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REGISTERED NUMBER: 07012847 (England and Wales)















KINGSWAY CORPORATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2024






KINGSWAY CORPORATION LIMITED (REGISTERED NUMBER: 07012847)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KINGSWAY CORPORATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: A Dunn
W Dunn
G Dunn





REGISTERED OFFICE: Unit 17C
Gainsborough Trading Estate
Rufford Road
Stourbridge
West Midlands
DY9 7ND





REGISTERED NUMBER: 07012847 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

KINGSWAY CORPORATION LIMITED (REGISTERED NUMBER: 07012847)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 79,144 71,872
Tangible assets 5 70,466 74,179
149,610 146,051

CURRENT ASSETS
Stocks 108,689 73,214
Debtors 6 122,884 219,144
Cash at bank and in hand 700,816 462,313
932,389 754,671
CREDITORS
Amounts falling due within one year 7 1,031,778 790,742
NET CURRENT LIABILITIES (99,389 ) (36,071 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

50,221

109,980

PROVISIONS FOR LIABILITIES 21,188 19,930
NET ASSETS 29,033 90,050

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,933 89,950
SHAREHOLDERS' FUNDS 29,033 90,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 27 May 2025 and were signed on its behalf by:




G Dunn - Director


KINGSWAY CORPORATION LIMITED (REGISTERED NUMBER: 07012847)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Kingsway Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Website
Website, being the amount paid in connection with website development is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 15% on cost, 12.5% on cost, 10% on cost and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

KINGSWAY CORPORATION LIMITED (REGISTERED NUMBER: 07012847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 September 2023 6,200 157,388 163,588
Additions - 32,700 32,700
At 31 August 2024 6,200 190,088 196,288
AMORTISATION
At 1 September 2023 6,200 85,516 91,716
Charge for year - 25,428 25,428
At 31 August 2024 6,200 110,944 117,144
NET BOOK VALUE
At 31 August 2024 - 79,144 79,144
At 31 August 2023 - 71,872 71,872

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 144,929
Additions 923
At 31 August 2024 145,852
DEPRECIATION
At 1 September 2023 70,750
Charge for year 4,636
At 31 August 2024 75,386
NET BOOK VALUE
At 31 August 2024 70,466
At 31 August 2023 74,179

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 110,987 150,684
Other debtors 11,897 68,460
122,884 219,144

KINGSWAY CORPORATION LIMITED (REGISTERED NUMBER: 07012847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 822,180 545,677
Taxation and social security 107,770 72,518
Other creditors 101,828 172,547
1,031,778 790,742

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 11,134 16,396
Between one and five years 14,416 2,485
25,550 18,881

9. SECURED DEBTS

On 8 December 2009 a Rent Deposit Deed was created securing the obligations of the company to John Ward & Sons (Group) Limited.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
A Dunn
Balance outstanding at start of year 59,241 -
Amounts advanced - 59,241
Amounts repaid (59,241 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 59,241

Loans to directors are charged interest at a rate of 2.25% per annum.