REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
E.W KING & CO. LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
E.W KING & CO. LIMITED |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
E.W KING & CO. LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
Directors: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Statutory Auditor |
Chartered Certified Accountants |
Dickens House |
Guithavon Street |
Witham |
Essex |
CM8 1BJ |
Bankers: |
47 High Street |
Braintree |
Essex |
CM7 1JT |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Revaluation reserve | 9 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | Statutory information |
E.W King & Co. Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about E.W King & Co. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Mailing lists |
Mailing lists are written off to the profit and loss account evenly over three years, starting in the first year of use. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Freehold Land | - 0% on Cost |
Freehold Buildings | - 2% on Cost |
Improvements to Property | - 2% on Cost |
Motor Vehicles | - 25% on Cost |
Plant and Machinery - Commercial Vehicles | - 15% on Cost |
- Tractors and Accessories | - 20% on Cost |
- Machinery | - 15% and 5% on Cost |
- Sundry Plant and Equipment | - 15% on Cost |
- Combine Harvesters | - 15% on Cost |
Fixtures and Fittings | - 5% on Cost |
Office Equipment | - General Office Equipment | - 15% on Cost |
- Website | - 20% on Cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis on the costs incurred in bringing each item to its present location and condition. |
Net realisible value is based upon the estimated selling price after due allowance for all future costs expected to be incurred to completion and sale. |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
3. | Employees and directors |
The average number of employees during the year was |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | Intangible fixed assets |
Patents |
and |
Goodwill | Licences | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Amortisation |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
5. | Tangible fixed assets |
Improvements |
Freehold | to | Plant and |
Property | Property | Machinery |
£ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | Tangible fixed assets - continued |
Fixtures |
and | Motor | Office |
Fittings | Vehicles | Equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
Included in land and buildings is freehold land with a cost value of £2,731 (2022: £2,731) which is not depreciated. |
6. | Fixed asset investments |
Shares in |
Group | Other |
Undertakings | investments | Totals |
£ | £ | £ |
Cost or valuation |
At 1 July 2023 | 1,235,510 |
Additions | 24,907 |
Disposals | ( |
) | (96,833 | ) |
Revaluations | 19,684 |
At 30 June 2024 | 1,183,268 |
Net book value |
At 30 June 2024 | 1,183,268 |
At 30 June 2023 | 1,235,510 |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | Fixed asset investments - continued |
Cost or valuation at 30 June 2024 is represented by: |
Shares in |
Group | Other |
Undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2018 | - | 44,527 | 44,527 |
Valuation in 2019 | - | 26,587 | 26,587 |
Valuation in 2020 | - | (52,656 | ) | (52,656 | ) |
Valuation in 2021 | - | 428,485 | 428,485 |
Valuation in 2022 | - | (195,465 | ) | (195,465 | ) |
Valuation in 2023 | - | (4,119 | ) | (4,119 | ) |
Valuation in 2024 | - | 44,898 | 44,898 |
Cost | 100 | 890,911 | 891,011 |
100 | 1,183,168 | 1,183,268 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade Debtors |
Amounts owed by group undertakings |
Other Debtors |
VAT |
Prepayments and Accrued Income |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade Creditors |
Corporation Tax |
Social Security and Other |
Taxes |
Other Creditors |
Accruals and Deferred Income |
9. | Reserves |
Revaluation |
reserve |
£ |
At 1 July 2023 |
Transfer of revaluation | 14,763 |
At 30 June 2024 |
E.W KING & CO. LIMITED (REGISTERED NUMBER: 00162896) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Other financial commitments |
The company has financial commitments of £124,131 in relation to non cancellable lease agreements. |
12. | Related party disclosures |
During the year, the company has recharged wages of £3,705 to a related party. |
During the year, the company has made sales of £4,333 and provided discounts of £30,000 to a related company. |
At the balance sheet date an amount of £67,412 was due from a related party. |
13. | FRC Ethical Standard - provisions available for small entities |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |