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COMPANY REGISTRATION NUMBER: SC312899
Knightbridge Developments Limited
Filleted Unaudited Financial Statements
31 December 2023
Knightbridge Developments Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Knightbridge Developments Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Knightbridge Developments Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knightbridge Developments Limited for the year ended 31 December 2023, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Knightbridge Developments Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Knightbridge Developments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knightbridge Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Knightbridge Developments 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 Knightbridge Developments Limited. You consider that Knightbridge Developments 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 Knightbridge Developments 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.
GILLILAND & COMPANY Chartered accountants
216 West George Street Glasgow G2 2PQ
31 January 2024
Knightbridge Developments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
504,243
Cash at bank and in hand
12,947
25,834
--------
---------
12,947
530,077
Creditors: amounts falling due within one year
5
12,945
182,454
--------
---------
Net current assets
2
347,623
----
---------
Total assets less current liabilities
2
347,623
----
---------
Net assets
2
347,623
----
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
347,621
----
---------
Shareholders funds
2
347,623
----
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr R Townsley
Director
Company registration number: SC312899
Knightbridge Developments Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
502,266
Other debtors
1,977
----
---------
504,243
----
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
12,427
Corporation tax
518
Other creditors
182,454
--------
---------
12,945
182,454
--------
---------
6. Directors' advances, credits and guarantees
The balance due to Mr R Townsley at 31st December 2023 amounted to £NIL (2022: £181,964).