Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-284falsetrue2022-03-01Investment company4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09479185 2022-03-01 2023-02-28 09479185 2021-03-01 2022-02-28 09479185 2023-02-28 09479185 2022-02-28 09479185 2021-03-01 09479185 c:Director1 2022-03-01 2023-02-28 09479185 d:OfficeEquipment 2022-03-01 2023-02-28 09479185 d:OfficeEquipment 2023-02-28 09479185 d:OfficeEquipment 2022-02-28 09479185 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09479185 d:ComputerEquipment 2022-03-01 2023-02-28 09479185 d:ComputerEquipment 2023-02-28 09479185 d:ComputerEquipment 2022-02-28 09479185 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09479185 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09479185 d:FreeholdInvestmentProperty 2023-02-28 09479185 d:FreeholdInvestmentProperty 2022-02-28 09479185 d:CurrentFinancialInstruments 2023-02-28 09479185 d:CurrentFinancialInstruments 2022-02-28 09479185 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09479185 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09479185 d:ShareCapital 2022-03-01 2023-02-28 09479185 d:ShareCapital 2023-02-28 09479185 d:ShareCapital 2022-02-28 09479185 d:ShareCapital 2021-03-01 09479185 d:SharePremium 2022-03-01 2023-02-28 09479185 d:SharePremium 2023-02-28 09479185 d:SharePremium 2022-02-28 09479185 d:SharePremium 2021-03-01 09479185 d:InvestmentPropertiesRevaluationReserve 2022-03-01 2023-02-28 09479185 d:InvestmentPropertiesRevaluationReserve 2023-02-28 09479185 d:InvestmentPropertiesRevaluationReserve 2022-02-28 09479185 d:InvestmentPropertiesRevaluationReserve 2021-03-01 09479185 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 09479185 d:RetainedEarningsAccumulatedLosses 2023-02-28 09479185 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 09479185 d:RetainedEarningsAccumulatedLosses 2022-02-28 09479185 d:RetainedEarningsAccumulatedLosses 2021-03-01 09479185 c:FRS102 2022-03-01 2023-02-28 09479185 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09479185 c:FullAccounts 2022-03-01 2023-02-28 09479185 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09479185 6 2022-03-01 2023-02-28 09479185 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 09479185 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 09479185 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 09479185 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 iso4217:GBP xbrli:pure
Registered number: 09479185






KENSBRIDGE PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










img0d54.png

 
KENSBRIDGE PROPERTIES LIMITED
REGISTERED NUMBER:09479185

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,005
1,538

Investments
 5 
7,468,448
5,668,448

Investment property
 6 
4,747,500
4,747,500

  
12,216,953
10,417,486

Current assets
  

Debtors: amounts falling due within one year
 7 
326,610
226,909

Cash at bank and in hand
 8 
8,343
79,627

  
334,953
306,536

Creditors: amounts falling due within one year
 9 
(9,758)
(7,887)

Net current assets
  
 
 
325,195
 
 
298,649

Total assets less current liabilities
  
12,542,148
10,716,135

Provisions for liabilities
  

Deferred tax
 10 
(352,652)
(268,016)

  
 
 
(352,652)
 
 
(268,016)

Net assets
  
12,189,496
10,448,119


Capital and reserves
  

Called up share capital 
  
5,801
5,001

Share premium account
 11 
11,892,698
10,093,498

Investment property reserve
 11 
230,875
230,875

Profit and loss account
 11 
60,122
118,745

  
12,189,496
10,448,119


Page 1

 
KENSBRIDGE PROPERTIES LIMITED
REGISTERED NUMBER:09479185
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 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 by: 




C D A From
Director

Date: 29 November 2023

Page 2

 
KENSBRIDGE PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 March 2021
5,001
10,093,498
230,875
100,376
10,429,750


Comprehensive income for the year

Profit for the year
-
-
-
18,369
18,369



At 1 March 2022
5,001
10,093,498
230,875
118,745
10,448,119


Comprehensive income for the year

Loss for the year
-
-
-
(58,623)
(58,623)
Total comprehensive income for the year
-
-
-
(58,623)
(58,623)


Contributions by and distributions to owners

Shares issued during the year
800
1,799,200
-
-
1,800,000


At 28 February 2023
5,801
11,892,698
230,875
60,122
12,189,496


Page 3

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Kensbridge Properties Limited is a private company limited by shares, incorporated in England and Wales.  Its registered office address is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company is that of an investment company.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line
Computer equipment
-
20%
straight-line

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 profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

 
2.9

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.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 7

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
478
2,072
2,550



At 28 February 2023

478
2,072
2,550



Depreciation


At 1 March 2022
80
932
1,012


Charge for the year on owned assets
119
414
533



At 28 February 2023

199
1,346
1,545



Net book value



At 28 February 2023
279
726
1,005



At 28 February 2022
398
1,140
1,538

Page 8

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 March 2022
5,668,448


Additions
1,800,000



At 28 February 2023
7,468,448





6.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
4,747,500



At 28 February 2023
4,747,500


Comprising


Cost
4,508,704

Annual revaluation surplus/(deficit):


2020
238,796

At 28 February 2023
4,747,500

The 2023 valuations were made by the directors,, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,508,704
4,508,704

4,508,704
4,508,704

Page 9

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Debtors

2023
2022
£
£


Other debtors
326,610
226,802

Prepayments and accrued income
-
107

326,610
226,909



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,343
79,627

8,343
79,627



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
625
625

Corporation tax
5,959
4,220

Accruals and deferred income
3,174
3,042

9,758
7,887


Page 10

 
KENSBRIDGE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(268,016)
(268,016)


Charged to profit or loss
(84,636)
-



At end of year
(352,652)
(268,016)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Arising on intra group transfer
260,095
260,095

Investment property revaluation
92,557
7,921

352,652
268,016


11.


Reserves

Share premium account

During the year 80,000 Ordinary Shares of £0.01 each were issued to C D A From at a value of £22.50 per share resulting in a credit of £1,799,200 to the share premium account.

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising from the revaluation of investment property net of deferred tax.

Profit and loss account

All reserves in respect of profit and loss are distributable reserves.


12.


Related party transactions

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.
Amounts totalling £60,638 (2022: £31,345) were owed by companies and partnerships under common control.  The loans do not bear interest and are repayable on demand.
 

 
Page 11