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Registration number: 05059436

Key Office Developments (Bispham) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Key Office Developments (Bispham) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Key Office Developments (Bispham) Ltd

Company Information

Director

Mr E Bailey

Company secretary

Mrs SA Macgregor

Registered office

187 Breck Road
Poulton-Le-Fylde
Lancashire
FY6 7YU

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Key Office Developments (Bispham) Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Key Office Developments (Bispham) Ltd for the year ended 31 May 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Key Office Developments (Bispham) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Key Office Developments (Bispham) Ltd and state those matters that we have agreed to state to the Board of Directors of Key Office Developments (Bispham) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Key Office Developments (Bispham) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Key Office Developments (Bispham) 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 Key Office Developments (Bispham) Ltd. You consider that Key Office Developments (Bispham) 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 Key Office Developments (Bispham) 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.

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

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

19 February 2024

 

Key Office Developments (Bispham) Ltd

(Registration number: 05059436)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,942

6,589

Investment property

5

780,000

780,000

 

784,942

786,589

Current assets

 

Debtors

6

105,461

71,883

Cash at bank and in hand

 

2,244

2,419

 

107,705

74,302

Creditors: Amounts falling due within one year

7

(446,634)

(579,797)

Net current liabilities

 

(338,929)

(505,495)

Total assets less current liabilities

 

446,013

281,094

Creditors: Amounts falling due after more than one year

7

(419,453)

(267,834)

Provisions for liabilities

(5,312)

(2,696)

Net assets

 

21,248

10,564

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

21,247

10,563

Shareholders' funds

 

21,248

10,564

For the financial year ending 31 May 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 19 February 2024
 

 

Key Office Developments (Bispham) Ltd

(Registration number: 05059436)
Balance Sheet as at 31 May 2023

.........................................
Mr E Bailey
Director

 

Key Office Developments (Bispham) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
187 Breck Road
Poulton-Le-Fylde
Lancashire
FY6 7YU
United Kingdom

These financial statements were authorised for issue by the director on 19 February 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 deferred 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.

 

Key Office Developments (Bispham) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Office equipment

Straight line 20%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Key Office Developments (Bispham) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Key Office Developments (Bispham) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

11,713

11,713

At 31 May 2023

11,713

11,713

Depreciation

At 1 June 2022

5,124

5,124

Charge for the year

1,647

1,647

At 31 May 2023

6,771

6,771

Carrying amount

At 31 May 2023

4,942

4,942

At 31 May 2022

6,589

6,589

5

Investment properties

2023
£

At 1 June

780,000

At 31 May

780,000

The fair value of the investment property has been reviewed by the director. As at the year-end the director believes the value disclosed in the accounts reflects the fair value of the property.

There has been no valuation of investment property by an independent valuer.

 

Key Office Developments (Bispham) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

72,319

38,153

Prepayments

141

729

Other debtors

33,001

33,001

 

105,461

71,883

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

26,659

14,568

Trade creditors

 

66,973

50,376

Taxation and social security

 

21,357

76,468

Accruals and deferred income

 

7,900

28,025

Other creditors

 

323,745

410,360

 

446,634

579,797

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £17,220 (2022 - £4,568). The bank loans are secured by fixed and floating charges over the company’s assets.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

419,453

267,834

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £399,504 (2022 - £237,750). The bank loans are secured by fixed and floating charges over the company’s assets.

 

Key Office Developments (Bispham) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

419,453

267,834

2023
£

2022
£

Current loans and borrowings

Bank borrowings

26,659

14,568