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Registered number: 09479921
Kingdom Tm Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Coastal Accountants Ltd
Chartered Certified Accountants
Office 2 Unit 3 Mitchell Point
Ensign Way, Hamble
Southampton
SO31 4RF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09479921
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,703,625 1,130,332
2,703,625 1,130,332
CURRENT ASSETS
Stocks 5 115,000 55,350
Debtors 6 496,188 430,117
Cash at bank and in hand 13,039 250
624,227 485,717
Creditors: Amounts Falling Due Within One Year 7 (371,702 ) (204,485 )
NET CURRENT ASSETS (LIABILITIES) 252,525 281,232
TOTAL ASSETS LESS CURRENT LIABILITIES 2,956,150 1,411,564
Creditors: Amounts Falling Due After More Than One Year 8 (1,289,436 ) (250,921 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (449,473 ) (254,284 )
NET ASSETS 1,217,241 906,359
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,217,141 906,259
SHAREHOLDERS' FUNDS 1,217,241 906,359
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Luke Davis
Director
23/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kingdom Tm Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09479921 . The registered office is Unit 16 Cornishway East, Galmington Trading Estate, Taunton, TA1 5LZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Leasehold 10% straight line
Plant & Machinery 5-25% reducing balance
Motor Vehicles 10-25% reducing balance
Computer Equipment 15% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 7)
10 7
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 January 2023 - 8,200 1,190,750 111,843
Additions 924,604 - 809,581 -
As at 31 December 2023 924,604 8,200 2,000,331 111,843
Depreciation
As at 1 January 2023 - 410 169,660 18,700
Provided during the period 18,491 410 125,053 23,286
As at 31 December 2023 18,491 820 294,713 41,986
Net Book Value
As at 31 December 2023 906,113 7,380 1,705,618 69,857
As at 1 January 2023 - 7,790 1,021,090 93,143
Computer Equipment Total
£ £
Cost
As at 1 January 2023 9,775 1,320,568
Additions 8,898 1,743,083
As at 31 December 2023 18,673 3,063,651
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 January 2023 1,466 190,236
Provided during the period 2,550 169,790
As at 31 December 2023 4,016 360,026
Net Book Value
As at 31 December 2023 14,657 2,703,625
As at 1 January 2023 8,309 1,130,332
5. Stocks
2023 2022
as restated
£ £
Materials 115,000 55,350
6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 308,865 286,932
Prepayments and accrued income 109,078 67,446
Other debtors - TLC 75,245 75,245
Other debtors (1) 3,000 494
496,188 430,117
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Net obligations under finance lease and hire purchase contracts 6,375 -
Trade creditors 105,031 64
Bank loans and overdrafts 198,297 71,390
Corporation tax - 50,588
Other taxes and social security 8,789 3,634
VAT 34,201 54,179
Net wages 5,163 4,049
Other creditors - Pension 788 706
Accruals and deferred income 1,825 1,525
Director's loan account 11,233 18,350
371,702 204,485
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Net obligations under finance lease and hire purchase contracts 17,383 -
Loans (Long term liabilities - creditors > 1 year) 1,272,053 250,921
1,289,436 250,921
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9. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
as restated
£ £
Net obligations under finance lease and hire purchase contracts 23,758 -
Bank loans and overdrafts 1,470,349 -
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,375 -
Later than one year and not later than five years 17,383 -
23,758 -
23,758 -
11. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
Page 6