Knightstor Limited 05501237 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is office furniture retailing Digita Accounts Production Advanced 6.30.9574.0 true true 05501237 2023-04-01 2024-03-31 05501237 2024-03-31 05501237 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 05501237 core:RetainedEarningsAccumulatedLosses 2024-03-31 05501237 core:CurrentFinancialInstruments 2024-03-31 05501237 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05501237 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05501237 core:OtherResidualIntangibleAssets 2024-03-31 05501237 core:FurnitureFittingsToolsEquipment 2024-03-31 05501237 core:LandBuildings 2024-03-31 05501237 core:MotorVehicles 2024-03-31 05501237 core:OtherPropertyPlantEquipment 2024-03-31 05501237 core:ParentEntities 2024-03-31 05501237 bus:SmallEntities 2023-04-01 2024-03-31 05501237 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05501237 bus:FilletedAccounts 2023-04-01 2024-03-31 05501237 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05501237 bus:RegisteredOffice 2023-04-01 2024-03-31 05501237 bus:Director1 2023-04-01 2024-03-31 05501237 bus:Director4 2023-04-01 2024-03-31 05501237 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 05501237 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05501237 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 05501237 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 05501237 core:Buildings 2023-04-01 2024-03-31 05501237 core:ComputerEquipment 2023-04-01 2024-03-31 05501237 core:FurnitureFittings 2023-04-01 2024-03-31 05501237 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05501237 core:LandBuildings 2023-04-01 2024-03-31 05501237 core:MotorVehicles 2023-04-01 2024-03-31 05501237 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05501237 core:PlantMachinery 2023-04-01 2024-03-31 05501237 core:ParentEntities 2023-04-01 2024-03-31 05501237 countries:England 2023-04-01 2024-03-31 05501237 2023-03-31 05501237 core:FurnitureFittingsToolsEquipment 2023-03-31 05501237 core:LandBuildings 2023-03-31 05501237 core:MotorVehicles 2023-03-31 05501237 core:OtherPropertyPlantEquipment 2023-03-31 05501237 core:ParentEntities 2023-03-31 05501237 2022-04-01 2023-03-31 05501237 2023-03-31 05501237 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 05501237 core:RetainedEarningsAccumulatedLosses 2023-03-31 05501237 core:CurrentFinancialInstruments 2023-03-31 05501237 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05501237 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05501237 core:FurnitureFittingsToolsEquipment 2023-03-31 05501237 core:LandBuildings 2023-03-31 05501237 core:MotorVehicles 2023-03-31 05501237 core:OtherPropertyPlantEquipment 2023-03-31 05501237 core:ParentEntities 2023-03-31 05501237 core:ParentEntities 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05501237

Knightstor Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Knightstor Limited

(Registration number: 05501237)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,500

-

Tangible assets

5

155,367

50,187

 

156,867

50,187

Current assets

 

Stocks

6

63,500

62,574

Debtors

7

414,498

478,082

Cash at bank and in hand

 

31,887

57,751

 

509,885

598,407

Creditors: Amounts falling due within one year

8

(190,101)

(318,916)

Net current assets

 

319,784

279,491

Total assets less current liabilities

 

476,651

329,678

Creditors: Amounts falling due after more than one year

8

(215,214)

(137,933)

Provisions for liabilities

(39,668)

(8,502)

Net assets

 

221,769

183,243

Capital and reserves

 

Retained earnings

211,769

173,243

Share capital

 

10,000

10,000

Shareholders' funds

 

221,769

183,243

 

Knightstor Limited

(Registration number: 05501237)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr Stephen Alan Ian Evans
Director

.........................................
Mr William Michael Evans
Director

 
     
 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
The Kow Shed, Unit 2
Park View Business Centre
Combermere
Whitchurch
SY13 4AL

These financial statements were authorised for issue by the Board on 23 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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements in applying accounting policies 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. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

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.

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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 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

Short leasehold

10% straight line

Plant and machinery

20% written down value

Fixtures and fittings

15% written down value

Motor vehicles

25% written down value

Office equipment

25% straight line

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

Website build & development

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.Where the company transfers substantially all the risks and rewards of ownership, the arrangement is classified as a finance lease and a receivable is recognised at an amount equal to the net investment in the lease. Recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. The share capital disclosed on the balance sheet is allotted, called up and fully paid.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cosl using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a snort-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an Impairment loss is
recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an
asset’s carrying amount and the present value of estimated cash flows discounted at the asset's original effective
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss
is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when lhere is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

2,000

2,000

At 31 March 2024

2,000

2,000

Amortisation

Amortisation charge

500

500

At 31 March 2024

500

500

Carrying amount

At 31 March 2024

1,500

1,500

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

-

5,431

73,900

5,505

84,836

Additions

4,137

12,000

128,709

-

144,846

Disposals

-

-

(20,900)

-

(20,900)

At 31 March 2024

4,137

17,431

181,709

5,505

208,782

Depreciation

At 1 April 2023

-

13,297

29,402

3,950

46,649

Charge for the year

714

1,681

16,087

311

18,793

Eliminated on disposal

-

-

(12,027)

-

(12,027)

At 31 March 2024

714

14,978

33,462

4,261

53,415

Carrying amount

At 31 March 2024

3,423

2,453

148,247

1,244

155,367

At 31 March 2023

-

4,134

44,498

1,555

50,187

Included within the net book value of land and buildings above is £3,423 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

2024
£

2023
£

Motor vehicles

 

130,060

44,498

 

130,060

44,498

6

Stocks

2024
£

2023
£

Other inventories

63,500

62,574

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

127,777

160,140

Prepayments

 

10,455

38,385

Other debtors

 

276,266

279,557

   

414,498

478,082

Less non-current portion

11

(276,266)

(279,196)

 

138,232

198,886

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

55,028

39,535

Trade creditors

 

78,742

157,812

Taxation and social security

 

48,077

66,083

Accruals and deferred income

 

8,254

55,486

 

190,101

318,916

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank borrowings

73,946

103,578

HP and finance lease liabilities

141,268

34,355

215,214

137,933

Bank facilities and borrowings are secured by a first fixed charge over book and other debts and a first floating charge over all assets and undertaking both present and future.

Amounts due under finance leases and hire purchase contracts are secured upon the assets to which they relate.
 

 

Knightstor Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,070 (2023 - £21,829).

11

Related party transactions

Summary of transactions with parent

The company's immediate parent is Evans Projects Ltd, incorporated in England and Wales.

The ultimate controlling parties are Mr Stephen Alan Evans and Mr William Michael Evans who are the Directors of the parent Company, by virtue of their respective shareholding in Evans Projects Ltd.

 

Loans to related parties

2024

Parent
£

At start of period

279,196

Repaid

(2,930)

At end of period

276,266

2023

Parent
£

Advanced

279,196

At end of period

279,196