Registered number
02378957
KRN Developments Limited
Filleted Accounts
31 January 2023
KRN Developments Limited
Registered number: 02378957
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,309,712 3,307,553
Current assets
Debtors 4 15,503 24,086
Cash at bank and in hand 13,256 1
28,759 24,087
Creditors: amounts falling due within one year 5 (234,751) (249,074)
Net current liabilities (205,992) (224,987)
Total assets less current liabilities 3,103,720 3,082,566
Creditors: amounts falling due after more than one year 6 (158,311) (194,351)
Net assets 2,945,409 2,888,215
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 7 2,326,885 2,326,885
Profit and loss account 617,524 560,330
Shareholders' funds 2,945,409 2,888,215
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Janet Naylor
Director
Approved by the board on 5 October 2023
KRN Developments Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 3,239,380 170,478 53,433 3,463,291
Additions - 5,830 34,463 40,293
Disposals - - (26,115) (26,115)
At 31 January 2023 3,239,380 176,308 61,781 3,477,469
Depreciation
At 1 February 2022 - 121,003 34,735 155,738
Charge for the year - 13,826 9,618 23,444
On disposals - - (11,425) (11,425)
At 31 January 2023 - 134,829 32,928 167,757
Net book value
At 31 January 2023 3,239,380 41,479 28,853 3,309,712
At 31 January 2022 3,239,380 49,475 18,698 3,307,553
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,415,286 1,415,286
Cumulative depreciation based on historical cost 530,709 530,709
884,577 884,577
Land and buildings were revalued on 25 January 2018 by Stanhope Property Consultancy Chartered Surveyors.
4 Debtors 2023 2022
£ £
Other debtors 15,503 24,086
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 14,896
Obligations under finance lease and hire purchase contracts 17,151 33,679
Trade creditors 46,725 26,553
Taxation and social security costs 29,252 32,323
Other creditors 141,623 141,623
234,751 249,074
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 158,311 194,351
7 Revaluation reserve 2023 2022
£ £
At 1 February 2022 2,326,885 2,326,885
At 31 January 2023 2,326,885 2,326,885
8 Other information
KRN Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge
Sandybridge Lane Industrial Estate
Shafton , Barnsley
South Yorkshire
S72 8PH
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