Kingsbridge Automatics Limited - Period Ending 2023-07-31

Kingsbridge Automatics Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 7

Kingsbridge Automatics Limited

Company Information

Directors

Mr J A Patrick Mr J M Patrick

Company secretary

Mr J M Patrick

Registered office

Regal House Church Street Kingsbridge Devon TQ7 1DD

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Kingsbridge Automatics Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kingsbridge Automatics Limited for the year ended 31 July 2023 as set out on pages 3 to 7 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Kingsbridge Automatics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kingsbridge Automatics Limited and state those matters that we have agreed to state to the Board of Directors of Kingsbridge Automatics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingsbridge Automatics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kingsbridge Automatics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kingsbridge Automatics Limited. You consider that Kingsbridge Automatics 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 accounts of Kingsbridge Automatics 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 accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

20 March 2024

Kingsbridge Automatics Limited

(Registration number: 04484761)
Balance Sheet as at 31 July 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	32,261	23,835
Current assets
Debtors	5	4,299	6,662
Cash at bank and in hand		204,983	252,845
		209,282	259,507
Creditors: Amounts falling due within one year	6	(104,686)	(137,791)
Net current assets		104,596	121,716
Total assets less current liabilities		136,857	145,551
Creditors: Amounts falling due after more than one year	6	(57,894)	(86,536)
Provisions for liabilities		1,250	-
Net assets		80,213	59,015
Capital and reserves
Called up share capital		3	3
Retained earnings		80,210	59,012
Shareholders' funds		80,213	59,015

Kingsbridge Automatics Limited

(Registration number: 04484761)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 

.........................................

Mr J A Patrick

Director

Kingsbridge Automatics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Regal House
Church Street
Kingsbridge
Devon
TQ7 1DD
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Kingsbridge Automatics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	25% Reducing Balance
Motor vehicles	25% Reducing Balance
Computer equipment	3 Years Straight Line

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2022	1,701	10,598	113,061	125,360
Additions	4,835	-	18,567	23,402
Disposals	-	-	(27,803)	(27,803)
At 31 July 2023	6,536	10,598	103,825	120,959
Depreciation
At 1 August 2022	965	10,519	90,041	101,525
Charge for the year	947	20	7,469	8,436
Eliminated on disposal	-	-	(21,263)	(21,263)
At 31 July 2023	1,912	10,539	76,247	88,698
Carrying amount
At 31 July 2023	4,624	59	27,578	32,261
At 31 July 2022	736	79	23,020	23,835

Kingsbridge Automatics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors

	2023 £	2022 £
Prepayments	672	418
Other debtors	3,627	6,244
	4,299	6,662

6

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	7	28,691	50,986
Trade creditors		3,576	5,634
Taxation and social security		-	683
Accruals and deferred income		3,557	3,234
Other creditors		68,862	77,254
		104,686	137,791

7	Loans and borrowings

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	57,894	86,536

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	28,691	50,986

8	Related party transactions

During the year, the company charged management fees of £17,000 (2022 : £15,000 ) to The Regal and South Hams Bingo Club, a partnership jointly controlled by the directors.