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Company No: 12610720 (England and Wales)

KINGS CARPENTRY LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

KINGS CARPENTRY LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

KINGS CARPENTRY LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
KINGS CARPENTRY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTOR Mr Phillip Michael King
REGISTERED OFFICE 11A Main Street
Prickwillow
Ely
Cambridgeshire
CB7 4UN
United Kingdom
BUSINESS ADDRESS 11A Main Street
Prickwillow
Ely
Cambridgeshire
CB7 4UN
COMPANY NUMBER 12610720 (England and Wales)
ACCOUNTANT Corbett Accountants Limited
Bakersfield
82 Station Road
Soham
Ely
Cambridgeshire
CB7 5DZ
KINGS CARPENTRY LIMITED

BALANCE SHEET

As at 31 May 2024
KINGS CARPENTRY LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,059 7,469
9,059 7,469
Current assets
Stocks 2,300 1,900
Debtors 4 42,877 4,000
Cash at bank and in hand 133,001 123,155
178,178 129,055
Creditors: amounts falling due within one year 5 ( 123,802) ( 91,235)
Net current assets 54,376 37,820
Total assets less current liabilities 63,435 45,289
Provision for liabilities 6 ( 1,507) ( 1,000)
Net assets 61,928 44,289
Capital and reserves
Called-up share capital 7 250 250
Profit and loss account 61,678 44,039
Total shareholders' funds 61,928 44,289

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Kings Carpentry Limited (registered number: 12610720) were approved and authorised for issue by the Director on 01 October 2024. They were signed on its behalf by:

Mr Phillip Michael King
Director
KINGS CARPENTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
KINGS CARPENTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kings Carpentry Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11A Main Street, Prickwillow, Ely, Cambridgeshire, CB7 4UN, United Kingdom. The principal place of business is 11A Main Street, Prickwillow, Ely, Cambridgeshire, CB7 4UN.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2023 8,566 4,000 12,566
Additions 3,858 0 3,858
At 31 May 2024 12,424 4,000 16,424
Accumulated depreciation
At 01 June 2023 3,145 1,952 5,097
Charge for the financial year 1,858 410 2,268
At 31 May 2024 5,003 2,362 7,365
Net book value
At 31 May 2024 7,421 1,638 9,059
At 31 May 2023 5,421 2,048 7,469

4. Debtors

2024 2023
£ £
Trade debtors 42,877 4,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 19,695 4,967
Amounts owed to director 60,611 47,867
Corporation tax 24,106 22,246
Other taxation and social security 17,075 13,062
Other creditors 2,315 3,093
123,802 91,235

6. Provision for liabilities

2024 2023
£ £
Deferred tax 1,507 1,000

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 A ordinary shares of £ 1.00 each 200 200
50 B ordinary shares of £ 1.00 each 50 50
250 250

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Dividends were paid in respect of shares owned by the company's sole director. 32,500 25,000
The director charged the company for use of office during the year. 1,800 1,800
Included in creditors is a loan from the company's director. The loan is interest free and there are no repayment terms. 60,611 47,867