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Company No: 07051136 (England and Wales)

KINGSFLEET WEALTH LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

KINGSFLEET WEALTH LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

KINGSFLEET WEALTH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
KINGSFLEET WEALTH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 32,370 45,422
Investments 4 0 2,000
32,370 47,422
Current assets
Debtors 5 56,754 26,092
Cash at bank and in hand 317,594 358,758
374,348 384,850
Creditors: amounts falling due within one year 6 ( 49,169) ( 42,416)
Net current assets 325,179 342,434
Total assets less current liabilities 357,549 389,856
Provision for liabilities 7 ( 8,093) ( 11,403)
Net assets 349,456 378,453
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 348,456 377,453
Total shareholders' funds 349,456 378,453

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kingsfleet Wealth Limited (registered number: 07051136) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C I Low
Director

07 January 2025

KINGSFLEET WEALTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
KINGSFLEET WEALTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Kingsfleet Wealth 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 Claydon Court Old Ipswich Road, Claydon, Ipswich, IP6 0AE, United Kingdom.

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 £.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 Statement of Financial Position 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:

Vehicles 4 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 directors 12 12

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 39,445 20,609 14,795 74,849
Additions 0 699 2,228 2,927
Disposals 0 ( 12,705) ( 7,858) ( 20,563)
At 30 April 2024 39,445 8,603 9,165 57,213
Accumulated depreciation
At 01 May 2023 4,931 14,789 9,707 29,427
Charge for the financial year 9,861 3,266 2,769 15,896
Disposals 0 ( 12,617) ( 7,863) ( 20,480)
At 30 April 2024 14,792 5,438 4,613 24,843
Net book value
At 30 April 2024 24,653 3,165 4,552 32,370
At 30 April 2023 34,514 5,820 5,088 45,422

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 May 2023 2,000 2,000
Disposals ( 2,000) ( 2,000)
At 30 April 2024 0 0
Carrying value at 30 April 2024 0 0
Carrying value at 30 April 2023 2,000 2,000

5. Debtors

2024 2023
£ £
Trade debtors 13,900 16,343
Amounts owed by associates 2,000 0
Amounts owed by directors 12 12
Prepayments 40,842 9,737
56,754 26,092

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,460 6,153
Amounts owed to directors 27 5,941
Accruals 3,780 2,706
Taxation and social security 42,896 23,353
Other creditors 6 4,263
49,169 42,416

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,403) ( 4,300)
Credited/(charged) to the Income Statement 3,310 ( 7,103)
At the end of financial year ( 8,093) ( 11,403)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 8,093) ( 11,403)