Registered number
02106706
KING PROPERTIES COMPANY LIMITED
Filleted Accounts
31 March 2023
KING PROPERTIES COMPANY LIMITED
Registered number: 02106706
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 370,000 388,137
Investments 4 1,553,057 1,571,057
1,923,057 1,959,194
Current assets
Debtors 5 510,213 458,298
Cash at bank and in hand - 932
510,213 459,230
Creditors: amounts falling due within one year 6 (117,685) (137,998)
Net current assets 392,528 321,232
Total assets less current liabilities 2,315,585 2,280,426
Creditors: amounts falling due after more than one year 7 (185,265) (186,664)
Provisions for liabilities (223,708) (175,718)
Net assets 1,906,612 1,918,044
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,905,612 1,917,044
Shareholders' funds 1,906,612 1,918,044
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.
M J G King
Director
Approved by the board on 31 October 2023
KING PROPERTIES COMPANY LIMITED
Notes to the Accounts
for the year ended 31 March 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). The company meets its working capital requirements out of rental income but also relies on support from Eversleigh Investment and Property Co Ltd, of which Mr King is a director and a person with significant control. At the balance sheet date, there is no loan agreement in place but the directors of Eversleigh Investment and Property Co Ltd have agreed to not seek repayment in full of this loan. The directors therefore consider that the accounts should be prepared on a going concern basis.
Rental income
Rental income represents the value of rents receivable under occupational leases and lease extension proceeds received during the year. Rental income is credited to the profit and loss account on a straight line basis over the terms of the leases.
Investment properties
Investment properties are included at the purchased cost, including directly attributable expenditure. Changes in fair value of the property are recognised through the profit and loss account of the period. Depreciation is not provided in respect of freehold investment properties.
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 over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investments
An entity is treated as a joint venture where the company holds a long term interest and shares control. The company's interest in a joint venture is carried at its share of the fair value of the joint venture and incorporates the fair values of the tangible fixed assets held within it. The company is entitled to a fixed percentage share of the results of the joint venture which is recognised through the profit and loss. Changes in fair value are included in the profit and loss.
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 3 3
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 370,000 42,990 412,990
Disposals - (42,990) (42,990)
At 31 March 2023 370,000 - 370,000
Depreciation
At 1 April 2022 - 24,853 24,853
On disposals - (24,853) (24,853)
At 31 March 2023 - - -
Net book value
At 31 March 2023 370,000 - 370,000
At 31 March 2022 370,000 18,137 388,137
Freehold land and buildings: 2023 2022
£ £
Historical cost 122,661 122,661
Cumulative depreciation based on historical cost - -
122,661 122,661
The investment properties were valued on 31 March 2023 by a director, M J G King. A chartered surveyor, on an open market existing use basis.
4 Investments
Other
investments
£
Cost
At 1 April 2022 1,571,057
Additions 12,000
Revaluation (30,000)
At 31 March 2023 1,553,057
The above represents the company's 20% interest in an unincorporated joint venture, Frimley Properties and a 20% interest in the issued share capital of Orient Estates Limited. The investment properties held by these businesses were valued on 31 March 2023 by a director, M J G King, a chartered surveyor, on an open market existing use basis.
At 31 March 2023 the net assets of Frimley Properties were £5,478,250 (2022: £5,629,002).
At 30 September 2022 the net assets of Orient Estates Limited were shown as £2,165,743. (30 September 2021: £3,372,271).
5 Debtors 2023 2022
£ £
Amounts due from companies under common ownership and undertakings in which the company has a participating interest 474,301 455,301
Other debtors 35,912 2,997
510,213 458,298
Included in Amounts due from companies under common ownership and undertakings in which the company has a participating interest is an amount of £238,600 due from Hoe Leasing Ltd. At 31 March 2023 Hoe Leasing Ltd financial statements showed net liabilities amounting to £(355,663) (2022: £(309,563)). Hoe Leasing Ltd is controlled and owned by M J G King. M J G King has given a personal guarantee to King Properties Company Limited to repay the debt if Hoe Leasing Ltd is unable to do so.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 985 -
Obligations under finance lease and hire purchase contracts - 16,999
Amounts due to companies under common ownership and undertakings in which the company has a participating interest 104,350 100,000
Taxation and social security costs 8,995 11,478
Other creditors 3,355 9,521
117,685 137,998
7 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts due to companies under common ownership and undertakings in which the company has a participating interest 185,265 186,664
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M J G King
Loan 1 2,997 - (2,997) -
Loan 2 - 35,912 - 35,912
2,997 35,912 (2,997) 35,912
The loan is unsecured and interest is payable at 2%. Accrued interest at 31 March 2023 was £514.
9 Related party transactions
2023 2022
£ £
During the year the company entered into transactions on a commercial basis with undertakings in which a director, M J G King, holds material interests, as follows:
Income: Joint Venture profit share from Frimley Properties 62,650 64,019
Expense: Eversleigh Investment and Property Co Ltd - Services 2,280 1,980
Expense: Eversleigh Investment and Property Co Ltd - Loan interest 7,613 9,173
At the balance sheet date, included within debtors were amounts due to the company from the following related parties
Hertingfordbury Investments Ltd 235,701 231,001
Hoe Leasing Ltd 238,600 222,500
At the balance sheet date, included within creditors were amounts due from the company to the following related parties
Eversleigh Investment and Property Co Ltd 144,465 141,264
Orient Estates Ltd 140,800 145,400
10 Controlling party
The company is controlled by the director, M J G King.
11 Other information
KING PROPERTIES COMPANY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
124 Great North Road
Hatfield
Hertfordshire
AL9 5JN
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