Kingfisher Enamelling Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03167285 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Kingfisher Enamelling Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L R Sharp

Mr R C Hill

SECRETARY:

Mr L R Sharp

REGISTERED OFFICE:

22 - 24 Broad Street

Wokingham

Berkshire

RG40 1BA

REGISTERED NUMBER:

03167285 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Tangible assets

4

131,935

150,133

CURRENT ASSETS

Stocks

33,240

21,489

Debtors

5

184,410

210,012

Cash at bank

368,799

229,495

586,449

460,996

CREDITORS

Amounts falling due within one year

6

(217,530

)

(157,285

)

NET CURRENT ASSETS

368,919

303,711

TOTAL ASSETS LESS CURRENT LIABILITIES

500,854

453,844

CREDITORS

Amounts falling due after more than one year

7

(61,858

)

(25,539

)

PROVISIONS FOR LIABILITIES

(25,068

)

(27,759

)

NET ASSETS

413,928

400,546

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Share premium

35,305

35,305

Retained earnings

374,623

361,241

SHAREHOLDERS' FUNDS

413,928

400,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 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 7 December 2021 and were signed on its behalf by:

Mr L R Sharp - Director

1.	STATUTORY INFORMATION

Kingfisher Enamelling Company 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.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing 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.

The company does not make significant estimates and assumptions concerning the future.

Turnover

Turnover represents the value of goods and services under contracts, provided in the period, exclusive of Value Added Tax, to the extent that there is a right to consideration and is recorded at the value of consideration due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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

-

25% on reducing balance, 10% on reducing balance and 5% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

The company received income from the Government Coronavirus Job Retention Scheme. Government grants are recognised in the income statement in the same period as the related expenditure.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and appropriate proportion of fixed and variable overheads.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and therefore at fair value, with changes recognised in profit and 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 and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the period of the lease.

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 11 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

510,731

Additions

2,031

At 31 March 2021

512,762

DEPRECIATION

At 1 April 2020

360,598

Charge for year

20,229

At 31 March 2021

380,827

NET BOOK VALUE

At 31 March 2021

131,935

At 31 March 2020

150,133

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

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

87,420

DEPRECIATION

At 1 April 2020

24,390

Charge for year

7,913

At 31 March 2021

32,303

NET BOOK VALUE

At 31 March 2021

55,117

At 31 March 2020

63,030

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

143,455

122,503

Other debtors

40,955

87,509

184,410

210,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

7,906

-

Hire purchase contracts (see note 8)

16,107

19,803

Trade creditors

77,931

58,070

Taxation and social security

85,761

50,236

Other creditors

29,825

29,176

217,530

157,285

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

42,094

-

Hire purchase contracts (see note 8)

19,764

25,539

61,858

25,539

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.21

31.3.20

£

£

Net obligations repayable:

Within one year

16,107

19,803

Between one and five years

19,764

25,539

35,871

45,342

Non-cancellable operating

leases

31.3.21

31.3.20

£

£

Within one year

51,667

45,000

Between one and five years

212,000

7,500

In more than five years

283,833

-

547,500

52,500

9.	RELATED PARTY DISCLOSURES

Boxblade Limited

A company in which Mr R C Hill is a shareholder

During the year Kingfisher Enamelling Company Limited incurred management charges from Boxblade Limited on normal commercial terms totalling £185,683 (2020: £105,065).

As at the period end £Nil (2020:£6,150) was owed to Boxblade Limited.

Alpha Anodising UK Limited

A company in which Mr R C Hill is a shareholder.

As at the period end £Nil (2020:£49,845) was owed from Alpha Anodising UK Limited.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr R C Hill by virtue of his 69% share capital.