Registered number
11737703
Key Properties and Gardens Ltd
Filleted Accounts
31 March 2023
Key Properties and Gardens Ltd
Registered number: 11737703
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 679,417 782,722
Current assets
Debtors 4 405 -
Cash at bank and in hand 2,393 4,285
2,798 4,285
Creditors: amounts falling due within one year 5 (531,243) (546,774)
Net current liabilities (528,445) (542,489)
Total assets less current liabilities 150,972 240,233
Provisions for liabilities (1,376) (1,079)
Net assets 149,596 239,154
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 132,047 232,047
Profit and loss account 17,449 7,007
Shareholders' funds 149,596 239,154
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.
Mr D Wright
Director
Approved by the board on 30 September 2023
Key Properties and Gardens Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
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:
Freehold buildings not being depreciated
Leasehold land and buildings over the lease term
Plant and machinery 15% on a Reducing Balance basis
Fixtures, fittings, tools and equipment 15% on a Reducing Balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 750,000 38,496 788,496
Additions - 1,886 1,886
Surplus on revaluation (100,000) - (100,000)
At 31 March 2023 650,000 40,382 690,382
Depreciation
At 1 April 2022 - 5,774 5,774
Charge for the year - 5,191 5,191
At 31 March 2023 - 10,965 10,965
Net book value
At 31 March 2023 650,000 29,417 679,417
At 31 March 2022 750,000 32,722 782,722
Investment property: 2023 2022
£ £
Historical cost 650,000 750,000
Cumulative depreciation based on historical cost - -
650,000 750,000
Investment property comprises £650,000 (2022: £750,000). The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by a local estate agent. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4 Debtors 2023 2022
£ £
Trade debtors 405 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,020 176
Other creditors 529,223 546,598
531,243 546,774
6 Revaluation reserve 2023 2022
£ £
At 1 April 2022 232,047 -
(Loss)/gain on revaluation of Investment property (81,000) 187,958
Deferred taxation arising on the revaluation of Investment property (19,000) 44,089
At 31 March 2023 132,047 232,047
7 Other information
Key Properties and Gardens Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Broghas Cottage
Quay Road
St Agnes
Cornwall
TR5 0RS
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