Kingston Signs Limited - Limited company accounts 18.2

REGISTERED NUMBER: 09287494 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Kingston Signs Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

P A Kingston

G T Kingston

SECRETARY:

REGISTERED OFFICE:

Unit 13

Belgic Square

Peterborough

Cambridgeshire

PE1 5FX

REGISTERED NUMBER:

09287494 (England and Wales)

ACCOUNTANTS:

Clifton and Co

5 Ash Grove

Bourne

Lincolnshire

PE10 9SG

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this

report.

P A Kingston

G T Kingston

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

P A Kingston - Director

6 December 2019

TURNOVER

261,661

277,092

Cost of sales

93,515

99,664

GROSS PROFIT

168,146

177,428

Distribution costs

4,973

3,109

Administrative expenses

70,216

75,334

75,189

78,443

OPERATING PROFIT

4

92,957

98,985

Interest receivable and similar income

30

6

92,987

98,991

Interest payable and similar expenses

-

398

PROFIT BEFORE TAXATION

92,987

98,593

Tax on profit

17,668

19,607

PROFIT FOR THE FINANCIAL YEAR

75,319

78,986

FIXED ASSETS

Tangible assets

5

20,274

12,060

CURRENT ASSETS

Stocks

3,400

3,260

Debtors

6

38,609

30,889

Cash at bank

148,199

131,805

190,208

165,954

CREDITORS

Amounts falling due within one year

7

111,723

107,840

NET CURRENT ASSETS

78,485

58,114

TOTAL ASSETS LESS CURRENT LIABILITIES

98,759

70,174

CREDITORS

Amounts falling due after more than one year

8

(11,705

)

-

PROVISIONS FOR LIABILITIES

9

(3,852

)

(2,291

)

NET ASSETS

83,202

67,883

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

83,200

67,881

SHAREHOLDERS' FUNDS

83,202

67,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 6 December 2019 and were signed on its behalf by:

P A Kingston - Director

1.	STATUTORY INFORMATION

Kingston Signs 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.19

31.3.18

£

£

Depreciation - owned assets

1,453

1,024

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2018

9,052

14,830

23,882

Additions

3,882

16,055

19,937

Disposals

-

(14,830

)

(14,830

)

At 31 March 2019

12,934

16,055

28,989

DEPRECIATION

At 1 April 2018

3,249

8,573

11,822

Charge for year

1,453

4,013

5,466

Eliminated on disposal

-

(8,573

)

(8,573

)

At 31 March 2019

4,702

4,013

8,715

NET BOOK VALUE

At 31 March 2019

8,232

12,042

20,274

At 31 March 2018

5,803

6,257

12,060

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

Motor

vehicles

£

COST

At 1 April 2018

14,830

Additions

16,055

Disposals

(14,830

)

At 31 March 2019

16,055

DEPRECIATION

At 1 April 2018

8,573

Charge for year

4,013

Eliminated on disposal

(8,573

)

At 31 March 2019

4,013

NET BOOK VALUE

At 31 March 2019

12,042

At 31 March 2018

6,257

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

38,359

30,889

Other debtors

250

-

38,609

30,889

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

19,029

19,603

Taxation and social security

20,732

26,194

Other creditors

71,962

62,043

111,723

107,840

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

11,705

-

9.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred tax

Accelerated capital allowances

3,852

2,291

Deferred

tax

£

Balance at 1 April 2018

2,291

Provided during year

1,561

Balance at 31 March 2019

3,852