0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 848,650 848,650 848,650 xbrli:pure xbrli:shares iso4217:GBP SC425730 2023-01-01 2023-12-31 SC425730 2023-12-31 SC425730 2022-12-31 SC425730 2022-01-01 2022-12-31 SC425730 2022-12-31 SC425730 2021-12-31 SC425730 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 SC425730 bus:Director1 2023-01-01 2023-12-31 SC425730 core:WithinOneYear 2023-12-31 SC425730 core:WithinOneYear 2022-12-31 SC425730 core:AfterOneYear 2023-12-31 SC425730 core:AfterOneYear 2022-12-31 SC425730 core:ShareCapital 2023-12-31 SC425730 core:ShareCapital 2022-12-31 SC425730 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC425730 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC425730 core:LandBuildings 2023-12-31 SC425730 core:LandBuildings 2022-12-31 SC425730 bus:SmallEntities 2023-01-01 2023-12-31 SC425730 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC425730 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC425730 bus:EntityHasNeverTraded 2023-01-01 2023-12-31 SC425730 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC425730 bus:FullAccounts 2023-01-01 2023-12-31 SC425730 bus:Director1 1 2023-12-31
COMPANY REGISTRATION NUMBER: SC425730
Knightbridge Homes Limited
Filleted Unaudited Financial Statements
31 December 2023
Knightbridge Homes Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Knightbridge Homes Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Knightbridge Homes Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knightbridge Homes Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Knightbridge Homes Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Knightbridge Homes Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knightbridge Homes Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Knightbridge Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Knightbridge Homes Limited. You consider that Knightbridge Homes Limited 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 financial statements of Knightbridge Homes Limited. 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 financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
31 January 2024
Knightbridge Homes Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
848,650
848,650
Current assets
Debtors
5
1,650
1,552
Cash at bank and in hand
7,484
25,200
-------
--------
9,134
26,752
Creditors: amounts falling due within one year
6
500,247
530,699
---------
---------
Net current liabilities
491,113
503,947
---------
---------
Total assets less current liabilities
357,537
344,703
Creditors: amounts falling due after more than one year
7
212,018
231,798
---------
---------
Net assets
145,519
112,905
---------
---------
Capital and reserves
Called up share capital
35
35
Profit and loss account
145,484
112,870
---------
---------
Shareholders funds
145,519
112,905
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Knightbridge Homes Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr R Townsley
Director
Company registration number: SC425730
Knightbridge Homes Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
848,650
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
848,650
---------
At 31 December 2022
848,650
---------
5. Debtors
2023
2022
£
£
Other debtors
1,650
1,552
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,747
19,354
Amounts owed to group undertakings and undertakings in which the company has a participating interest
337,401
502,266
Corporation tax
8,788
5,479
Other creditors
134,311
3,600
---------
---------
500,247
530,699
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
212,018
231,798
---------
---------
8. Directors' advances, credits and guarantees
The balance due to Mr R Townsley at 31st December 2023, amounted to £ 130,664 (2022: NIL). The loan is interest free and has no fixed date of repayment.