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Kingfisher Enamelling Company Limited
Filleted accounts
31 March 2024
Company registration number: 03167285
Kingfisher Enamelling Company Limited
Directors and other information
Directors L R Sharp
R C Hill
Secretary L R Sharp
Company number 03167285
Registered office 22 - 24 Broad Street
Wokingham
Berkshire
RG40 1BA
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Kingfisher Enamelling Company Limited
Balance sheet
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 194,787 206,639
_______ _______
194,787 206,639
Current assets
Stocks 32,000 31,558
Debtors 6 109,234 140,841
Cash at bank and in hand 61,959 98,266
_______ _______
203,193 270,665
Creditors: amounts falling due
within one year 7 ( 119,326) ( 147,081)
_______ _______
Net current assets 83,867 123,584
_______ _______
Total assets less current liabilities 278,654 330,223
Creditors: amounts falling due
after more than one year 8 ( 72,494) ( 93,792)
Provisions for liabilities 9 ( 19,578) ( 20,038)
_______ _______
Net assets 186,582 216,393
_______ _______
Capital and reserves
Called up share capital 11 4,000 4,000
Share premium account 35,305 35,305
Profit and loss account 147,277 177,088
_______ _______
Shareholders funds 186,582 216,393
_______ _______
For the year ending 31 March 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 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 financial statements.
These 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 December 2024 , and are signed on behalf of the board by:
L R Sharp
Director
Company registration number: 03167285
Kingfisher Enamelling Company Limited
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 22 - 24 Broad Street, Wokingham, Berkshire, RG40 1BA. There was no significant change in the company's principal activity during the year which continued to be metal finishing for vitreous enamelling .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - Reducing balance basis at between 5% - 25% per annum
Fittings fixtures and equipment - Reducing balance basis at 25% per annum
Motor vehicles - Reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Hire purchase and finance leases
Assets held under finance leases are recognised in the Balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Grants
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised using the accrual model. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 12 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st April 2023 513,998 47,762 46,970 608,730
Additions 18,724 - - 18,724
_______ _______ _______ _______
At 31st March 2024 532,722 47,762 46,970 627,454
_______ _______ _______ _______
Depreciation
At 1st April 2023 355,321 40,963 5,807 402,091
Charge for the year 18,582 1,703 10,291 30,576
_______ _______ _______ _______
At 31st March 2024 373,903 42,666 16,098 432,667
_______ _______ _______ _______
Carrying amount
At 31st March 2024 158,819 5,096 30,872 194,787
_______ _______ _______ _______
At 31st March 2023 158,677 6,799 41,163 206,639
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 90,367 96,202
Other debtors 18,867 44,639
_______ _______
109,234 140,841
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 15,835 15,835
Trade creditors 51,602 76,463
Social security and other taxes 27,110 22,858
Other creditors 24,779 31,925
_______ _______
119,326 147,081
_______ _______
Other creditors includes £7,046 (2023: £7,853) secured on the company's assets.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 61,653 76,571
Other creditors 10,841 17,221
_______ _______
72,494 93,792
_______ _______
Other creditors are secured on the company's assets.
9. Provisions
Deferred tax (note 10) Total
£ £
At 1st April 2023 20,038 20,038
Additions ( 460) ( 460)
_______ _______
At 31st March 2024 19,578 19,578
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 9) 19,578 20,038
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 32,240 33,674
Unused tax losses ( 12,662) ( 13,636)
_______ _______
19,578 20,038
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 120 120 120 120
Ordinary B shares of £ 1.00 each 200 200 200 200
Ordinary C shares of £ 1.00 each 80 80 80 80
Ordinary D shares of £ 1.00 each 2,476 2,476 2,476 2,476
Ordinary E shares of £ 1.00 each 592 592 592 592
Ordinary F shares of £ 1.00 each 200 200 200 200
Ordinary G shares of £ 1.00 each 316 316 316 316
Ordinary H shares of £ 1.00 each 8 8 8 8
Ordinary I shares of £ 1.00 each 8 8 8 8
_______ _______ _______ _______
4,000 4,000 4,000 4,000
_______ _______ _______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 53,000 51,750
Later than 1 year and not later than 5 years 217,667 215,666
Later than 5 years 119,166 174,166
_______ _______
389,833 441,582
_______ _______
13. Controlling party
The company is under the control of R C Hill who owns 69.6% of the issued share capital.