Company Registration No. 09266056 (England and Wales)
KINGSPRAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
KINGSPRAY LTD
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,088
58,867
Current assets
Stocks
21,500
21,500
Debtors
4
220,289
276,102
Cash at bank and in hand
85,004
377,303
326,793
674,905
Creditors: amounts falling due within one year
5
(242,169)
(292,636)
Net current assets
84,624
382,269
Total assets less current liabilities
110,712
441,136
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
110,710
441,134
Total equity
110,712
441,136
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 October 2022 and are signed on its behalf by:
K Hammond
Director
Company Registration No. 09266056
KINGSPRAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
1
Accounting policies
Company information
Kingspray Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Invicta Park, Sandpit Road, Dartford, Kent, DA1 5BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KINGSPRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2021 - 3).
KINGSPRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021
78,490
Disposals
(26,315)
At 31 August 2022
52,175
Depreciation and impairment
At 1 September 2021
19,623
Depreciation charged in the year
13,044
Eliminated in respect of disposals
(6,580)
At 31 August 2022
26,087
Carrying amount
At 31 August 2022
26,088
At 31 August 2021
58,867
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
165,134
276,102
Corporation tax recoverable
55,155
220,289
276,102
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
91,401
89,723
Corporation tax
54,883
67,016
Other taxation and social security
40,557
(90)
Other creditors
55,328
135,987
242,169
292,636
KINGSPRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary Shares of £1 each
2
2
7
Operating lease commitments
Lessee