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Registration number: 09650398

Knightcross Securities Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Knightcross Securities Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Knightcross Securities Ltd

(Registration number: 09650398 )
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,382

21,080

Investment property

5

828,000

795,000

 

844,382

816,080

Current assets

 

Stocks

955,239

668,876

Debtors

6

6,765

7,628

Cash at bank and in hand

 

13,137

738,886

 

975,141

1,415,390

Creditors: Amounts falling due within one year

7

(1,002,127)

(1,430,646)

Net current liabilities

 

(26,986)

(15,256)

Total assets less current liabilities

 

817,396

800,824

Creditors: Amounts falling due after more than one year

7

(20,000)

(29,167)

Provisions for liabilities

(69,000)

(61,000)

Net assets

 

728,396

710,657

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

234,891

209,890

Retained earnings

493,405

500,667

Shareholders' funds

 

728,396

710,657

 

Knightcross Securities Ltd

(Registration number: 09650398 )
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 


Oliver Lomas
Director

 

Knightcross Securities Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
14 Yates Croft
Farnsfield
Nottinghamshire
NG22 8WL

These financial statements were authorised for issue by the Board on 4 March 2024.

2

Accounting policies

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 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the histroical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or recoverable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover represents gross sale of completed property developments and rental income generated from the company's investment property portfolio. Revenue from property development sales is recognised on legal completion. Rental income is accrued evenly over the life of the rental agreement.

Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

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.

 

Knightcross Securities Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Office equipment

33% straight line

Motor Vehicles

25% reducing balance

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is stated at its fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the directors. The valuer uses observable market prices, adjusted if necessary for any differences in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

 

Knightcross Securities Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Knightcross Securities Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

3,127

18,800

4,401

26,328

Additions

129

-

1,118

1,247

Disposals

(1,372)

-

-

(1,372)

At 30 June 2023

1,884

18,800

5,519

26,203

Depreciation

At 1 July 2022

1,125

1,175

2,948

5,248

Charge for the year

719

4,406

820

5,945

Eliminated on disposal

(1,372)

-

-

(1,372)

At 30 June 2023

472

5,581

3,768

9,821

Carrying amount

At 30 June 2023

1,412

13,219

1,751

16,382

At 30 June 2022

2,002

17,625

1,453

21,080

5

Investment properties

2023
£

Fair value

At 1 July

795,000

Fair value adjustments

33,000

At 30 June

828,000

The fair value of the freehold investment properties have been determined on an open market basis with consideration for the nature and condition of the properties and subject to existing tenancies and by reference to similar properties. The historical cost is £524,109 (2022 - £524,109)

 

Knightcross Securities Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Debtors

2023
£

2022
£

Other debtors

6,765

7,628

 

6,765

7,628

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

10,000

201,150

Trade creditors

1,139

1,355

Director's current account

980,050

1,175,050

Taxation and social security

6,081

-

Other creditors

4,791

2,820

Corporation tax

66

50,271

1,002,127

1,430,646

Creditors due within one year include bank loans which are secured on the company investment properties of £Nil (2022 - £191,150)

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

20,000

29,167

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Knightcross Securities Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

980,050

2022

Key management
£

Amounts payable to related party

1,175,050