REGISTERED NUMBER: 03957532 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

KINGSLEY ASSET FINANCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Jonathan Charles Smith

Richard Ormisher

Charles Fred Smith

Peter Anthony Farrington

SECRETARY:

Lee James Knight

REGISTERED OFFICE:

Crosses Farm

Shaw Brow

Whittle-le-Woods

Chorley

Lancashire

PR6 7HG

REGISTERED NUMBER:

03957532 (England and Wales)

AUDITORS:

Wallwork Nelson & Johnson

Chartered Accountants & Statutory Auditors

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

FIXED ASSETS

Tangible assets

4

1,478,038

1,490,745

Investment property

5

1,291,698

1,291,698

2,769,736

2,782,443

CURRENT ASSETS

Debtors

6

22,961,808

19,427,748

Cash at bank and in hand

300,497

635,147

23,262,305

20,062,895

CREDITORS

Amounts falling due within one year

7

11,382,040

9,789,081

NET CURRENT ASSETS

11,880,265

10,273,814

TOTAL ASSETS LESS CURRENT LIABILITIES

14,650,001

13,056,257

CREDITORS

Amounts falling due after more than one year

8

(10,651,287

)

(9,392,740

)

PROVISIONS FOR LIABILITIES

11

(42,649

)

(10,946

)

NET ASSETS

3,956,065

3,652,571

CAPITAL AND RESERVES

Called up share capital

12

1,500,100

1,500,100

Retained earnings

2,455,965

2,152,471

SHAREHOLDERS' FUNDS

3,956,065

3,652,571

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 18 November 2025 and were signed on its behalf by:

Jonathan Charles Smith - Director

1.	STATUTORY INFORMATION

Kingsley Asset Finance 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Income recognition

Income from finance leases are allocated to accounting periods on a systematic basis over the primary period of the agreement in such a manner as to produce a constant rate of return on the investment. The sum of digits method is used to achieve this. Income from hire purchase agreements is also allocated to using the sum of digits method.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

- not provided

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Freehold property held by the company is not subject to depreciation. This is a departure from the Companies Act 2006, stating that all tangible fixed assets should be depreciated over the useful economic life of the asset. Any depreciation charge on the asset would not, in the opinion of the directors, be material since the property is maintained to a high standard.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

1,176,048

207,506

196,870

1,580,424

Additions

-

11,032

59,998

71,030

Disposals

-

-

(49,408

)

(49,408

)

At 31 March 2025

1,176,048

218,538

207,460

1,602,046

DEPRECIATION

At 1 April 2024

-

53,000

36,679

89,679

Charge for year

-

24,705

44,151

68,856

Eliminated on disposal

-

-

(34,527

)

(34,527

)

At 31 March 2025

-

77,705

46,303

124,008

NET BOOK VALUE

At 31 March 2025

1,176,048

140,833

161,157

1,478,038

At 31 March 2024

1,176,048

154,506

160,191

1,490,745

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

147,462

Additions

59,998

At 31 March 2025

207,460

DEPRECIATION

At 1 April 2024

(1,517

)

Charge for year

47,819

At 31 March 2025

46,302

NET BOOK VALUE

At 31 March 2025

161,158

At 31 March 2024

148,979

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,291,698

NET BOOK VALUE

At 31 March 2025

1,291,698

At 31 March 2024

1,291,698

6.

DEBTORS

31/3/25

31/3/24

£

£

Amounts falling due within one year:

Amounts receivable in respect of finance leases

2,122,834

2,144,941

Amounts receivable in respect of hire purchase contracts

6,922,511

5,549,548

Other debtors

211,133

106,288

Prepayments

321,466

243,601

9,577,944

8,044,378

31/3/25

31/3/24

£

£

Amounts falling due after more than one year:

Amounts receivable in respect of finance leases

3,929,388

5,035,725

Amounts receivable in respect of hire purchase contracts

9,454,476

6,347,645

13,383,864

11,383,370

Aggregate amounts

22,961,808

19,427,748

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans and overdrafts

107,613

104,313

Block discount finance loans

10,046,686

8,378,541

Hire purchase contracts (see note 9)

48,524

45,773

Trade creditors

306,796

417,109

Amounts owed to group undertakings

47,000

46,000

Tax

93,532

15,767

Social security and other taxes

15,399

13,687

VAT

113,437

83,562

Other creditors

93,882

219,451

Other loans

159,171

64,878

Directors' current accounts

350,000

400,000

11,382,040

9,789,081

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans - 1-2 years

111,113

104,313

Bank loans - 2-5 years

239,233

302,515

Bank loans more 5 yr by instal

76,721

128,446

Block discount - 1-2 years

5,407,101

3,999,071

Block discount - 2-5 years

3,398,336

3,171,653

Hire purchase contracts (see note 9)

88,695

87,483

Other loans

1,330,088

1,599,259

10,651,287

9,392,740

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

76,721

128,446

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/25

31/3/24

£

£

Net obligations repayable:

Within one year

48,524

45,773

Between one and five years

88,695

87,483

137,219

133,256

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/25

31/3/24

£

£

Bank loans

534,680

639,587

Block discount finance loans

18,852,123

15,549,265

Hire purchase contracts

137,219

133,256

Director's loan account

350,000

400,000

19,874,022

16,722,108

There are various fixed and floating charges in relation to block discount finance loans. These are secured against the relevant leases financed.

The bank loans have fixed charges, floating charges and negative pledges secured against the freehold and leasehold properties.

Jonathan Charles Smith and Suzanne Smith hold a legal charge over the freehold and leasehold properties in relation to the monies introduced to the company via the director's loan account.

11.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

£

Deferred tax

42,649

10,946

Deferred

tax

£

Balance at 1 April 2024

10,946

Charge to Income Statement during year

31,703

Balance at 31 March 2025

42,649

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/25

31/3/24

value:

£

£

100

Ordinary

£1

100

100

1,500,000

Preference shares

£1

1,500,000

1,500,000

1,500,100

1,500,100

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Johnson BA (Hons) FCCA (Senior Statutory Auditor)

for and on behalf of Wallwork Nelson & Johnson

14.	RELATED PARTY DISCLOSURES

During the year, rent was paid to the director, Jonathan Charles Smith, of £30,000 (2024 - £32,000). Jonathan Charles Smith also held a brought forward hire purchase agreement. Included within hire purchase and finance lease debtors, as at 31 March 2025, was a balance of £9,379 (2024 - £18,322) due from Jonathan Charles Smith.

A brought forward hire purchase agreement was also arranged with a director, Charles Fred Smith. Included within hire purchase and finance lease debtors, as at 31 March 2025, was a balance of £6,967 (2024 - £12,126) due from Charles Fred Smith.