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REGISTERED NUMBER: 04303809 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P Copeland
J E Charlton





SECRETARY: P Copeland





REGISTERED OFFICE: Finchale House
Belmont Business Park
Durham
DH1 1TW





REGISTERED NUMBER: 04303809 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,686 3,574
Investment property 5 3,820,000 3,820,000
3,822,686 3,823,574

CURRENT ASSETS
Debtors 6 13,370 13,834
Cash at bank 455,820 400,114
469,190 413,948
CREDITORS
Amounts falling due within one year 7 281,843 149,052
NET CURRENT ASSETS 187,347 264,896
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,010,033

4,088,470

CREDITORS
Amounts falling due after more than one
year

8

(1,971,279

)

(2,128,570

)

PROVISIONS FOR LIABILITIES 10 (238,115 ) (238,115 )
NET ASSETS 1,800,639 1,721,785

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 12 1,800,635 1,721,781
SHAREHOLDERS' FUNDS 1,800,639 1,721,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:




P Copeland - Director



J E Charlton - Director


KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Kingswood Properties (North East) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is the amount of rental income falling due during the year, including rent due but not received until after the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% on cost

Investment property
Investment properties are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is taken to a revaluation reserve. Unless the revaluation of the property results in the market value being below its original cost price, then the reduction will be shown in the profit and loss account as an impairment loss. In addition, any subsequent increases on previous impairments will result in a reversal of these impairment losses, only up to the property's original cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 22,844
DEPRECIATION
At 1 April 2022 19,270
Charge for year 888
At 31 March 2023 20,158
NET BOOK VALUE
At 31 March 2023 2,686
At 31 March 2022 3,574

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 3,820,000
NET BOOK VALUE
At 31 March 2023 3,820,000
At 31 March 2022 3,820,000

Investment properties were valued on an open market basis on 31 March 2023 by the directors.

Cost or valuation at 31 March 2023 is represented by:

Valuation in 2023 £3,820,000

If investment properties had not been revalued they would have been included at the following historic cost:

2023 2022
£ £
2,245,386 2,245,386
Cost




KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 13,370 13,834

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 151,646 21,412
Taxation and social security 20,581 17,054
Other creditors 109,616 110,586
281,843 149,052

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,971,279 2,128,570

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,816,706 2,050,263

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,089,693 2,149,982

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 238,115 238,115

Deferred
tax
£   
Balance at 1 April 2022 238,115
Balance at 31 March 2023 238,115

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
4 4

12. RESERVES

Retained earnings is comprised of £472,136 of distributable reserves

13. RELATED PARTY DISCLOSURES

During the year the company maintained interest free loans from partnerships in which the directors are both partners of. As at the year-end the balance of £83,640 (2022: £95,206) remained outstanding.

During the year the director maintained an interest free loan to the company. The balance at 31 March 2023 was £8,000 (2022: £Nil).