Company registration number 13034125 (England and Wales)
KMJ PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
KMJ PROPERTY DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P B Edmondson
Mrs J C Edmondson
Mrs C J Henderson
Mrs R K Allen
Mrs J M Jones
Mr R W Smith
Company number
13034125
Registered office
143 Connaught Avenue
Frinton on Sea
Essex
CO13 9AB
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
KMJ PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
KMJ PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,267,636
793,076
Current assets
Debtors
5
-
0
168
Cash at bank and in hand
60,910
61,468
60,910
61,636
Creditors: amounts falling due within one year
6
(16,939)
(9,636)
Net current assets
43,971
52,000
Total assets less current liabilities
1,311,607
845,076
Creditors: amounts falling due after more than one year
7
(1,243,577)
(795,955)
Net assets
68,030
49,121
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
68,027
49,118
Total equity
68,030
49,121
KMJ PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr P B Edmondson
Director
Company Registration No. 13034125
The notes on pages 4 to 7 form part of these financial statements
KMJ PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

KMJ Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 143 Connaught Avenue, Frinton on Sea, Essex, CO13 9AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Leasehold land and buildings
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

KMJ PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current 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 or 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

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

KMJ PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Total
£
£
£
Cost
At 1 December 2022
357,395
435,681
793,076
Additions
-
0
474,560
474,560
At 30 November 2023
357,395
910,241
1,267,636
Depreciation and impairment
At 1 December 2022 and 30 November 2023
-
0
-
0
-
0
Carrying amount
At 30 November 2023
357,395
910,241
1,267,636
At 30 November 2022
357,395
435,681
793,076

The investment properties were valued by the directors during 2021 on an open market value for existing use basis.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
168
KMJ PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
4,436
9,636
Other creditors
12,503
-
0
16,939
9,636
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,243,577
795,955
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
13,103,675
6,540,800
9
Related party transactions

At the balance sheet date the company owes JCR Investment Properties Limited, a company of which the shareholders are also directors and shareholders £733,580 (2022 £283,739). Interest of 4% daily is charged on the loan. The balance is included in other creditors.

 

At the balance sheet date the company owes The Peter B Edmondson Settlement Trust £Nil (£302,219) . Interest of 3% daily is charged on the loan. The balance is included in other creditors.

 

Included in other creditors is an amount of £509,997 (2022 £209,997) owing to the directors of the company.

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