Kingsthorne Limited 11191978 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the manufacturing of wine from grape Digita Accounts Production Advanced 6.30.9574.0 true true 11191978 2023-07-01 2024-06-30 11191978 2024-06-30 11191978 core:CurrentFinancialInstruments 2024-06-30 11191978 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 11191978 core:PatentsTrademarksLicencesConcessionsSimilar 2024-06-30 11191978 core:ConstructionInProgressAssetsUnderConstruction 2024-06-30 11191978 core:FurnitureFittingsToolsEquipment 2024-06-30 11191978 core:LandBuildings 2024-06-30 11191978 core:MotorVehicles 2024-06-30 11191978 core:OtherPropertyPlantEquipment 2024-06-30 11191978 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 11191978 core:OtherRelatedParties 2024-06-30 11191978 core:ParentEntities 2024-06-30 11191978 bus:SmallEntities 2023-07-01 2024-06-30 11191978 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 11191978 bus:FilletedAccounts 2023-07-01 2024-06-30 11191978 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11191978 bus:RegisteredOffice 2023-07-01 2024-06-30 11191978 bus:Director1 2023-07-01 2024-06-30 11191978 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11191978 core:ComputerSoftware 2023-07-01 2024-06-30 11191978 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-01 2024-06-30 11191978 core:ConstructionInProgressAssetsUnderConstruction 2023-07-01 2024-06-30 11191978 core:FurnitureFittings 2023-07-01 2024-06-30 11191978 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 11191978 core:LandBuildings 2023-07-01 2024-06-30 11191978 core:MotorVehicles 2023-07-01 2024-06-30 11191978 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 11191978 core:PlantMachinery 2023-07-01 2024-06-30 11191978 core:KeyManagementPersonnel 2023-07-01 2024-06-30 11191978 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 11191978 core:OtherRelatedParties 2023-07-01 2024-06-30 11191978 core:ParentEntities 2023-07-01 2024-06-30 11191978 countries:EnglandWales 2023-07-01 2024-06-30 11191978 2023-06-30 11191978 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 11191978 core:FurnitureFittingsToolsEquipment 2023-06-30 11191978 core:LandBuildings 2023-06-30 11191978 core:MotorVehicles 2023-06-30 11191978 core:OtherPropertyPlantEquipment 2023-06-30 11191978 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 11191978 core:OtherRelatedParties 2023-06-30 11191978 core:ParentEntities 2023-06-30 11191978 2022-07-01 2023-06-30 11191978 2023-06-30 11191978 core:CurrentFinancialInstruments 2023-06-30 11191978 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 11191978 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 11191978 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 11191978 core:FurnitureFittingsToolsEquipment 2023-06-30 11191978 core:LandBuildings 2023-06-30 11191978 core:MotorVehicles 2023-06-30 11191978 core:OtherPropertyPlantEquipment 2023-06-30 11191978 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 11191978 core:OtherRelatedParties 2023-06-30 11191978 core:ParentEntities 2023-06-30 11191978 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-01 2023-06-30 11191978 core:OtherRelatedParties 2022-07-01 2023-06-30 11191978 core:ParentEntities 2022-07-01 2023-06-30 11191978 2022-06-30 11191978 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-30 11191978 core:OtherRelatedParties 2022-06-30 11191978 core:ParentEntities 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 11191978

Prepared for the registrar

Kingsthorne Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Kingsthorne Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Kingsthorne Limited

Company Information

Director

P A Cooke

Registered office

Sanctus House
1 Olympus Park Business Centre
Quedgeley
Gloucester
GL2 4DH

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Kingsthorne Limited

(Registration number: 11191978)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,700

-

Tangible assets

5

2,160,366

1,913,516

 

2,166,066

1,913,516

Current assets

 

Stocks

6

557,184

-

Debtors

7

1,064,343

805,584

Cash at bank and in hand

 

10,279

14,515

 

1,631,806

820,099

Creditors: Amounts falling due within one year

8

(5,650,859)

(4,601,164)

Net current liabilities

 

(4,019,053)

(3,781,065)

Net liabilities

 

(1,852,987)

(1,867,549)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,853,087)

(1,867,649)

Shareholders' deficit

 

(1,852,987)

(1,867,549)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 March 2025
 


P A Cooke
Director

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sanctus House
1 Olympus Park Business Centre
Quedgeley
Gloucester
GL2 4DH

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tangible assets and biological fixed assets

Tangible assets and biological fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Furniture, fittings and equipment

10% reducing balance

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Biological assets

10% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 inventories 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.

Biological assets - Stock (current assets)

Biological assets not held for continuing use within the company are classed as current assets and are included within stocks and are stated at cost less impairment. Costs comprise of the purchase cost and any additional costs incurred through the growing cycle.

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

4

Intangible assets

Website
 £

Total
£

Cost

Additions

5,700

5,700

At 30 June 2024

5,700

5,700

Carrying amount

At 30 June 2024

5,700

5,700

At 30 June 2023

-

-

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
 £

Motor vehicles
 £

Biological assets
£

Total
£

Cost

At 1 July 2023

1,731,911

37,364

270,612

52,995

8,350

2,101,232

Additions

42,404

25,299

273,519

26,000

-

367,222

Disposals

-

(11,275)

(39,809)

-

(8,350)

(59,434)

At 30 June 2024

1,774,315

51,388

504,322

78,995

-

2,409,020

Depreciation

At 1 July 2023

129,893

4,985

36,585

16,253

-

187,716

Charge for the year

34,638

4,078

23,174

13,519

-

75,409

Eliminated on disposal

-

(2,748)

(11,723)

-

-

(14,471)

At 30 June 2024

164,531

6,315

48,036

29,772

-

248,654

Carrying amount

At 30 June 2024

1,609,784

45,073

456,286

49,223

-

2,160,366

At 30 June 2023

1,602,018

32,379

234,027

36,742

8,350

1,913,516

Included within the net book value of land and buildings above is £1,609,784 (2023 - £1,602,018) in respect of freehold land and buildings.
 

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

6

Stocks

2024
£

2023
£

Biological assets

1,915

-

Wine and cider

523,294

-

Growing crop

31,975

-

557,184

-

 

7

Debtors

2024
£

2023
£

Trade debtors

63,613

14,296

Prepayments

7,542

6,974

Other debtors

993,188

784,314

1,064,343

805,584

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

34,249

18,695

Amounts due to related parties

9

5,580,387

4,573,053

Taxation and social security

 

4,762

4,413

Accruals and deferred income

 

28,062

2,400

Other creditors

 

3,399

2,603

 

5,650,859

4,601,164

 

Kingsthorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

9

Related party transactions

Loans from related parties

2024

Parent
£

Key management
£

Other related parties
£

Total
£

At start of period

100,000

250,000

4,223,053

4,573,053

Advanced

818,087

322,016

61,167

1,201,270

Repaid

(87)

(160,825)

(33,024)

(193,936)

At end of period

918,000

411,191

4,251,196

5,580,387

2023

Parent
£

Key management
£

Other related parties
£

Total
£

At start of period

-

240,000

3,908,622

4,148,622

Advanced

100,000

10,000

340,171

450,171

Repaid

-

-

(25,740)

(25,740)

At end of period

100,000

250,000

4,223,053

4,573,053

Terms of loans from related parties

Loans with key management are interest free and repayable on demand.
 Loans with other related parties are interest free and repayable on demand.

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Sanctus Group Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Kingsthorne Investments Limited, incorporated in England and Wales.

 The ultimate controlling party is P A Cooke.