Kingston Enterprises Ltd Filleted accounts for Companies House (small and micro)

KINGSTON ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC311046

Kingston Enterprises Ltd

Filleted Unaudited Financial Statements

31 December 2022

Kingston Enterprises Ltd

Financial Statements

Year ended 31 December 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Kingston Enterprises Ltd

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		4,214	1,280

Current assets

Stocks		38,600	35,600
Debtors	6	44,965	32,523
Cash at bank and in hand		39,942	59,109
		---------	---------
		123,507	127,232

Creditors: amounts falling due within one year	7	88,342		54,596
		---------		---------
Net current assets			35,165	72,636
			--------	--------
Total assets less current liabilities			39,379	73,916

Creditors: amounts falling due after more than one year	8		36,779	41,998

Provisions

Taxation including deferred tax	800	243
	--------	--------
Net assets	1,800	31,675
	--------	--------

Kingston Enterprises Ltd

Statement of Financial Position (continued)

31 December 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	10	520	520
Profit and loss account		1,280	31,155
		-------	--------
Shareholders funds		1,800	31,675
		-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:

Mr S. G. King
Director

Company registration number: SC311046

Kingston Enterprises Ltd

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Abbey, 65 South Clerk Street, Edinburgh, EH8 9PP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity .

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Lease Premium	-	10% straight line
Fixtures & Fittings	-	15% straight line
Equipment	-	15% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2021: 17 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2022	33,640	19,925	10,394	63,959
Additions	–	1,415	2,350	3,765
	--------	--------	--------	--------
At 31 December 2022	33,640	21,340	12,744	67,724
	--------	--------	--------	--------
Depreciation
At 1 January 2022	33,640	19,924	9,115	62,679
Charge for the year	–	–	831	831
	--------	--------	--------	--------
At 31 December 2022	33,640	19,924	9,946	63,510
	--------	--------	--------	--------
Carrying amount
At 31 December 2022	–	1,416	2,798	4,214
	--------	--------	--------	--------
At 31 December 2021	–	1	1,279	1,280
	--------	--------	--------	--------

6. Debtors

	2022	2021
	£	£
Other debtors	44,965	32,523
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	5,219	5,091
Trade creditors	42,008	27,287
Social security and other taxes	33,861	17,915
Other creditors	7,254	4,303
	--------	--------
	88,342	54,596
	--------	--------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	36,779	41,998
	--------	--------

Included within creditors: amounts falling due after more than one year is an amount of £14,548 (2021: £20,316) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	800	243
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	800	243
	----	----

10. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	520	520	520	520
	----	----	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	80,005	79,142
Later than 1 year and not later than 5 years	240,015	316,570
	---------	---------
	320,020	395,712
	---------	---------

12. Transactions with directors

The company was under the control of Mr S. King throughout the current and previous year. Mr S. King is the managing director and majority shareholder. At the year end the director was due to repay the company £11,917 (2021 - £14,728). This loan is interest free and repayable on demand.