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Company Registration No. 10530574 (England and Wales)
Kingsworthy Foundry Company Limited Unaudited accounts for the year ended 31 May 2024
Kingsworthy Foundry Company Limited Unaudited accounts Contents
Page
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Kingsworthy Foundry Company Limited Company Information for the year ended 31 May 2024
Director
R D Peake
Company Number
10530574 (England and Wales)
Registered Office
The Foundry Yard, London Road King's Worthy Winchester Hampshire SO23 7QG ENGLAND
Accountants
Continuity Finance 95 Brownhill Road Chandlers Ford Eastleigh Hampshire SO53 2FH
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Kingsworthy Foundry Company Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
6,593 
10,886 
Tangible assets
54,525 
72,408 
61,118 
83,294 
Current assets
Inventories
299,491 
350,822 
Debtors
37,178 
35,259 
Cash at bank and in hand
77,840 
88,809 
414,509 
474,890 
Creditors: amounts falling due within one year
(141,433)
(218,052)
Net current assets
273,076 
256,838 
Total assets less current liabilities
334,194 
340,132 
Provisions for liabilities
Deferred tax
(10,360)
(11,218)
Net assets
323,834 
328,914 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
323,833 
328,913 
Shareholders' funds
323,834 
328,914 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 February 2025 and were signed on its behalf by
R D Peake Director Company Registration No. 10530574
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Kingsworthy Foundry Company Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Kingsworthy Foundry Company Limited is a private company, limited by shares, registered in England and Wales, registration number 10530574. The registered office is The Foundry Yard, London Road, King's Worthy, Winchester, Hampshire, SO23 7QG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Motor vehicles
25% on cost
Fixtures & fittings
20% on cost
Computer equipment
25% on cost
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Computer software is being amortised evenly over its estimated useful life of 5 years.
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. Allowances are made for obsolete and slow moving items.
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Kingsworthy Foundry Company Limited Notes to the Accounts for the year ended 31 May 2024
Deferred taxation
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 accounts. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Goodwill 
Other 
Total 
£ 
£ 
£ 
Cost
At 1 June 2023
1 
21,465 
21,466 
At 31 May 2024
1 
21,465 
21,466 
Amortisation
At 1 June 2023
1 
10,579 
10,580 
Charge for the year
- 
4,293 
4,293 
At 31 May 2024
1 
14,872 
14,873 
Net book value
At 31 May 2024
- 
6,593 
6,593 
At 31 May 2023
- 
10,886 
10,886 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 June 2023
24,049 
71,444 
618 
96,111 
Additions
1,205 
24,980 
- 
26,185 
Disposals
(348)
(30,800)
- 
(31,148)
At 31 May 2024
24,906 
65,624 
618 
91,148 
Depreciation
At 1 June 2023
5,548 
17,775 
380 
23,703 
Charge for the year
4,969 
15,762 
124 
20,855 
On disposals
(235)
(7,700)
- 
(7,935)
At 31 May 2024
10,282 
25,837 
504 
36,623 
Net book value
At 31 May 2024
14,624 
39,787 
114 
54,525 
At 31 May 2023
18,501 
53,669 
238 
72,408 
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Kingsworthy Foundry Company Limited Notes to the Accounts for the year ended 31 May 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
210 
1,800 
Accrued income and prepayments
30,392 
25,180 
Other debtors
6,576 
8,279 
37,178 
35,259 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
10,530 
1,765 
Trade creditors
37,880 
77,640 
Taxes and social security
1,900 
26,719 
Other creditors
89,113 
110,081 
Accruals
2,010 
1,847 
141,433 
218,052 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
R D Peake
Short-term loan
- 
6,000 
- 
6,000 
- 
6,000 
- 
6,000 
Loans made are interest-free and repayable on demand.
9
Transactions with related parties
As at 31 October 2019 the trade and assets of KWF Investments Co. Ltd were transferred to Kingsworthy Foundry Company Limited for £281,286. KWF Investments Co. Ltd is owned by the parents of the shareholder of Kingsworthy Foundry Company Limited. Included within other creditors is an amount owed to KWF Investments Co. Ltd of £62,000 (2023: £74,000) relating to the sale of the trade and £26,500 (2023: £35,500) relating to the balance of a working capital loan. The loans are provided interest free.
10
Average number of employees
During the year the average number of employees was 6 (2023: 6).
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