Knighton Property Ltd 10490894 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the letting of its own property. Digita Accounts Production Advanced 6.30.9574.0 true true 10490894 2022-12-01 2023-11-30 10490894 2023-11-30 10490894 bus:OrdinaryShareClass1 2023-11-30 10490894 core:CurrentFinancialInstruments 2023-11-30 10490894 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 10490894 core:Non-currentFinancialInstruments 2023-11-30 10490894 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 10490894 core:MoreThanFiveYears 2 2023-11-30 10490894 core:LandBuildings 2023-11-30 10490894 bus:SmallEntities 2022-12-01 2023-11-30 10490894 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 10490894 bus:FullAccounts 2022-12-01 2023-11-30 10490894 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 10490894 bus:RegisteredOffice 2022-12-01 2023-11-30 10490894 bus:Director1 2022-12-01 2023-11-30 10490894 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 10490894 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10490894 bus:Agent1 2022-12-01 2023-11-30 10490894 core:Buildings 2022-12-01 2023-11-30 10490894 core:LandBuildings 2022-12-01 2023-11-30 10490894 countries:EnglandWales 2022-12-01 2023-11-30 10490894 2022-11-30 10490894 core:LandBuildings 2022-11-30 10490894 2021-12-01 2022-11-30 10490894 2022-11-30 10490894 bus:OrdinaryShareClass1 2022-11-30 10490894 core:CurrentFinancialInstruments 2022-11-30 10490894 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 10490894 core:Non-currentFinancialInstruments 2022-11-30 10490894 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 10490894 core:MoreThanFiveYears 2 2022-11-30 10490894 core:LandBuildings 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10490894

Knighton Property Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

































 

image-name

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Company Information

Director

Mr James Edward Sene

Registered office

16 Beanhay Close
Liverton
NEWTON ABBOT
Devon
TQ12 6YY

Bankers

Lloyds Bank plc
Chesham
79 High Street
CHESHAM
Buckinghamshire
HP5 1BT

Accountants

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Knighton Property Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Knighton Property Ltd for the year ended 30 November 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

This report is made solely to the Board of Directors of Knighton Property Ltd, as a body, in accordance with the terms of our engagement letter dated 22 November 2016. Our work has been undertaken solely to prepare for your approval the accounts of Knighton Property Ltd and state those matters that we have agreed to state to the Board of Directors of Knighton Property Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knighton Property Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Knighton Property Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Knighton Property Ltd. You consider that Knighton Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Knighton Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

31 January 2024

 

(Registration number: 10490894)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

371,267

377,288

Current assets

 

Debtors

5

2,936

2,990

Cash at bank and in hand

 

48,408

19,738

 

51,344

22,728

Creditors: Amounts falling due within one year

6

(268,166)

(251,097)

Net current liabilities

 

(216,822)

(228,369)

Total assets less current liabilities

 

154,445

148,919

Creditors: Amounts falling due after more than one year

6

(137,025)

(137,025)

Net assets

 

17,420

11,894

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

17,419

11,893

Shareholders' funds

 

17,420

11,894

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 January 2024
 

.........................................
Mr James Edward Sene
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Beanhay Close
Liverton
NEWTON ABBOT
Devon
TQ12 6YY
United Kingdom

These financial statements were authorised for issue by the director on 31 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

395,522

395,522

At 30 November 2023

395,522

395,522

Depreciation

At 1 December 2022

18,234

18,234

Charge for the year

6,021

6,021

At 30 November 2023

24,255

24,255

Carrying amount

At 30 November 2023

371,267

371,267

At 30 November 2022

377,288

377,288

Included within the net book value of land and buildings above is £371,267 (2022 - £377,288) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Prepayments

2,036

2,090

Other debtors

900

900

 

2,936

2,990

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

56,000

40,000

Trade creditors

 

401

390

Amounts due to related parties

 

208,495

208,341

Taxation and social security

 

2,708

1,804

Accruals and deferred income

 

5

5

Other creditors

 

557

557

 

268,166

251,097

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

137,025

137,025

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

137,025

137,025

137,025

137,025

-

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary GBP1.00 of £1 each

1

1

1

1

         
 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

137,025

137,025

2023
£

2022
£

Current loans and borrowings

Other borrowings

56,000

40,000

Other borrowings

Debenture Loan is denominated in GBP with a nominal interest rate of 2.99%, and the final instalment is due on 23 March 2052. The carrying amount at year end is £137,025 (2022 - £137,025).

Registered charge against the property of 48 Drum Way, Heathfield, Newton Abbot, Devon TQ12 6RP and attached parking space. Also registered at the Land Registry under title number DN269842. Charge contains a negative pledge.

Included in the loans and borrowings are the following amounts due after more than five years:

Debenture loans after five years

Loan repayable in full on maturity date of 23/03/2052. From the advance 60 monthly interest-only repayments, calculated at 2.99%, will be made, followed by 288 monthly interest-only repayments, calculated at 3.04% above the provider's variable rate.