Company registration number 13068268 (England and Wales)
THE KNIGHTS RETREAT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THE KNIGHTS RETREAT LIMITED
COMPANY INFORMATION
Director
Mr M S Evans
(Appointed 7 December 2020)
Company number
13068268
Registered office
Unit 3
Ambrose House, Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
THE KNIGHTS RETREAT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
THE KNIGHTS RETREAT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
Notes
£
£
Fixed assets
Investment properties
3
448,046
Current assets
Debtors
4
1,442
Cash at bank and in hand
4,114
5,556
Creditors: amounts falling due within one year
5
(194,052)
Net current liabilities
(188,496)
Total assets less current liabilities
259,550
Creditors: amounts falling due after more than one year
6
(271,448)
Net liabilities
(11,898)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(11,899)
Total equity
(11,898)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 September 2022
Mr M S Evans
Director
Company Registration No. 13068268
THE KNIGHTS RETREAT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 7 December 2020
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(11,899)
(11,899)
Issue of share capital
7
1
-
1
Balance at 31 December 2021
1
(11,899)
(11,898)
THE KNIGHTS RETREAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
The Knights Retreat Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Ambrose House, Meteor Court, Barnett Way, Barnwood, Gloucester, GL4 3GG.
1.1
Reporting period
The entity's reporting period is greater than 12 months. These are the first financial statements prepared since the entity incorporated on the 7th December 2020.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The majority of the current liabilities are amounts due to a company under common control, so the directors see no reason to doubt going concern.
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts.
Rendering of services
Revenue arises from the provision of property rental services.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
THE KNIGHTS RETREAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
Number
Total
1
3
Investment property
2021
£
Fair value
At 7 December 2020
Additions
448,046
At 31 December 2021
448,046
THE KNIGHTS RETREAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Investment property
(Continued)
- 5 -
Under FRS 102, investment property is required to be measured at its fair value (where this can be ascertained) with any change being recognised in profit and loss. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr. M Evans, a director of the company, and equates to historic cost.
4
Debtors
2021
Amounts falling due within one year:
£
Other debtors
1,442
5
Creditors: amounts falling due within one year
2021
£
Trade creditors
6,224
Other creditors
187,828
194,052
Included in other creditors is a loan from a company under common control that is interest free and repayable on demand.
6
Creditors: amounts falling due after more than one year
2021
£
Bank loans and overdrafts
271,448
The above mortgage is secured by the investment property.
7
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
8
Related party transactions
Transactions with related parties
During the year the company made purchases of £983 from companies under common control.
From incorporation until 6th December 2021 the company was a 100% subsidiary of The Knights Estates Limited. After this date, the company was controlled by the director who owns 100% of the share capital.