REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2023 |
for |
INVESTLAND (KINGSLAND) LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2023 |
for |
INVESTLAND (KINGSLAND) LIMITED |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
INVESTLAND (KINGSLAND) LIMITED |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Balance Sheet |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their 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. |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Balance Sheet - continued |
31 January 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Investland (Kingsland) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These accounts have been prepared on a going concern basis, on the understanding that the directors and shareholders will continue to financially support the company as there are sufficient external funds available. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents rental income recognised evenly over the life of the rental agreement or the period to which the ground rent relates. Property sales are recognised when the sale is legally completed and the proportion of costs associated with the site sold are released to cost of sales. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life. |
Fixtures and fittings - 20% on cost |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
No depreciation is provided for in respect of investment properties. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give true and fair view. |
Investment property sales are recognised when the sale is legally completed and the proportion of costs associated with the site sold are released to cost of sales. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 February 2022 |
and 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Fair value at 31 January 2023 is represented by: |
£ |
Valuation in 2007 | 1,020,120 |
Valuation in 2016 | 381,698 |
Valuation in 2017 | 672,278 |
Valuation in 2018 | 1,125,904 |
3,200,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.1.23 | 31.1.22 |
£ | £ |
Cost | 1,082,183 | 1,082,183 |
Investment property was valued on an open market basis on 31 January 2018 by Savills Surveyors . |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors | ( |
) |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Amounts owed to participating interests | 354,586 | 281,236 |
VAT | 13,206 | 11,634 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.1.23 | 31.1.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans |
The bank loan of £1,237,500 (2022: £1,312,500) is secured by a first legal charge over 282 - 288 Kingsland Road. |
11. | PROVISIONS FOR LIABILITIES |
Included in the current year provisions are necessary remedial cladding works required for the properties concerned. |
INVESTLAND (KINGSLAND) LIMITED (REGISTERED NUMBER: 03884827) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.1.23 | 31.1.22 |
value: | £ | £ |
Ordinary | £1 | 400 | 400 |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed an amount of £625,523 (2022:£628,515) by |
Investland Ltd, £354,586.02 (2022: £281,236) to Urban Edge Group Ltd. |
14. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party as no one individual hold controlling interest in the issued share capital of the parent company. |
The parent company is Investland Limited, which is incorporated and registered in England. |