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 2021

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 2021 which comprise the Income Statement, 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

23 December 2021

FIXED ASSETS

Intangible assets

4

37,009

18,963

Tangible assets

5

80,297

91,943

117,306

110,906

CURRENT ASSETS

Stocks

48,130

47,581

Debtors

6

131,219

149,392

Cash at bank and in hand

190,269

75,012

369,618

271,985

CREDITORS

Amounts falling due within one year

7

255,899

233,284

NET CURRENT ASSETS

113,719

38,701

TOTAL ASSETS LESS CURRENT LIABILITIES

231,025

149,607

CREDITORS

Amounts falling due after more than one year

8

58,979

27,729

NET ASSETS

172,046

121,878

CAPITAL AND RESERVES

Called up share capital

9

20

20

Retained earnings

172,026

121,858

SHAREHOLDERS' FUNDS

172,046

121,878

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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2021 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 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.

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 15 (2020 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2020

20,978

Additions

21,498

At 31 March 2021

42,476

AMORTISATION

At 1 April 2020

2,015

Amortisation for year

3,452

At 31 March 2021

5,467

NET BOOK VALUE

At 31 March 2021

37,009

At 31 March 2020

18,963

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2020

46,020

272,456

6,877

325,353

Additions

-

10,507

350

10,857

At 31 March 2021

46,020

282,963

7,227

336,210

DEPRECIATION

At 1 April 2020

22,997

209,355

1,058

233,410

Charge for year

4,602

16,731

1,170

22,503

At 31 March 2021

27,599

226,086

2,228

255,913

NET BOOK VALUE

At 31 March 2021

18,421

56,877

4,999

80,297

At 31 March 2020

23,023

63,101

5,819

91,943

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

Plant and

machinery

£

COST

At 1 April 2020

and 31 March 2021

47,148

DEPRECIATION

At 1 April 2020

27,810

Charge for year

4,835

At 31 March 2021

32,645

NET BOOK VALUE

At 31 March 2021

14,503

At 31 March 2020

19,338

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

104,527

114,385

Other debtors

7,525

10,624

Prepayments and accrued income

19,167

24,383

131,219

149,392

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

13,750

6,250

Hire purchase contracts

7,000

8,000

Wages & salaries control

-

80

Trade creditors

126,288

121,913

Corporation tax

28,455

23,521

Social security and other taxes

4,166

3,339

VAT

16,768

13,265

Other creditors

820

1,362

Directors' current accounts

51,107

42,995

Accruals and deferred income

7,545

12,559

255,899

233,284

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

31,979

12,500

Bank loans - 2-5 years

22,500

5,729

Hire purchase contracts

4,500

9,500

58,979

27,729

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

10

A Shares

£1

10

10

10

B Shares

£1

10

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 £51,107 (2020: £42,995). This loan is unsecured, interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is J G King.