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REGISTERED NUMBER: 03957532 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KINGSLEY ASSET FINANCE LIMITED

KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KINGSLEY ASSET FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Jonathan Charles Smith
Richard Ormisher
James Anthony Farrington
Charles Fred Smith





SECRETARY: Lee James Knight





REGISTERED OFFICE: Crosses Farm
Shaw Brow
Whittle-le-Woods
Chorley
Lancashire
PR6 7HG





REGISTERED NUMBER: 03957532 (England and Wales)





AUDITORS: Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
PRESTON
Lancashire
PR2 2YH

KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,490,745 1,062,845
Investment property 5 1,291,698 1,499,036
2,782,443 2,561,881

CURRENT ASSETS
Debtors 6 19,427,748 19,320,806
Cash at bank and in hand 635,147 163,902
20,062,895 19,484,708
CREDITORS
Amounts falling due within one year 7 9,789,081 8,999,402
NET CURRENT ASSETS 10,273,814 10,485,306
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,056,257

13,047,187

CREDITORS
Amounts falling due after more than one
year

8

(9,392,740

)

(9,529,580

)

PROVISIONS FOR LIABILITIES 11 (10,946 ) -
NET ASSETS 3,652,571 3,517,607

CAPITAL AND RESERVES
Called up share capital 12 1,500,100 1,500,100
Retained earnings 2,152,471 2,017,507
SHAREHOLDERS' FUNDS 3,652,571 3,517,607

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





Jonathan Charles Smith - Director


KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Kingsley Asset Finance 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Income recognition
Income from finance leases are allocated to accounting periods on a systematic basis over the primary period of the agreement in such a manner as to produce a constant rate of return on the investment. The sum of digits method is used to achieve this. Income from hire purchase agreements is also allocated to using the sum of digits method.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- not provided
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance

Freehold property held by the company is not subject to depreciation. This is a departure from the Companies Act 2006, stating that all tangible fixed assets should be depreciated over the useful economic life of the asset. Any depreciation charge on the asset would not, in the opinion of the directors, be material since the property is maintained to a high standard.

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.

Taxation
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 or substantively enacted by the balance sheet date.


KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 1,013,882 63,816 49,408 1,127,106
Additions 162,166 143,690 147,462 453,318
At 31 March 2024 1,176,048 207,506 196,870 1,580,424
DEPRECIATION
At 1 April 2023 - 39,713 24,548 64,261
Charge for year - 13,287 12,131 25,418
At 31 March 2024 - 53,000 36,679 89,679
NET BOOK VALUE
At 31 March 2024 1,176,048 154,506 160,191 1,490,745
At 31 March 2023 1,013,882 24,103 24,860 1,062,845

KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 46,409
Additions 147,461
Transfer to ownership (46,408 )
At 31 March 2024 147,462
DEPRECIATION
At 1 April 2023 16,678
Charge for year 5,916
Transfer to ownership (24,111 )
At 31 March 2024 (1,517 )
NET BOOK VALUE
At 31 March 2024 148,979
At 31 March 2023 29,731

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,499,036
Disposals (207,338 )
At 31 March 2024 1,291,698
NET BOOK VALUE
At 31 March 2024 1,291,698
At 31 March 2023 1,499,036

6. DEBTORS
31/3/24 31/3/23
£    £   
Amounts falling due within one year:
Amounts receivable in respect of finance
leases

2,144,941

2,758,861
Amounts receivable in respect of hire
purchase contracts

5,549,548

4,466,799
Other debtors 106,288 146,581
Deferred tax asset - 8,925
Prepayments 243,601 306,419
8,044,378 7,687,585

KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS - continued
31/3/24 31/3/23
£    £   
Amounts falling due after more than one year:
Amounts receivable in respect of finance
leases

5,035,725

5,055,199
Amounts receivable in respect of hire
purchase contracts

6,347,645

6,578,022
11,383,370 11,633,221

Aggregate amounts 19,427,748 19,320,806

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 104,313 108,200
Block discount finance loans 8,378,541 7,069,452
Hire purchase contracts (see note 9) 45,773 7,694
Trade creditors 417,109 381,388
Amounts owed to group undertakings 46,000 26,468
Tax 15,767 103,287
Social security and other taxes 13,687 11,259
VAT 83,562 42,761
Other creditors 219,451 298,893
Other loans 64,878 -
Directors' current accounts 400,000 950,000
9,789,081 8,999,402

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans - 1-2 years 104,313 106,000
Bank loans - 2-5 years 302,515 315,000
Bank loans more 5 yr by instal 128,446 206,495
Block discount - 1-2 years 3,999,071 5,015,341
Block discount - 2-5 years 3,171,653 2,386,744
Hire purchase contracts (see note 9) 87,483 -
Other loans 1,599,259 1,500,000
9,392,740 9,529,580

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 128,446 206,495

KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/24 31/3/23
£    £   
Net obligations repayable:
Within one year 45,773 7,694
Between one and five years 87,483 -
133,256 7,694

10. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Bank loans 639,587 735,695
Block discount finance loans 15,549,265 14,471,537
Hire purchase contracts 133,256 7,694
Director's loan account 400,000 950,000
16,722,108 16,164,926

There are various fixed and floating charges in relation to block discount finance loans. These are secured against the relevant leases financed.

The bank loans have fixed charges, floating charges and negative pledges secured against the freehold and leasehold properties.

Jonathan Charles Smith and Suzanne Smith hold a legal charge over the freehold and leasehold properties in relation to the monies introduced to the company via the director's loan account.

11. PROVISIONS FOR LIABILITIES
31/3/24
£   
Deferred tax 10,946

Deferred
tax
£   
Balance at 1 April 2023 (8,925 )
Charge to Income Statement during year 19,871
Balance at 31 March 2024 10,946

KINGSLEY ASSET FINANCE LIMITED (REGISTERED NUMBER: 03957532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
100 Ordinary £1 100 100
1,500,000 Preference shares £1 1,500,000 1,500,000
1,500,100 1,500,100

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Johnson BA (Hons) FCCA (Senior Statutory Auditor)
for and on behalf of Wallwork Nelson & Johnson

14. RELATED PARTY DISCLOSURES

During the year, rent was paid to the director, Jonathan Charles Smith, of £32,000 (2023 - £30,800). Jonathan Charles Smith also held a brought forward hire purchase agreement. Included within hire purchase and finance lease debtors, as at 31 March 2024, was a balance of £18,322 (2023 - £26,623) due from Jonathan Charles Smith.

A brought forward hire purchase agreement was also arranged with a director, Charles Fred Smith. Included within hire purchase and finance lease debtors, as at 31 March 2024, was a balance of £12,126 (2023 - £16,195) due from Charles Fred Smith.