T. King Associates Limited - Accounts to registrar (filleted) - small 23.2.5

T. King Associates Limited - Accounts to registrar (filleted) - small 23.2.5


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REGISTERED NUMBER: 04187485 (England and Wales)















T. King Associates Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






T. King Associates Limited (Registered number: 04187485)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8


T. King Associates Limited

Company Information
for the Year Ended 31 March 2023







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

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
T. King Associates Limited

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 2023 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 14 December 2021. 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


21 December 2023

T. King Associates Limited (Registered number: 04187485)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,260 36,793
Tangible assets 5 166,532 186,101
208,792 222,894

CURRENT ASSETS
Stocks 49,153 50,215
Debtors 6 226,238 251,944
Cash at bank and in hand 89,048 97,704
364,439 399,863
CREDITORS
Amounts falling due within one year 7 264,978 333,256
NET CURRENT ASSETS 99,461 66,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

308,253

289,501

CREDITORS
Amounts falling due after more than one
year

8

23,000

50,059
NET ASSETS 285,253 239,442

CAPITAL AND RESERVES
Called up share capital 9 20 20
Retained earnings 285,233 239,422
SHAREHOLDERS' FUNDS 285,253 239,442

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

T. King Associates Limited (Registered number: 04187485)

Balance Sheet - continued
31 March 2023


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 and authorised for issue on 21 December 2023 and were signed by:





J G King - Director


T. King Associates Limited (Registered number: 04187485)

Notes to the Financial Statements
for the Year Ended 31 March 2023

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.


T. King Associates Limited (Registered number: 04187485)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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 19 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022 46,576
Additions 10,670
At 31 March 2023 57,246
AMORTISATION
At 1 April 2022 9,783
Amortisation for year 5,203
At 31 March 2023 14,986
NET BOOK VALUE
At 31 March 2023 42,260
At 31 March 2022 36,793

T. King Associates Limited (Registered number: 04187485)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 April 2022 67,352 380,706 31,730 479,788
Additions - 43,635 2,091 45,726
Disposals - (30,092 ) - (30,092 )
At 31 March 2023 67,352 394,249 33,821 495,422
DEPRECIATION
At 1 April 2022 33,238 253,808 6,641 293,687
Charge for year 6,735 36,275 5,361 48,371
Eliminated on disposal - (13,168 ) - (13,168 )
At 31 March 2023 39,973 276,915 12,002 328,890
NET BOOK VALUE
At 31 March 2023 27,379 117,334 21,819 166,532
At 31 March 2022 34,114 126,898 25,089 186,101

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2022 26,995
Disposals (16,995 )
At 31 March 2023 10,000
DEPRECIATION
At 1 April 2022 8,252
Charge for year 3,063
Eliminated on disposal (3,688 )
At 31 March 2023 7,627
NET BOOK VALUE
At 31 March 2023 2,373
At 31 March 2022 18,743

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 163,489 211,095
Other debtors 18,325 5,485
Prepayments and accrued income 44,424 35,364
226,238 251,944

T. King Associates Limited (Registered number: 04187485)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,729 16,250
Hire purchase contracts 2,000 7,332
Trade creditors 143,199 192,153
Corporation tax 41,852 14,595
Social security and other taxes 6,647 9,478
VAT 15,078 13,979
Other creditors 2,060 6,625
Directors' current accounts 33,857 60,015
Accruals and deferred income 4,556 12,829
264,978 333,256

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 20,000 25,729
Bank loans - 2-5 years 2,500 12,500
Hire purchase contracts 500 11,830
23,000 50,059

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
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 £33,857 (2022: £60,015). This loan is unsecured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The controlling party is J G King.