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Financial Statements

for the Period 1 April 2022 to 31 August 2023

for

Kippford Developments Limited

Kippford Developments Limited (Registered number: 11400113)






Contents of the Financial Statements
for the Period 1 April 2022 to 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kippford Developments Limited

Company Information
for the Period 1 April 2022 to 31 August 2023







DIRECTORS: P Newstead
JP Sammon





REGISTERED OFFICE: Falcon House
Weaver Street
Leeds
LS4 2AU





REGISTERED NUMBER: 11400113 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Suite 4, 10/12 The Grove,
Ilkley
West Yorkshire
LS29 9EG

Kippford Developments Limited (Registered number: 11400113)

Balance Sheet
31 August 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks - 1,843,128
Debtors 4 336 56,924
Cash at bank and in hand 6,539 276
6,875 1,900,328
CREDITORS
Amounts falling due within one year 5 (3,396 ) (1,976,362 )
NET CURRENT ASSETS/(LIABILITIES) 3,479 (76,034 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,479

(76,034

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 7 3,379 (76,134 )
3,479 (76,034 )

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:




P Newstead - Director


Kippford Developments Limited (Registered number: 11400113)

Notes to the Financial Statements
for the Period 1 April 2022 to 31 August 2023

1. STATUTORY INFORMATION

Kippford Developments 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION
Taxation for the period 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.

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 period 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 period was NIL (2022 - NIL).

Kippford Developments Limited (Registered number: 11400113)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 August 2023

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 54,535
Debtor bond - 1,500
Directors' current accounts - 889
VAT 270 -
Prepayments 66 -
336 56,924

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 6) - 1,150,943
Corporation tax 792 -
VAT - 609
Other creditors - 812,447
Directors' current accounts 713 9,312
Accrued expenses 1,891 3,051
3,396 1,976,362

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans - 1,150,943

7. RESERVES
Retained
earnings
£   

At 1 April 2022 (76,134 )
Profit for the period 79,513
At 31 August 2023 3,379

Kippford Developments Limited (Registered number: 11400113)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 August 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 August 2023 and the year ended 31 March 2022:

2023 2022
£    £   
P Newstead
Balance outstanding at start of period 889 20,948
Amounts advanced 50 (156 )
Amounts repaid (1,234 ) (19,903 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (295 ) 889

JP Sammon
Balance outstanding at start of period (9,312 ) (9,156 )
Amounts advanced 9,206 (156 )
Amounts repaid (312 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (418 ) (9,312 )

No dividends were declared throughout the year (2022 - Nil). The company owed the directors' £713 as at 31st August 2023 (2022 - £9,312).

9. RELATED PARTY DISCLOSURES

The inter-company loan to Kippford Investments has been fully repaid throughout this accounting period, a company in which one of the directors' Mr P N Newstead is the controlling member. The balance owed as at 31st March 2022 totalled £812,447.