Company Registration No. 09354269 (England and Wales)
Moore Kingston Smith Trust Corporation Limited
Annual Report and Financial Statements
For the year ended 30 April 2024
Moore Kingston Smith Trust Corporation Limited
Company Information
Directors
J.R.Riches
T.F.J.Stovold
G.E.M.Sterling
D.T.Martine
S.P.Sharpe
Secretary
I. Rixon
Company number
09354269
Registered office
9 Appold Street
London
EC2A 2AP
Auditor
Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Moore Kingston Smith Trust Corporation Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of financial position
8
Notes to the financial statements
10 - 14
Moore Kingston Smith Trust Corporation Limited
Directors' report
For the year ended 30 April 2024
Page 1
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The company began trading on 1 April 2024. The principal activity of the company is the provision of trustee services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J.R.Riches
T.F.J.Stovold
G.E.M.Sterling
D.T.Martine
S.P.Sharpe
Results and dividends
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Qualifying third party indemnity provisions
The immediate parent, Moore Kingston Smith LLP, has entered into qualifying third party indemnity arrangements for the benefit of the company's directors during the year. These provisions remain in force at the reporting date.
Auditor
The auditor, Price Bailey LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
Each of the Directors in office at the date of approval of this annual report confirms that:
s each Director is aware, there is no relevant audit information of which the company’s auditor is unaware, and
tDirector has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
T.F.J.Stovold
Director
26 September 2024
Moore Kingston Smith Trust Corporation Limited
Directors' responsibilities statement
For the year ended 30 April 2024
Page 2
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Moore Kingston Smith Trust Corporation Limited
Independent Auditor's Report
to the Members of Moore Kingston Smith Trust Corporation Limited
Page 3
Opinion
We have audited the financial statements of Moore Kingston Smith Trust Corporation Limited (the 'company') for the year ended 30 April 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Moore Kingston Smith Trust Corporation Limited
Independent Auditor's Report (Continued)
to the Members of Moore Kingston Smith Trust Corporation Limited
Page 4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies’ exemptions in preparing the director’s report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Moore Kingston Smith Trust Corporation Limited
Independent Auditor's Report (Continued)
to the Members of Moore Kingston Smith Trust Corporation Limited
Page 5
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Moore Kingston Smith Trust Corporation Limited
Independent Auditor's Report (Continued)
to the Members of Moore Kingston Smith Trust Corporation Limited
Page 6
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Shaun Jordan ACA (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP
27 September 2024
Chartered Accountants
Statutory Auditor
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Moore Kingston Smith Trust Corporation Limited
Income Statement
For the year ended 30 April 2024
Page 7
2024
2023
Notes
£
£
Turnover
3
7,500
-
Administrative expenses
(4,315)
Operating profit
4
3,185
-
Interest receivable and similar income
6
4,851
Profit on ordinary activities before taxation
8,036
Tax on profit
7
(2,009)
Profit for the financial year
6,027
The income statement has been prepared on the basis that all operations are continuing operations.
Moore Kingston Smith Trust Corporation Limited
Statement Of Financial Position
As at 30 April 2024
Page 8
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
164,415
144,764
Cash at bank and in hand
118,329
113,394
282,744
258,158
Creditors: amounts falling due within one year
9
(18,559)
Net current assets
264,185
258,158
Capital and reserves
Called up share capital
10
250,000
250,000
Profit and loss reserves
14,185
8,158
Total equity
264,185
258,158
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
T.F.J.Stovold
Director
Company registration number 09354269 (England and Wales)
Moore Kingston Smith Trust Corporation Limited
Statement of Changes in Equity
For the year ended 30 April 2024
Page 9
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
250,000
8,158
258,158
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
Balance at 30 April 2023
250,000
8,158
258,158
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
6,027
6,027
Balance at 30 April 2024
250,000
14,185
264,185
Moore Kingston Smith Trust Corporation Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 10
1
Accounting policies
Company information
Moore Kingston Smith Trust Corporation Limited is a company limited by shares domiciled and incorporated in England and Wales. The registered office is 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Exemptions for qualifying entities under FRS102
The company has taken advantage of the following exemptions under the provisions of FRS 102:
(i) The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d) to prepare a statement of cash flows on the basis that the company is a qualifying entity and the company's ultimate parent, Manneken UK Holdco Limited, includes the company's cash flows in its consolidated financial statements; and
(ii) The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26 to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent disclosures required by FRS 102 are included in the consolidated financial statements of the group in which the entity is consolidated.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents amounts receivable for trust services supplied net of value added tax. Fee income is recognised when the right to consideration has arisen through the performance of each assignment undertaken. Consideration accrues as the assignment progresses by reference to the value of the work performed. Fees are not recognised where the right to receive payment is contingent on events outside the control of the entity. Fees which had not been invoiced by the balance sheet date are shown as unbilled debtors.
1.5
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 current liabilities.
1.6
Financial instruments
Basic financial instruments are measured at amortised cost. The Company has no other financial instruments or basic financial instruments measured at fair value.
Moore Kingston Smith Trust Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 11
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates or judgements applied by the directors which have a significant impact on the amounts disclosed in the financial statements.
Moore Kingston Smith Trust Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 12
3
Turnover and other revenue
2024
2023
£
£
Trustee services
7,500
-
The turnover and profit before tax are attributable to the one principal activity of the company, all of which arose in the United Kingdom.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,250
The fee for the audit of the company for the prior year of £1,400 was borne by the ultimate parent undertaking.
5
Employees and remuneration of key management personnel
There were no employees during the year apart from the directors. The remuneration of key management personnel is £nil (2023 - £nil).
6
Interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
4,851
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,009
Moore Kingston Smith Trust Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
7
Taxation
(Continued)
Page 13
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
8,036
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
2,009
Taxation charge in the financial statements
2,009
-
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,800
Amounts due from parent undertaking
144,615
144,764
164,415
144,764
9
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,009
Other taxation and social security
3,300
Accruals and deferred income
13,250
18,559
10
Share capital
2024
2023
£
£
Allotted ordinary share capital
250,000 Ordinary shares of £1 each
-part paid
100,000
100,000
-unpaid
150,000
150,000
250,000
250,000
Moore Kingston Smith Trust Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 14
11
Parent undertaking and related party
The company is a wholly owned subsidiary of Moore Kingston Smith LLP.
As at 30 April 2024 in the directors' opinion, the company's ultimate parent undertaking and controlling party was Manneken UK Holdco Limited.
The company is included in the consolidated financial statements of Manneken UK Holdco Limited which are publicly available from the company's registered office. Consequently, the company is exempt under the terms of FRS 102 from disclosing related party transactions with entities that are part of the Manneken UK Holdco Limited group.
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