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REGISTERED NUMBER:
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KINGSWAY COMMERCIAL INTERIORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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REGISTERED NUMBER:
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KINGSWAY COMMERCIAL INTERIORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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KINGSWAY COMMERCIAL INTERIORS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Kingsway Commercial Interiors Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statement have been prepared using the historical cost convention. |
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The financial statements are presented in sterling (£) which is also the functional currency for the |
company |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing 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. |
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The directors confirm that there are no significant judgements or estimates used in the preparation of |
these financial statements. |
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Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right to |
consideration and is recorded at the value of the consideration due. |
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Where a contract has only been partially completed at the balance sheet date turnover represents the |
value of the service provided to date based on a proportion of the total expected consideration at |
completion. Where payments are received from customers in advance of services provided, the |
amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Property, Plant and Equipment are measured at cost less accumulated depreciation and accumulated |
impairment losses. |
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At each reporting date, property, plant and equipment are reviewed to determine whether there is any |
indication that those assets have suffered an impairment loss. If there is an indication of possible |
impairment, the recoverable amount of any affected asset is estimated and compared with its carrying |
amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated |
recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the |
revised estimate of its recoverable amount, but not in excess of the amount that would have been |
determined had no impairment loss been recognised for the asset in prior years. A reversal of |
impairment is recognised immediately in profit or loss. |
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Depreciation has been computed to write off the cost of the property, plant and equipment over their |
useful expected lives using the following rates: |
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Motor Vehicle - 25% on a reducing balance basis |
Computer equipment - 25% on a reducing balance basis |
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Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using tax rates that have been enacted or substantively enacted by |
the reporting date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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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 account in the period to which they relate. |
KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Trade and other debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Trade and other creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair |
value net of their transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term |
deposits with an original maturity date of three months or less. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts recoverable on contracts |
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Other debtors |
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KINGSWAY COMMERCIAL INTERIORS LIMITED (REGISTERED NUMBER: 04139616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and amounts due to directors subsisted during the years ended |
31 March 2019 and 31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest has been charged on overdrawn balances,which have been fully repaid after the year end. |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company paid aggregate dividends of £72,500 (2018 - £70,000) to the directors. |