Kingston PTM Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04307577 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

KINGSTON PTM LIMITED

Page

Balance sheet

1

Notes to the financial statements

2

Fixed assets

Tangible assets

4

4,950

11,095

Current assets

Stocks

17,066

17,074

Debtors

5

142,480

193,250

Cash at bank and in hand

580,815

552,465

740,361

762,789

Creditors

Amounts falling due within one year

6

376,010

406,474

Net current assets

364,351

356,315

Total assets less current liabilities

369,301

367,410

Capital and reserves

Called up share capital

9

124,579

124,579

Capital redemption reserve

7,433

7,433

Retained earnings

237,289

235,398

Shareholders' funds

369,301

367,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2023 and were signed on its behalf by:

Mr G F Starmer - Director

1.	Statutory information

Kingston PTM Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04307577. The registered office and business address is Fairstowe Chambers, Library Road, Ferndown, Dorset, BH22 9JP.

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 represents amounts receivable in respect of services provided in the ordinary course of business, net of VAT where applicable. Turnover is recognised when the service has been provided to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Office equipment

-

33% on cost

Stocks

Stock is valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.The value is recognised by reference to the stage of completeness or time spent at the year end.

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 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.

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.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 16 (2022 - 17 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 February 2022

15,744

36,632

104,810

157,186

Additions

-

-

668

668

At 31 January 2023

15,744

36,632

105,478

157,854

Depreciation

At 1 February 2022

15,744

35,672

94,675

146,091

Charge for year

-

239

6,574

6,813

At 31 January 2023

15,744

35,911

101,249

152,904

Net book value

At 31 January 2023

-

721

4,229

4,950

At 31 January 2022

-

960

10,135

11,095

5.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

31,721

76,358

Provision for bad debts

-

(300

)

Commissions owed

77,360

88,368

Other debtors

705

705

Deferred tax asset

12,345

5,832

Prepayments and accrued income

20,349

22,287

142,480

193,250

6.

Creditors: amounts falling due within one year

2023

2022

£

£

Trade creditors

2,033

7,407

Social security and other taxes

-

9,133

VAT

11,499

9,661

Provision for bonuses

148,521

124,383

Pension contributions unpaid

9,563

6,322

Corporation tax control

57,878

72,933

Ordinary dividend provision

143,266

155,724

Accruals and deferred income

3,250

20,911

376,010

406,474

7.	Secured debts

Rent deposit deeds whereby all monies placed on deposit, being Portarlington (UK) Ltd (£3,000) and Penkenna Ltd (£1,500), are secured by way of legal charges dated 14 July 2006 and 23 September 2009 respectively, over all the assets of the company.

8.	Deferred tax

£

Balance at 1 February 2022

(5,832

)

Accelerated capital allowances

(1,536

)

Pension contribution accrual

(4,977

)

Balance at 31 January 2023

(12,345

)

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

122,259

Ordinary

£1

122,259

122,259

2,320

A Ordinary

£1

2,320

2,320

124,579

124,579

10.	Ultimate controlling party

The company is under the control of the director, Mr G Starmer, by virtue of his majority holding of the share capital of the company.