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Registration number: 11001654

Kinross Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Kinross Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Kinross Limited

Company Information

Director:

Mr T Hyman

Company secretary:

Ms R S Hyman

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

11001654

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Kinross Limited

(Registration number: 11001654)
Balance Sheet as at 31 December 2023

Note

31.12.23

31.12.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

1,672,032

 

1,660,094

CURRENT ASSETS

   

 

Stocks

124

 

205

 

Debtors

5

405,835

 

418,843

 

Cash at bank and in hand

 

178,135

 

190,660

 

 

584,094

 

609,708

 

CREDITORS

   

 

Creditors within 1yr

6

503,680

 

466,670

 

Net current assets

   

80,414

 

143,038

Total assets less current liabilities

   

1,752,446

 

1,803,132

Creditors
Amounts falling due after more than one year

6

 

1,424,429

 

1,510,700

Net assets

   

328,017

 

292,432

CAPITAL AND RESERVES

   

 

Called up share capital

 

100

 

100

Profit and loss account

 

327,917

 

292,332

Shareholders' funds

   

328,017

 

292,432

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Kinross Limited

(Registration number: 11001654)
Balance Sheet as at 31 December 2023 (continued)

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 September 2024

.........................................
Mr T Hyman
Director

 

Kinross Limited

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

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:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 20 September 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss

Tax

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 orsubstantively enacted by the balance sheet date.

 

Kinross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% straight line basis

Fixtures and fittings

20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2022 - 14).

 

Kinross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4.

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,596,145

197,119

7,386

1,800,650

Additions

-

32,450

-

32,450

At 31 December 2023

1,596,145

229,569

7,386

1,833,100

Depreciation

At 1 January 2023

-

138,787

1,769

140,556

Charge for the year

-

18,748

1,764

20,512

At 31 December 2023

-

157,535

3,533

161,068

Carrying amount

At 31 December 2023

1,596,145

72,034

3,853

1,672,032

At 31 December 2022

1,596,145

58,332

5,617

1,660,094

The freehold property is maintained to a high standard and no depreciation is charged as, in the opinion of the director, any such sum is immaterial.

The cost of the freehold property for capital gains tax purposes is £1,596,145

5.

Debtors

Current

31.12.23
£

31.12.22
£

Trade debtors

58,883

68,561

Other debtors

346,952

350,282

 

405,835

418,843

 

Kinross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6.

Creditors

Creditors: amounts falling due within one year

Note

31.12.23
£

31.12.22
£

Due within one year

 

Loans and borrowings

88,822

98,583

Trade creditors

 

40,407

52,564

Taxation and social security

 

11,498

16,433

Accruals and deferred income

 

13,966

16,039

Other creditors

 

348,987

283,051

 

503,680

466,670

Creditors: amounts falling due after more than one year

Note

31.12.23
£

31.12.22
£

Due after one year

 

Loans and borrowings

997,787

1,066,203

Other non-current financial liabilities

 

426,642

444,497

 

1,424,429

1,510,700

31.12.23
£

31.12.22
£

Due after more than five years

After more than five years by instalments

667,604

683,697

-

-

7.

SECURED DEBTS

The following secured debts are included within creditors:

31.12.23
£

31.12.22
£

Bank loans

1,086,609

1,164,786

The bank loans are secured by a fixed and floating charge over the company's assets.