REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KINGSLEY ASSET FINANCE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Transfer to ownership | (46,408 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Transfer to ownership | (24,111 | ) |
At 31 March 2024 | ( |
) |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due within one year: |
Amounts receivable in respect of finance leases |
Amounts receivable in respect of hire purchase contracts |
5,549,548 |
4,466,799 |
Other debtors |
Deferred tax asset |
Prepayments |
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 |
Amounts receivable in respect of hire purchase contracts |
6,347,645 |
6,578,022 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans and overdrafts |
Block discount finance loans |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 83,562 | 42,761 |
Other creditors |
Other loans | 64,878 | - |
Directors' current accounts | 400,000 | 950,000 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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) |
Other loans |
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 |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans |
Block discount finance loans |
Hire purchase contracts | 133,256 | 7,694 |
Director's loan account | 400,000 | 950,000 |
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 | ( |
) |
Charge to Income Statement during year |
Balance at 31 March 2024 |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
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. |
for and on behalf of |
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. |