T. King Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04187485 (England and Wales)

T. King Associates Limited

Unaudited Financial Statements for the Year Ended 31 March 2019

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTOR:

J G King

SECRETARY:

S King

REGISTERED OFFICE:

14 Osier Way

Swan Business Centre

Buckingham

Buckinghamshire

MK18 1TB

REGISTERED NUMBER:

04187485 (England and Wales)

ACCOUNTANTS:

Tearle & Carver Limited

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Director are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of T. King Associates Limited for the year ended 31 March 2019 which comprise the

Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of T. King Associates Limited in accordance with the terms of our engagement letter dated 18 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of T. King Associates Limited and state those matters that we have agreed to state to the director of T. King Associates Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T. King Associates Limited and its director for our work or for this report.

It is your duty to ensure that T. King Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T. King Associates Limited. You consider that T. King Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of T. King Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Tearle & Carver Limited

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

24 December 2019

FIXED ASSETS

Intangible assets

4

4,058

3,958

Tangible assets

5

94,141

106,961

98,199

110,919

CURRENT ASSETS

Stocks

43,132

41,916

Debtors

6

181,016

145,126

Cash at bank and in hand

19,742

17,882

243,890

204,924

CREDITORS

Amounts falling due within one year

7

253,396

257,150

NET CURRENT LIABILITIES

(9,506

)

(52,226

)

TOTAL ASSETS LESS CURRENT LIABILITIES

88,693

58,693

CREDITORS

Amounts falling due after more than one year

8

17,500

22,530

NET ASSETS

71,193

36,163

CAPITAL AND RESERVES

Called up share capital

9

20

20

Retained earnings

71,173

36,143

SHAREHOLDERS' FUNDS

71,193

36,163

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 director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 24 December 2019 and were signed by:

J G King - Director

1.	STATUTORY INFORMATION

T. King Associates 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Intangible fixed assets

Amortisation is provided at the following annual rate in order to write off each asset over its estimated

useful life.

Computer software - 10% on cost

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.

Long leasehold

-

10% on cost

Plant and machinery

-

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 Statement of

Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2018

4,510

Additions

580

At 31 March 2019

5,090

AMORTISATION

At 1 April 2018

552

Amortisation for year

480

At 31 March 2019

1,032

NET BOOK VALUE

At 31 March 2019

4,058

At 31 March 2018

3,958

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2018

42,231

257,736

-

299,967

Additions

3,789

18,986

3,247

26,022

Disposals

-

(19,927

)

-

(19,927

)

At 31 March 2019

46,020

256,795

3,247

306,062

DEPRECIATION

At 1 April 2018

14,077

178,929

-

193,006

Charge for year

4,318

21,357

209

25,884

Eliminated on disposal

-

(6,969

)

-

(6,969

)

At 31 March 2019

18,395

193,317

209

211,921

NET BOOK VALUE

At 31 March 2019

27,625

63,478

3,038

94,141

At 31 March 2018

28,154

78,807

-

106,961

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

Plant and

machinery

£

COST

At 1 April 2018

88,935

Additions

10,000

Transfer to ownership

(17,590

)

At 31 March 2019

81,345

DEPRECIATION

At 1 April 2018

46,580

Charge for year

11,987

Transfer to ownership

(13,181

)

At 31 March 2019

45,386

NET BOOK VALUE

At 31 March 2019

35,959

At 31 March 2018

42,355

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

154,700

128,599

Other debtors

5,430

412

Prepayments and accrued income

20,886

16,115

181,016

145,126

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

3,662

6,000

Hire purchase contracts

12,720

14,317

Trade creditors

149,659

138,656

Corporation tax

24,185

20,437

Social security and other taxes

5,759

4,486

VAT

9,337

10,235

Other creditors

2,415

14,304

Directors' current accounts

33,704

30,820

Accruals and deferred income

11,955

17,895

253,396

257,150

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

-

2,510

Hire purchase contracts

17,500

20,020

17,500

22,530

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

NIL

Ordinary

£1

-

20

10

A Shares

£1

10

-

10

B Shares

£1

10

-

20

20

10.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount due to the director and shareholders. At the year end, the

amount owed to the director and shareholders was £33,704 (2018: £30,820). This loan is unsecured,

interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is T G King, J G King and S King.