12 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 01885122 2023-03-01 2024-02-29 01885122 2024-02-29 01885122 2023-02-28 01885122 2022-03-01 2023-02-28 01885122 2023-02-28 01885122 2022-02-28 01885122 core:FurnitureFittings 2023-03-01 2024-02-29 01885122 core:MotorVehicles 2023-03-01 2024-02-29 01885122 bus:Director1 2023-03-01 2024-02-29 01885122 bus:Director2 2023-03-01 2024-02-29 01885122 core:WithinOneYear 2024-02-29 01885122 core:WithinOneYear 2023-02-28 01885122 core:AfterOneYear 2024-02-29 01885122 core:AfterOneYear 2023-02-28 01885122 core:ShareCapital 2024-02-29 01885122 core:ShareCapital 2023-02-28 01885122 core:RetainedEarningsAccumulatedLosses 2024-02-29 01885122 core:RetainedEarningsAccumulatedLosses 2023-02-28 01885122 bus:Director1 2023-02-28 01885122 bus:Director1 2024-02-29 01885122 bus:Director2 2023-02-28 01885122 bus:Director2 2024-02-29 01885122 bus:Director1 2022-02-28 01885122 bus:Director1 2023-02-28 01885122 bus:Director2 2022-02-28 01885122 bus:Director2 2023-02-28 01885122 bus:Director1 2022-03-01 2023-02-28 01885122 bus:Director2 2022-03-01 2023-02-28 01885122 bus:SmallEntities 2023-03-01 2024-02-29 01885122 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01885122 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01885122 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01885122 bus:AbridgedAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 01885122
KINGSGATE FURNITURE LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
29 February 2024
KINGSGATE FURNITURE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
36,787
37,891
CURRENT ASSETS
Stocks
75,050
67,025
Debtors
11,306
17,057
Cash at bank and in hand
10,922
5,112
---------
---------
97,278
89,194
CREDITORS: amounts falling due within one year
86,227
67,314
---------
---------
NET CURRENT ASSETS
11,051
21,880
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
47,838
59,771
CREDITORS: amounts falling due after more than one year
21,710
32,358
---------
---------
NET ASSETS
26,128
27,413
---------
---------
KINGSGATE FURNITURE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
20,201
20,201
Profit and loss account
5,927
7,212
---------
---------
SHAREHOLDERS FUNDS
26,128
27,413
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
M S Baldery
A R Brown
Director
Director
Company registration number: 01885122
KINGSGATE FURNITURE LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Oakwood Industrial Estate, Dane Valley Road, St Peters, Broadstairs, Kent, CT10 3JL.
2. STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. TANGIBLE ASSETS
£
Cost
At 1 March 2023 and 29 February 2024
93,209
---------
Depreciation
At 1 March 2023
55,318
Charge for the year
1,104
---------
At 29 February 2024
56,422
---------
Carrying amount
At 29 February 2024
36,787
---------
At 28 February 2023
37,891
---------
6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M S Baldery
( 14,889)
( 19,039)
( 33,928)
A R Brown
( 15,289)
( 19,039)
( 34,328)
---------
---------
---------
( 30,178)
( 38,078)
( 68,256)
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M S Baldery
( 17,672)
2,783
( 14,889)
A R Brown
( 18,072)
2,783
( 15,289)
---------
-------
---------
( 35,744)
5,566
( 30,178)
---------
-------
---------
7. OTHER NOTE
Note - Legal Fees were for surveyors fees re rate rebate £3,578