Registration number:
Knightcross Securities Ltd
for the Year Ended 30 June 2023
Knightcross Securities Ltd
(Registration number:
09650398
)
Balance Sheet
as at
30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Knightcross Securities Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Plant and machinery |
Motor vehicles |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Investment properties |
2023 |
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Fair value |
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At 1 July |
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Fair value adjustments |
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At 30 June |
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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
Debtors |
2023 |
2022 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Bank loans |
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Trade creditors |
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Director's current account |
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Taxation and social security |
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- |
Other creditors |
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Corporation tax |
66 |
50,271 |
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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 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
Knightcross Securities Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Related party transactions |
Expenditure with and payables to related parties
2023 |
Key management |
Amounts payable to related party |
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2022 |
Key management |
Amounts payable to related party |
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