Silverfin false false 30/09/2024 01/10/2023 30/09/2024 I L Corica 01/03/2012 A C Faull 01/03/2012 13 February 2025 The principal activity of the Company during the financial year was that of jewellery and pawnbroking. 07970890 2024-09-30 07970890 bus:Director1 2024-09-30 07970890 bus:Director2 2024-09-30 07970890 2023-09-30 07970890 core:CurrentFinancialInstruments 2024-09-30 07970890 core:CurrentFinancialInstruments 2023-09-30 07970890 core:ShareCapital 2024-09-30 07970890 core:ShareCapital 2023-09-30 07970890 core:RetainedEarningsAccumulatedLosses 2024-09-30 07970890 core:RetainedEarningsAccumulatedLosses 2023-09-30 07970890 core:LeaseholdImprovements 2023-09-30 07970890 core:PlantMachinery 2023-09-30 07970890 core:FurnitureFittings 2023-09-30 07970890 core:ComputerEquipment 2023-09-30 07970890 core:LeaseholdImprovements 2024-09-30 07970890 core:PlantMachinery 2024-09-30 07970890 core:FurnitureFittings 2024-09-30 07970890 core:ComputerEquipment 2024-09-30 07970890 2023-10-01 2024-09-30 07970890 bus:FilletedAccounts 2023-10-01 2024-09-30 07970890 bus:SmallEntities 2023-10-01 2024-09-30 07970890 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07970890 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07970890 bus:Director1 2023-10-01 2024-09-30 07970890 bus:Director2 2023-10-01 2024-09-30 07970890 core:PlantMachinery core:TopRangeValue 2023-10-01 2024-09-30 07970890 core:FurnitureFittings core:TopRangeValue 2023-10-01 2024-09-30 07970890 core:ComputerEquipment core:TopRangeValue 2023-10-01 2024-09-30 07970890 2022-10-01 2023-09-30 07970890 core:LeaseholdImprovements 2023-10-01 2024-09-30 07970890 core:PlantMachinery 2023-10-01 2024-09-30 07970890 core:FurnitureFittings 2023-10-01 2024-09-30 07970890 core:ComputerEquipment 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 07970890 (England and Wales)

2 KINGS LTD

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

2 KINGS LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

2 KINGS LTD

BALANCE SHEET

As at 30 September 2024
2 KINGS LTD

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,952 16,791
11,952 16,791
Current assets
Stocks 4 198,706 196,229
Debtors 5 220,092 100,538
Cash at bank and in hand 122,701 159,275
541,499 456,042
Creditors: amounts falling due within one year 6 ( 389,141) ( 379,359)
Net current assets 152,358 76,683
Total assets less current liabilities 164,310 93,474
Net assets 164,310 93,474
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 163,310 92,474
Total shareholders' funds 164,310 93,474

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 2 Kings Ltd (registered number: 07970890) were approved and authorised for issue by the Board of Directors on 13 February 2025. They were signed on its behalf by:

A C Faull
Director
2 KINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
2 KINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

2 Kings Ltd (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 Towngate House, Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is 8 Clement Mews, 5 RL Stevenson Ave, Bournemouth, Dorset, BH4 8AU.

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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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 basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 3 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 5 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 5,594 1,470 1,095 42,700 50,859
Additions 0 850 0 0 850
At 30 September 2024 5,594 2,320 1,095 42,700 51,709
Accumulated depreciation
At 01 October 2023 379 1,470 1,095 31,124 34,068
Charge for the financial year 932 0 0 4,757 5,689
At 30 September 2024 1,311 1,470 1,095 35,881 39,757
Net book value
At 30 September 2024 4,283 850 0 6,819 11,952
At 30 September 2023 5,215 0 0 11,576 16,791

4. Stocks

2024 2023
£ £
Stocks 198,706 196,229

5. Debtors

2024 2023
£ £
Trade debtors 110,857 89,638
Other debtors 109,235 10,900
220,092 100,538

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 160,138 131,315
Taxation and social security 221,072 244,315
Other creditors 7,931 3,729
389,141 379,359

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 21,600 32,400

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
At start of period 0 0
Advanced 150,835 0
Repaid (52,500) 0
At end of period 98,335 0

Interest of £835 (2023: £nil) has been charged on the loan to shareholders at the rate of 2.5% AER

Transactions with the entity's directors

2024 2023
£ £
At start of period 0 0
Advanced 320,000 630,000
Repaid (320,000) (630,000)
At end of period 0 0

Interest of £945 (2023: £1,827) has been charged on the loan to directors at the rate of 2.5% AER