position. We will continue to show flexibility and respond to market conditions and opportunities as they arise.

ON BEHALF OF THE BOARD:





Mr W Barry - Director


16 September 2024

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of engagement in the UK mail order catalogue market.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr P Chambers
Mr W Barry
Ms J L Stephenson
Ms E A Curd
Ms L Thompson

Qualifying third party indemnity provision is in place for the benefit of the directors of the Company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr W Barry - Director


16 September 2024

Report of the Independent Auditors to the Members of
Kingstown Associates (Holdings) Limited


Opinion
We have audited the financial statements of Kingstown Associates (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Kingstown Associates (Holdings) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Kingstown Associates (Holdings) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets
- results of our enquiries of management and their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

Report of the Independent Auditors to the Members of
Kingstown Associates (Holdings) Limited

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Richard D. Lacey (Senior Statutory Auditor)
for and on behalf of Harris Lacey and Swain
Chartered Accountants and Statutory Auditors
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

18 September 2024

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 13,486,055 15,511,408

Cost of sales (11,521,924 ) (13,043,784 )
GROSS PROFIT 1,964,131 2,467,624

Administrative expenses (1,897,333 ) (2,125,532 )
OPERATING PROFIT 4 66,798 342,092


Interest payable and similar expenses 6 (38,401 ) (13,675 )
PROFIT BEFORE TAXATION 28,397 328,417

Tax on profit 7 (54,444 ) (59,246 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(26,047

)

269,171
(Loss)/profit attributable to:
Owners of the parent (26,047 ) 269,171

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (26,047 ) 269,171


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(26,047

)

269,171

Total comprehensive income attributable to:
Owners of the parent (26,047 ) 269,171

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Consolidated Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 3,799 73,809
Tangible assets 11 100,866 71,731
Investments 12 - 80
Investment property 13 2,221,645 -
2,326,310 145,620

CURRENT ASSETS
Stocks 14 1,328,927 1,407,527
Debtors 15 382,627 399,367
Cash at bank and in hand 152,761 460,267
1,864,315 2,267,161
CREDITORS
Amounts falling due within one year 16 1,436,848 1,150,696
NET CURRENT ASSETS 427,467 1,116,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,753,777

1,262,085

CREDITORS
Amounts falling due after more than one
year

17

(1,484,967

)

-

PROVISIONS FOR LIABILITIES 20 (52,885 ) (20,113 )
NET ASSETS 1,215,925 1,241,972

TRANSFER
Called up share capital 21 907 907
Share premium 22 5,170 5,170
Capital redemption reserve 22 251 251
Retained earnings 22 1,209,597 1,235,644
SHAREHOLDERS' FUNDS 1,215,925 1,241,972

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:




Mr W Barry - Director



Ms E A Curd - Director


Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Company Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,299,907 4,299,907
Investment property 13 2,221,645 -
6,521,552 4,299,907

CURRENT ASSETS
Cash at bank 31,563 -

CREDITORS
Amounts falling due within one year 16 4,579,691 3,832,957
NET CURRENT LIABILITIES (4,548,128 ) (3,832,957 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,973,424

466,950

CREDITORS
Amounts falling due after more than one
year

17

1,484,967

-
NET ASSETS 488,457 466,950

TRANSFER
Called up share capital 21 907 907
Share premium 22 5,170 5,170
Capital redemption reserve 22 251 251
Retained earnings 22 482,129 460,622
SHAREHOLDERS' FUNDS 488,457 466,950

Company's profit for the financial year 21,507 792,858

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:




Ms E A Curd - Director



Mr W Barry - Director


Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 1,000 880,784 5,000

Changes in equity
Issue of share capital (93 ) - 170
Dividends - (56,534 ) -
Total comprehensive income - 411,394 -
Balance at 31 December 2022 907 1,235,644 5,170

Changes in equity
Total comprehensive income - (26,047 ) -
Balance at 31 December 2023 907 1,209,597 5,170
Share
Capital based
redemption payment Total
reserve reserve equity
£    £    £   
Balance at 1 January 2022 - 142,393 1,029,177

Changes in equity
Issue of share capital - - 77
Dividends - - (56,534 )
Total comprehensive income 251 (142,393 ) 269,252
Balance at 31 December 2022 251 - 1,241,972

Changes in equity
Total comprehensive income - - (26,047 )
Balance at 31 December 2023 251 - 1,215,925

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 1,000 (417,925 ) 5,000

Changes in equity
Issue of share capital (93 ) - 170
Dividends - (56,534 ) -
Total comprehensive income - 935,081 -
Balance at 31 December 2022 907 460,622 5,170

Changes in equity
Total comprehensive income - 21,507 -
Balance at 31 December 2023 907 482,129 5,170
Share
Capital based
redemption payment Total
reserve reserve equity
£    £    £   
Balance at 1 January 2022 - 142,393 (269,532 )

Changes in equity
Issue of share capital - - 77
Dividends - - (56,534 )
Total comprehensive income 251 (142,393 ) 792,939
Balance at 31 December 2022 251 - 466,950

Changes in equity
Total comprehensive income - - 21,507
Balance at 31 December 2023 251 - 488,457

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 545,189 237,435
Interest paid (38,401 ) (13,675 )
Tax paid (74,484 ) (292,569 )
Net cash from operating activities 432,304 (68,809 )

Cash flows from investing activities
Purchase of intangible fixed assets (5,200 ) -
Purchase of tangible fixed assets (57,902 ) (38,155 )
Purchase of investment property (2,221,645 ) -
Sale of fixed asset investments - (80 )
Revaluation of intangible fixed assets - 628,483
Net cash from investing activities (2,284,747 ) 590,248

Cash flows from financing activities
New loans in year 1,559,250 -
Loan repayments in year (14,313 ) (575,000 )
Share issue - 1,581
Share buyback - (1,504 )
Equity dividends paid - (56,534 )
Net cash from financing activities 1,544,937 (631,457 )

Decrease in cash and cash equivalents (307,506 ) (110,018 )
Cash and cash equivalents at beginning of
year

2

460,267

570,285

Cash and cash equivalents at end of year 2 152,761 460,267

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 28,397 328,417
Depreciation charges 104,058 103,365
Finance costs 38,401 13,675
170,856 445,457
Decrease in stocks 78,600 949,634
Decrease in trade and other debtors 16,740 65,431
Increase/(decrease) in trade and other creditors 278,993 (1,223,087 )
Cash generated from operations 545,189 237,435

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 152,761 460,267
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 460,267 570,285


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 460,267 (307,506 ) 152,761
460,267 (307,506 ) 152,761
Debt
Debts falling due within 1 year - (59,971 ) (59,971 )
Debts falling due after 1 year - (1,484,967 ) (1,484,967 )
- (1,544,938 ) (1,544,938 )
Total 460,267 (1,852,444 ) (1,392,177 )

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


1. STATUTORY INFORMATION

Kingstown Associates (Holdings) 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the company.

Basis of consolidation
The consolidated financial statements incorporate those of the company and its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) other than those disclosed in note 11.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The cost of a business combination is the fair value at the acquisition date, of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property plant and equipment, and the accounting policy above for the useful economic lives for each class of assets.

Stock provisioning
The group retails in perishable goods and as a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the stock provision management considers the ageing of the goods and anticipated sale price. See note 12 for the net carrying amount of the stock and associated provision.

Useful economic lives of intangible assets
The annual amortisation charge and the economic useful life of intangibles is considered to be a key accounting estimate and judgement. Management have based the estimated life on the period over which repeat customer sales are expected to be generated from the capitalised customer database.

Fair value of share options
The fair value of share options at the date of grant is based upon market conditions at that specific date. This requires estimates of the current share price, together with requiring valuation assumptions to incorporate expected volatility and return on the shares over which an option exists.

Critical areas of judgement

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the group.

In considering the impairment of stock, management make judgements as to the estimated selling price less selling costs for obsolete and slow-moving items and whether impairment losses recognised in previous years have reversed.

In assessing impairment of the customer database acquired in November 2015, the directors make judgements concerning the repeat business of current customers and the expected cash flows which will arise from this customer group.

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the amount receivable from customers, excluding Value Added Tax and discounts, from their mail order trade. Turnover is recognised at the performance date, provided the amount can be reliably measured and it is probable that the economic benefits will flow to the entity. When merchandise is sold to customers, the performance date is normally defined as the point in time at which the customer becomes beneficial owner of the merchandise. The point at which the customer is considered to become the beneficial owner is at the point of dispatch. This transfer of beneficial ownership does not necessarily correspond to the transfer of legal ownership.

Goodwill
Goodwill is capitalised and written off evenly over 10 years as in the opinion of the directors, this represents the period over which the goodwill is expected to give rise to economic benefits.

Intangible fixed assets (other than goodwill)
Other intangible assets
Intangible assets purchased other than in a business combination are recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets arising on a business combination are recognised, except where the asset arises from legal or contractual rights, and there is no history or evidence of exchange transactions for the same or similar assets and estimating the asset's fair value would depend on immeasurable variables.

Intangible assets are initially recognised at cost (which for intangible assets acquired in a business combination is the fair value at acquisition date) and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised to profit or loss on a straight-line basis over their useful lives, as follows:-

Customer database - over 10 years
Purchased computer software - 10 - 20% reducing balance or straight line determined on an asset by asset basis

The customer database intangible represents the projected revenue achievable from existing customers at the business combination date who are estimated to have sales spanning a 10 year period. As such, the directors' have estimated the economic life of the customer database to be finite at 10 years, given the projection based on historic sales data.

On disposal, the difference between the net disposal proceeds and the carrying amount of the intangible asset is recognised in profit or loss.

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation

Depreciation is calculated so as to write off the cost of an asset to its estimated residual value, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:

Plant & Machinery - 10-20% reducing balance or straight line determined on an asset by asset basis
Leasehold Improvements - over the term of the lease

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Impairment of fixed assets
An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the group estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit or loss or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to complete and selling costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less selling costs is recognised as an impairment loss in the profit and loss. Reversals of impairment losses are also recognised in the profit and loss.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any long service potential, i.e. benefits expected from use or sale of the stock.

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument and are offset only when the company currently has legally enforceable right to set off the recognised amounts and intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial Assets

Trade debtors and other debtors

Trade debtors and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any settled and impairment losses.

A provision for the impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in the profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade creditors and other creditors

Trade creditors, other creditors, group balances and accruals payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar expenses.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

Derecognition of financial assets and liabilities


Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


2. ACCOUNTING POLICIES - continued
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of transaction or, if the asset or liability is measured at fair value, the rate when fair value was determined.

All translation differences are taken to profit and loss, except to the extent that they relate to gains and losses recognised on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,266,974 2,547,316
Social security costs 166,543 190,769
Other pension costs 33,424 42,050
2,466,941 2,780,135

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Distribution 31 38
Administrative 25 29
Call centre 44 46
100 113

2023 2022
£    £   
Directors' remuneration 308,222 342,763
Directors' pension contributions to money purchase schemes 1,043 6,217

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 70,954 78,438
Pension contributions to money purchase schemes 220 1,321

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 28,767 21,494
Customer database amortisation 69,893 69,974
Computer software amortisation 5,317 11,897

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

10,390

9,600

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan note interest - 13,675
Interest payable 38,401 -
38,401 13,675

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 21,672 74,729

Deferred tax 32,772 (15,483 )
Tax on profit 54,444 59,246

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 28,397 328,417
Profit multiplied by the standard rate of corporation tax in the UK of
23.160 % (2022 - 19 %)

6,577

62,399

Effects of:
Expenses not deductible for tax purposes 16,206 34,866
Capital allowances in excess of depreciation - (25,134 )
Depreciation in excess of capital allowances 4,115 -
Utilisation of tax losses (11,300 ) -
Adjustments to tax charge in respect of previous periods (245 ) -
Trading loss carried forward 6,319 2,598
Deferred tax 32,772 (15,483 )
Total tax charge 54,444 59,246

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £0.10 each
Interim - 36,046
Ordinary C shares of £0.10 each
Interim - 20,488
- 56,534

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


10. INTANGIBLE FIXED ASSETS

Group
Customer Computer
Goodwill database software Totals
£    £    £    £   
COST
At 1 January 2023 506,727 699,731 343,778 1,550,236
Additions - - 5,200 5,200
At 31 December 2023 506,727 699,731 348,978 1,555,436
AMORTISATION
At 1 January 2023 646,873 495,648 333,906 1,476,427
Amortisation for year - 69,893 5,317 75,210
At 31 December 2023 646,873 565,541 339,223 1,551,637
NET BOOK VALUE
At 31 December 2023 (140,146 ) 134,190 9,755 3,799
At 31 December 2022 (140,146 ) 204,083 9,872 73,809

11. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 146,255 231,619 377,874
Additions 56,825 1,077 57,902
Disposals - (19,425 ) (19,425 )
At 31 December 2023 203,080 213,271 416,351
DEPRECIATION
At 1 January 2023 111,648 194,495 306,143
Charge for year 18,481 10,286 28,767
Eliminated on disposal - (19,425 ) (19,425 )
At 31 December 2023 130,129 185,356 315,485
NET BOOK VALUE
At 31 December 2023 72,951 27,915 100,866
At 31 December 2022 34,607 37,124 71,731

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023 80
Disposals (80 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 80
Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 4,299,907
NET BOOK VALUE
At 31 December 2023 4,299,907
At 31 December 2022 4,299,907


Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


12. FIXED ASSET INVESTMENTS - continued


The company holds more than 20% of the share capital of the following companies:


Name
Country of
incorporation

Holding
Proportion of voting
rights

Principal activity
Direct Indirect
Kingstown
Associates
Limited


England & Wales

Ordinary
shares


100%


-
Engagement in the
UK mail order
catalogue market
Fashion
Friendly
Limited


England & Wales

Ordinary
shares


-


100%

Dormant
company*
Healthy Living
Direct Limited

England & Wales
Ordinary
shares

-

100%
Dormant
company*
Affordable
Choices
Limited


England & Wales

Ordinary
shares


-


100%

Dormant
company*
Housewares
Direct Limited

England & Wales
Ordinary
shares

-

100%
Dormant
company*
Sparkling
Touches
Limited


England & Wales

Ordinary
shares


-


100%

Dormant
company*

* denotes subsidiary is exempt from audit by virtue of s480 of Companies Act 2006 and that shares in the company are held by Kingstown Associates Limited, a 100% subsidiary.

The registered office of each subsidiary company is 1 Wadsworth Road, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ.

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 2,221,645
At 31 December 2023 2,221,645
NET BOOK VALUE
At 31 December 2023 2,221,645

Company
Total
£   
FAIR VALUE
Additions 2,221,645
At 31 December 2023 2,221,645
NET BOOK VALUE
At 31 December 2023 2,221,645

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


14. STOCKS

Group
2023 2022
£    £   
Finished goods 1,328,927 1,407,527

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 119,330 128,563
Amounts owed by group undertakings 1 1
Prepayments and accrued income 263,296 270,803
382,627 399,367

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 59,971 - 59,971 -
Trade creditors 755,217 727,576 - -
Amounts owed to group undertakings - - 4,510,164 3,832,957
Tax 21,917 74,729 - -
Social security and other taxes 240,910 269,975 - -
Other creditors 34,541 10,071 - -
Accrued expenses 324,292 68,345 9,556 -
1,436,848 1,150,696 4,579,691 3,832,957

Included in other creditors is an amount of £7,562 (2022: £10,071) in relation to outstanding pension contributions.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 1,484,967 - 1,484,967 -

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Vendor loans 59,971 - 59,971 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 64,577 - 64,577 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,420,390 - 1,420,390 -

The group's bankers and loan note holders hold a fixed charge over all freehold and leasehold properties, totalling £2,221,645, together with a floating charge over all assets of the group. The loan note ranks secondary to the bank loans until the bank loans are repaid in full.

The loan is repayable over a 5 year period with an interest rate of 2% over the Bank of England base rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 29,778 37,400
Between one and five years 20,878 -
50,656 37,400

Lease payments have been recognised as an expense within the profit and loss account.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 52,885 20,113

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 20,113
Provided during year 32,772
Balance at 31 December 2023 52,885

Deferred taxation is measured at 23.16% (2022: 19%) which is the marginal rate of UK corporation tax substantively enacted at the balance sheet date.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,506 Ordinary A £0.10 - -
7,494 Ordinary B £0.10 749 749
1,580 Ordinary C £0.10 158 158
907 907

22. TRANSFER

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 1,235,644 5,170 251 1,241,065
Deficit for the year (26,047 ) (26,047 )
At 31 December 2023 1,209,597 5,170 251 1,215,018

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 460,622 5,170 251 466,043
Profit for the year 21,507 21,507
At 31 December 2023 482,129 5,170 251 487,550

Kingstown Associates (Holdings) Limited (Registered number: 09796628)

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


22. TRANSFER - continued

Reserves of the company represent the following:

Capital redemption reserve
The nominal value of shares repurchased and still held at the end of the reporting period.

Profit and loss account
Cumulative profit and loss net of distributions to owners.

Share premium reserve
The amount the company raises on the issue of shares in excess of the nominal value of the shares.

23. PENSION COMMITMENTS

The company operates defined contribution pension schemes. Contributions of £33,424 (2022: £42,050) were made during the year and expenses to the profit and loss account.