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REGISTERED NUMBER: 03348234 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Kingsbury Property Limited

Kingsbury Property Limited (Registered number: 03348234)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Kingsbury Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: W Butchart



SECRETARY: S Davies



REGISTERED OFFICE: Kings House
Greystoke Business Centre
High Street
Portishead
Bristol
BS20 6PY



REGISTERED NUMBER: 03348234 (England and Wales)



ACCOUNTANTS: Moore
Chartered Accountants
6th Floor
Whitefriars
Lewins Mead
Bristol
BS1 2NT



SOLICITORS: Lyons Davidson
43 Queen Square
Bristol
BS1 4QP

Kingsbury Property Limited (Registered number: 03348234)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 720,584 720,584

CURRENT ASSETS
Cash at bank 83,801 71,086

CREDITORS
Amounts falling due within one year 5 181,560 115,406
NET CURRENT LIABILITIES (97,759 ) (44,320 )
TOTAL ASSETS LESS CURRENT LIABILITIES 622,825 676,264

CREDITORS
Amounts falling due after more than
one year

6

(141,158

)

(236,775

)

PROVISIONS FOR LIABILITIES (35,817 ) (35,817 )
NET ASSETS 445,850 403,672

CAPITAL AND RESERVES
Called up share capital 333 333
Non-distributable reserve 8 186,939 186,939
Capital redemption reserve 8 667 667
Retained earnings 8 257,911 215,733
SHAREHOLDERS' FUNDS 445,850 403,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kingsbury Property Limited (Registered number: 03348234)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 December 2023 and were signed by:





W Butchart - Director


Kingsbury Property Limited (Registered number: 03348234)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Kingsbury Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
At the balance sheet date, the company had net current liabilities of £98k and net assets of £446k. The net current liabilities position at the year end is mainly due to balances owing to Kingsdale UK Limited and Kingsdale Group Limited. The ultimate controlling party of all of these companies is the director, W Butchart. Consequently although the loans are technically repayable on demand, the director of the related entity has confirmed that repayment will not be sought until the company is in a position to do so.

The company continues to meet all its liabilities as they fall due. The director has further considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The director believes budgeted income and expenditure and the level of reserves held are sufficient for the company to be able to continue as a going concern.The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover represents rental income receivable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Kingsbury Property Limited (Registered number: 03348234)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 720,584
NET BOOK VALUE
At 31 March 2023 720,584
At 31 March 2022 720,584

The investment properties were valued on an open market basis as at 31 March 2023

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 222,756
Cost 497,828
720,584

Kingsbury Property Limited (Registered number: 03348234)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Loans 97,993 16,296
Corporation tax 9,894 7,181
Other creditors 72,061 90,463
Accruals and deferred income 1,612 1,466
181,560 115,406

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Loans - 1-2 years 9,786 96,648
Loans - 2-5 years 31,657 30,617
Loans - > 5 years 99,715 109,510
141,158 236,775

Amounts falling due in more than five years:

Repayable by instalments
Loans - > 5 years 99,715 109,510

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Loans 239,151 253,071

The above loans are secured by a debenture and First Legal Charges over the properties held by the company.

8. RESERVES
Capital
Retained Non-distributable redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2022 215,733 186,939 667 403,339
Profit for the year 42,178 - - 42,178
At 31 March 2023 257,911 186,939 667 445,517

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Kingsbury Property Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingsbury Property Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Kingsbury Property Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kingsbury Property Limited and state those matters that we have agreed to state to the director of Kingsbury Property Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingsbury Property Limited and its director for our work or for this report.

It is your duty to ensure that Kingsbury Property 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 Kingsbury Property Limited. You consider that Kingsbury Property 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 Kingsbury Property 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.






Moore
Chartered Accountants
6th Floor
Whitefriars
Lewins Mead
Bristol
BS1 2NT


20 December 2023