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Registered number: 02093446
Kingdom Industrial Supplies Limited
Financial Statements
For The Year Ended 30 June 2024
Holgate Court Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02093446
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,652,581 1,643,678
1,652,581 1,643,678
CURRENT ASSETS
Stocks 5 1,501,893 1,475,435
Debtors 6 1,497,287 1,376,953
Cash at bank and in hand 23,211 12,733
3,022,391 2,865,121
Creditors: Amounts Falling Due Within One Year 7 (1,196,093 ) (1,263,315 )
NET CURRENT ASSETS (LIABILITIES) 1,826,298 1,601,806
TOTAL ASSETS LESS CURRENT LIABILITIES 3,478,879 3,245,484
Creditors: Amounts Falling Due After More Than One Year 8 (878,318 ) (904,535 )
NET ASSETS 2,600,561 2,340,949
CAPITAL AND RESERVES
Called up share capital 9 1,500 1,500
Profit and Loss Account 2,599,061 2,339,449
SHAREHOLDERS' FUNDS 2,600,561 2,340,949
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Susan Everett
Director
10/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kingdom Industrial Supplies Limited Registered number 02093446 is a limited by shares company incorporated in England & Wales. The Registered Office is 6/10 Bancrofts Road, Eastern Industrial Estate, South Woodham Ferrers, Essex, CM3 5UQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 25% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 15% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 9 9
Manufacturing 14 13
25 24
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2023 1,481,100 448,391 77,100 4,838 2,011,429
Additions - 3,400 57,000 - 60,400
Disposals - - (33,950 ) - (33,950 )
As at 30 June 2024 1,481,100 451,791 100,150 4,838 2,037,879
Depreciation
As at 1 July 2023 - 324,744 38,169 4,838 367,751
Provided during the period - 27,970 16,649 - 44,619
Disposals - - (27,072 ) - (27,072 )
As at 30 June 2024 - 352,714 27,746 4,838 385,298
Net Book Value
As at 30 June 2024 1,481,100 99,077 72,404 - 1,652,581
As at 1 July 2023 1,481,100 123,647 38,931 - 1,643,678
5. Stocks
2024 2023
£ £
Materials 1,501,893 1,475,435
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,414,979 1,269,958
Prepayments and accrued income 16,935 12,715
Other debtors 65,373 94,280
1,497,287 1,376,953
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 367,183 153,130
Bank loans and overdrafts 346,568 468,631
Corporation tax 209,262 164,347
Other taxes and social security 28,192 25,035
VAT 122,062 102,511
Other creditors 9,050 9,063
Accruals and deferred income 96,735 323,927
Directors' loan accounts 17,041 16,671
1,196,093 1,263,315
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 878,318 904,535
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,500 1,500
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr G Everett by virtue of his majority holding of the issued share capital in the company.
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