Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312023-03-31true02022-04-01false0falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03192214 2022-04-01 2023-03-31 03192214 2021-04-01 2022-03-31 03192214 2023-03-31 03192214 2022-03-31 03192214 c:Director1 2022-04-01 2023-03-31 03192214 d:Buildings 2023-03-31 03192214 d:Buildings 2022-03-31 03192214 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03192214 d:PlantMachinery 2022-04-01 2023-03-31 03192214 d:PlantMachinery 2023-03-31 03192214 d:PlantMachinery 2022-03-31 03192214 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03192214 d:FurnitureFittings 2022-04-01 2023-03-31 03192214 d:FurnitureFittings 2023-03-31 03192214 d:FurnitureFittings 2022-03-31 03192214 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03192214 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03192214 d:CurrentFinancialInstruments 2023-03-31 03192214 d:CurrentFinancialInstruments 2022-03-31 03192214 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03192214 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03192214 d:ShareCapital 2023-03-31 03192214 d:ShareCapital 2022-03-31 03192214 d:RetainedEarningsAccumulatedLosses 2023-03-31 03192214 d:RetainedEarningsAccumulatedLosses 2022-03-31 03192214 d:RetainedEarningsAccumulatedLosses 2021-04-01 03192214 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03192214 c:OrdinaryShareClass1 2023-03-31 03192214 c:OrdinaryShareClass1 2022-03-31 03192214 c:FRS102 2022-04-01 2023-03-31 03192214 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03192214 c:FullAccounts 2022-04-01 2023-03-31 03192214 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03192214 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 03192214 c:Consolidated 2023-03-31 03192214 c:ConsolidatedGroupCompanyAccounts 2022-04-01 2023-03-31 03192214 4 2022-04-01 2023-03-31 03192214 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03192214









K P PROPERTY DEVELOPMENTS LIMITED

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
K P PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03192214

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
78,446
79,935

  
78,446
79,935

Current assets
  

Stocks
 7 
1,088,637
1,124,426

Debtors: amounts falling due within one year
 8 
47,337
21,888

Cash at bank and in hand
 9 
52,078
900

  
1,188,052
1,147,214

Creditors: amounts falling due within one year
 10 
(59,594)
(124,317)

Net current assets
  
 
 
1,128,458
 
 
1,022,897

Total assets less current liabilities
  
1,206,904
1,102,832

Creditors: amounts falling due after more than one year
 11 
(50,659)
(46,161)

  

Net assets
  
1,156,245
1,056,671


Capital and reserves
  

Called up share capital 
 12 
2
2

Other reserves
  
22,727
27,594

Profit and loss account
  
1,133,516
1,029,075

  
1,156,245
1,056,671


Page 1

 
K P PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03192214

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 November 2023.




K Pitt
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
K P PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03192214

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
78,446
79,935

  
78,446
79,935

Current assets
  

Stocks
 7 
1,088,637
1,124,426

Debtors: amounts falling due within one year
 8 
47,337
21,888

Cash at bank and in hand
 9 
52,013
835

  
1,187,987
1,147,149

Creditors: amounts falling due within one year
 10 
(9,466)
(74,559)

Net current assets
  
 
 
1,178,521
 
 
1,072,590

Total assets less current liabilities
  
1,256,967
1,152,525

  

  

Net assets excluding pension asset
  
1,256,967
1,152,525

Net assets
  
1,256,967
1,152,525


Capital and reserves
  

Called up share capital 
 12 
2
2

Profit and loss account brought forward
  
1,152,523
885,639

Profit for the year
  
104,442
266,884

Profit and loss account carried forward
  
1,256,965
1,152,523

  
1,256,967
1,152,525


Page 3

 
K P PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03192214

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 November 2023.


K Pitt
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

1.


General information

K P Property Developments Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is Price Bailey LLP, Causeway House, 1 Dane Street, Bishop's Stortford, Hertfordshire, CM23 3BT. The Company is part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of K P Property Developments Limited and it's subsidary K P Hastingwood Limited and it's subsidary Columnstyle Limited as at 31 March 2023.

 
2.3

Revenue

Turnover comprises revenue recognised by the Company in respect of properties sold, amounts recoverable on contracts and rental income receivable, exclusive of Value Added Tax and trade discounts. Income in respect of the sale of a property is recognised upon legal completion subject to completion of development works.
The Company is not an investment company and therefore does not trade completed properties for profits. Where profits are achieved through part exchange, they are recorded as other income, a biproduct of the original sale. 
Revenue relating to construction contracts is recognised by reference to the stage of completion of the contract activity at the end of the period where the outcome can be reliably estimated.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Straight-line
Fixtures and fittings
-
15%
Reducing-balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Financial instruments

Basic financial assets

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Total
1
1

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 7

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

4.


Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. 


5.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
73,411
7,666
10,562
91,639



At 31 March 2023

73,411
7,666
10,562
91,639



Depreciation


At 1 April 2022
-
2,825
8,879
11,704


Charge for the year on owned assets
-
1,150
339
1,489



At 31 March 2023

-
3,975
9,218
13,193



Net book value



At 31 March 2023
73,411
3,691
1,344
78,446



At 31 March 2022
73,411
4,841
1,683
79,935




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
73,411
73,411

73,411
73,411


Page 8

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

           5.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£

Cost or valuation


At 1 April 2022
73,411
7,666
10,562
91,639



At 31 March 2023

73,411
7,666
10,562
91,639



Depreciation


At 1 April 2022
-
2,825
8,879
11,704


Charge for the year on owned assets
-
1,150
339
1,489



At 31 March 2023

-
3,975
9,218
13,193



Net book value



At 31 March 2023
73,411
3,691
1,344
78,446



At 31 March 2022
73,411
4,841
1,683
79,935






Page 9

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
86



At 31 March 2023

86



Impairment


At 1 April 2022
86



At 31 March 2023

86



Net book value



At 31 March 2023
-



At 31 March 2022
-


7.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Work in progress
1,088,637
1,124,426
1,088,637
1,124,426

1,088,637
1,124,426
1,088,637
1,124,426



8.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
18,240
18,240
18,240
18,240

Other debtors
26,818
1,645
26,818
1,645

Prepayments
2,279
2,003
2,279
2,003

47,337
21,888
47,337
21,888


Page 10

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

9.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
52,078
900
52,013
835

52,078
900
52,013
835



10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other creditors
39,825
95,417
2,466
58,059

Accruals and deferred income
19,769
28,900
7,000
16,500

59,594
124,317
9,466
74,559



11.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Loan notes
50,659
46,161

50,659
46,161


The loan notes are repayable on 5 March 2029 and carry an effective inherent interest rate of 10.47% which includes a redemption at a premium of 20% over par. All of the notes are currently registered to the trustees of the K Pitt 1999 Settlements.


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 11

 
K P PROPERTY DEVELOPMENTS LIMITED
 

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

13.


Related party transactions

The Company operates loan accounts with connected companies that hold common directorship. The
total amount receivable from connected companies at the year end is shown below.
Additionally, the Company transacted with the director during the year, making repayments and the
director paying for goods and services on behalf of the Company.
All amounts outstanding from either party are interest free and repayable on demand.


2023
2022
£
£

Amount due from/(to) companies under common control
(400)
(400)
Amount due from/(to) director
25,057
(55,592)
24,657
(55,992)


Page 12