Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-312022-11-012falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03141432 2022-11-01 2023-10-31 03141432 2021-11-01 2022-10-31 03141432 2023-10-31 03141432 2022-10-31 03141432 c:Director1 2022-11-01 2023-10-31 03141432 d:FurnitureFittings 2022-11-01 2023-10-31 03141432 d:FurnitureFittings 2023-10-31 03141432 d:FurnitureFittings 2022-10-31 03141432 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 03141432 d:FreeholdInvestmentProperty 2022-11-01 2023-10-31 03141432 d:FreeholdInvestmentProperty 2023-10-31 03141432 d:FreeholdInvestmentProperty 2022-10-31 03141432 d:CurrentFinancialInstruments 2023-10-31 03141432 d:CurrentFinancialInstruments 2022-10-31 03141432 d:Non-currentFinancialInstruments 2023-10-31 03141432 d:Non-currentFinancialInstruments 2022-10-31 03141432 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 03141432 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 03141432 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 03141432 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 03141432 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 03141432 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 03141432 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 03141432 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 03141432 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-10-31 03141432 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 03141432 d:ShareCapital 2023-10-31 03141432 d:ShareCapital 2022-10-31 03141432 d:SharePremium 2022-11-01 2023-10-31 03141432 d:SharePremium 2023-10-31 03141432 d:SharePremium 2022-10-31 03141432 d:InvestmentPropertiesRevaluationReserve 2022-11-01 2023-10-31 03141432 d:InvestmentPropertiesRevaluationReserve 2023-10-31 03141432 d:InvestmentPropertiesRevaluationReserve 2022-10-31 03141432 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 03141432 d:RetainedEarningsAccumulatedLosses 2023-10-31 03141432 d:RetainedEarningsAccumulatedLosses 2022-10-31 03141432 c:FRS102 2022-11-01 2023-10-31 03141432 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 03141432 c:FullAccounts 2022-11-01 2023-10-31 03141432 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03141432 2 2022-11-01 2023-10-31 03141432 6 2022-11-01 2023-10-31 03141432 d:RetirementBenefitObligationsDeferredTax 2023-10-31 03141432 d:RetirementBenefitObligationsDeferredTax 2022-10-31 03141432 d:OtherDeferredTax 2023-10-31 03141432 d:OtherDeferredTax 2022-10-31 03141432 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number:  03141432














KEMP RENTALS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


 
KEMP RENTALS LIMITED
REGISTERED NUMBER: 03141432

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
336
395

Investments
 5 
95,790
95,790

Investment property
 6 
897,125
886,710

  
993,251
982,895

Current assets
  

Debtors: amounts falling due within one year
 7 
62,948
-

Cash at bank and in hand
 8 
14,385
2,004

  
77,333
2,004

Creditors: amounts falling due within one year
 9 
(235,668)
(180,699)

Net current liabilities
  
 
 
(158,335)
 
 
(178,695)

Total assets less current liabilities
  
834,916
804,200

Creditors: amounts falling due after more than one year
 10 
(413,077)
(418,631)

Provisions for liabilities
  

Deferred tax
 12 
(1,060)
(114)

  
 
 
(1,060)
 
 
(114)

Net assets
  
420,779
385,455


Capital and reserves
  

Called up share capital 
  
510
510

Share premium account
 13 
99,335
99,335

Investment property reserve
 13 
241,613
241,613

Profit and loss account
 13 
79,321
43,997

  
420,779
385,455


Page 1

 
KEMP RENTALS LIMITED
REGISTERED NUMBER: 03141432
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C C Kemp
Director

Date: 12 March 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.03141432). The address of the registered office is Seven Oakes Lane, Stanton By Dale, Derbyshire DE7 4QU.
These financial statements present information about the Company as an individual undertaking. The principal activity of the Company is that of a property rental company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 November 2022
6,097



At 31 October 2023

6,097



Depreciation


At 1 November 2022
5,702


Charge for the year on owned assets
59



At 31 October 2023

5,761



Net book value



At 31 October 2023
336



At 31 October 2022
395


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
95,790



At 31 October 2023
95,790




Page 7

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
886,710


Additions at cost
10,415



At 31 October 2023
897,125

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 November 2022
241,613
241,613

At 31 October 2023
241,613
241,613



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
655,512
645,097

Accumulated depreciation and impairments
(131,102)
(116,117)

524,410
528,980

Page 8

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Debtors

2023
2022
£
£


Other debtors
62,948
-

62,948
-



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
14,385
2,004

14,385
2,004



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,683
11,812

Trade creditors
1,440
-

Amounts owed to group undertakings
205,735
160,934

Corporation tax
8,498
4,523

Other taxation and social security
9,937
2,430

Accruals and deferred income
1,375
1,000

235,668
180,699


The following liabilities were secured:

2023
2022
£
£



Bank loans
8,683
11,812

8,683
11,812

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.

Page 9

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
413,077
418,631

413,077
418,631


The following liabilities were secured:

2023
2022
£
£



Bank loans
413,077
418,631

413,077
418,631

Details of security provided:

The bank loans are secured by fixed and floating charges held against the assets of the Company.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,683
11,812

Amounts falling due 1-2 years

Bank loans
8,683
11,812

Amounts falling due 2-5 years

Bank loans
26,048
35,435

Amounts falling due after more than 5 years

Bank loans
378,346
371,384

421,760
430,443


Page 10

 
KEMP RENTALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Deferred taxation




2023


£






At beginning of year
(114)


Charged to profit or loss
(946)



At end of year
(1,060)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(1,060)
(75)

Short term timing differences
-
(39)

(1,060)
(114)


13.


Reserves

Share premium account

Share premium is the excess consideration paid for share capital above nominal value.

Investment property revaluation reserve

Investment property revaluation reserve is the historical movement in the valuation of investment property.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses.

 
Page 11