Kingston Barnes Ltd 07263566 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Recruitment Digita Accounts Production Advanced 6.30.9574.0 true true 07263566 2023-01-01 2023-12-31 07263566 2023-12-31 07263566 core:CurrentFinancialInstruments 2023-12-31 07263566 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07263566 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07263566 core:FurnitureFittings 2023-12-31 07263566 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 07263566 core:MotorVehicles 2023-12-31 07263566 core:OfficeEquipment 2023-12-31 07263566 bus:SmallEntities 2023-01-01 2023-12-31 07263566 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07263566 bus:FilletedAccounts 2023-01-01 2023-12-31 07263566 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07263566 bus:RegisteredOffice 2023-01-01 2023-12-31 07263566 bus:Director1 2023-01-01 2023-12-31 07263566 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07263566 core:FurnitureFittings 2023-01-01 2023-12-31 07263566 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 07263566 core:LeaseholdImprovements 2023-01-01 2023-12-31 07263566 core:MotorVehicles 2023-01-01 2023-12-31 07263566 core:OfficeEquipment 2023-01-01 2023-12-31 07263566 countries:EnglandWales 2023-01-01 2023-12-31 07263566 2022-12-31 07263566 core:FurnitureFittings 2022-12-31 07263566 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 07263566 core:MotorVehicles 2022-12-31 07263566 core:OfficeEquipment 2022-12-31 07263566 2022-01-01 2022-12-31 07263566 2022-12-31 07263566 core:CurrentFinancialInstruments 2022-12-31 07263566 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07263566 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07263566 core:FurnitureFittings 2022-12-31 07263566 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 07263566 core:MotorVehicles 2022-12-31 07263566 core:OfficeEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07263566

Kingston Barnes Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Kingston Barnes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kingston Barnes Ltd

Company Information

Director

Mr James Kingston

Registered office

Kingston House
36 Queen Square
Bristol
BS1 4QS

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Kingston Barnes Ltd

(Registration number: 07263566)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

181,865

72,027

Investment property

5

 

20,750

-

   

202,615

72,027

Current assets

   

Debtors

6

1,129,719

 

1,380,105

Cash at bank and in hand

 

634,399

 

393,563

 

1,764,118

 

1,773,668

Creditors: Amounts falling due within one year

7

(1,473,045)

 

(1,176,743)

Net current assets

   

291,073

596,925

Total assets less current liabilities

   

493,688

668,952

Creditors: Amounts falling due after more than one year

7

 

(249,938)

(45,654)

Provisions for liabilities

 

(32,207)

(11,817)

Net assets

   

211,543

611,481

Capital and reserves

   

Called up share capital

85

 

85

Capital redemption reserve

30,000

 

30,000

Retained earnings

181,458

 

581,396

Shareholders' funds

   

211,543

611,481

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.

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

 

Kingston Barnes Ltd

(Registration number: 07263566)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 25 September 2024
 

.........................................

Mr James Kingston
Director

 

Kingston Barnes Ltd

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:
Kingston House
36 Queen Square
Bristol
BS1 4QS

These financial statements were authorised for issue by the director on 25 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.

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.

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.

 

Kingston Barnes Ltd

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

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

Leasehold Improvements

20% Straight Line

Motor Vehicles

20% Reducing Balance

Office Equipment

20% Reducing Balance

Furniture and fittings

20% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Kingston Barnes Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

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.

 

Kingston Barnes Ltd

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

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 173 (2022 - 185).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

20,590

31,259

43,360

30,978

Additions

-

1,007

-

155,701

At 31 December 2023

20,590

32,266

43,360

186,679

Depreciation

At 1 January 2023

4,118

14,419

28,502

7,122

Charge for the year

4,118

3,570

3,270

35,911

At 31 December 2023

8,236

17,989

31,772

43,033

Carrying amount

At 31 December 2023

12,354

14,277

11,588

143,646

At 31 December 2022

16,472

16,842

14,859

23,854

 

Kingston Barnes Ltd

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

Total
£

Cost or valuation

At 1 January 2023

126,187

Additions

156,708

At 31 December 2023

282,895

Depreciation

At 1 January 2023

54,161

Charge for the year

46,869

At 31 December 2023

101,030

Carrying amount

At 31 December 2023

181,865

At 31 December 2022

72,027

Included within the net book value of land and buildings above is £12,354 (2022 - £16,472) in respect of long leasehold land and buildings.
 

5

Investment Assets

2023
£

At 1 January

20,750

At 31 December

20,750

There has been no valuation of investment assets by an independent valuer

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,054,272

1,014,804

Amounts owed by related parties

8

-

340,133

Prepayments

 

63,088

15,168

Other debtors

 

12,359

10,000

   

1,129,719

1,380,105

 

Kingston Barnes Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

936,745

679,141

Trade creditors

 

13,823

24,649

Taxation and social security

 

484,925

369,303

Accruals and deferred income

 

30,442

3,785

Other creditors

 

7,110

99,865

 

1,473,045

1,176,743

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

249,938

45,654

8

Related party transactions

At the year end 31 December 2023 the company owed £0 to MKI Developments Ltd (2022: £83,333), a company under common control. No interest is charged on the amounts outstanding and the balances is repayable within 5 months.