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
Kingsworthy Foundry Company Limited
Company Information
for the year ended 31 May 2024
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
Kingsworthy Foundry Company Limited
Statement of financial position
as at 31 May 2024
Intangible assets
6,593
10,886
Tangible assets
54,525
72,408
Inventories
299,491
350,822
Cash at bank and in hand
77,840
88,809
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
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
Kingsworthy Foundry Company Limited
Notes to the Accounts
for the year ended 31 May 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (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 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.
Kingsworthy Foundry Company Limited
Notes to the Accounts
for the year ended 31 May 2024
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.
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.
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
At 1 June 2023
1
21,465
21,466
At 31 May 2024
1
21,465
21,466
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
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
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
At 31 May 2024
14,624
39,787
114
54,525
At 31 May 2023
18,501
53,669
238
72,408
Kingsworthy Foundry Company Limited
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
Accrued income and prepayments
30,392
25,180
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
37,880
77,640
Taxes and social security
1,900
26,719
Other creditors
89,113
110,081
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Short-term loan
-
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).