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Registration number: 02752331

Kingchip Properties Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Kingchip Properties Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Kingchip Properties Limited

Company Information

Directors

Mr I D Croysdill

Miss A R Dell'Oca

Mrs Jean Croysdill

Registered office

29 Peverell Avenue West
Poundbury
Dorchester
Dorset
DT1 3SU

Accountants

Spirare Limited
Chartered Certified
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Kingchip Properties Limited

(Registration number: 02752331)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

144

214

Investment property

475,000

805,000

 

475,144

805,214

Current assets

 

Debtors

5

39

-

Other financial assets

285,371

-

Cash at bank and in hand

 

48,848

73,421

 

334,258

73,421

Creditors: Amounts falling due within one year

(54,659)

(108,680)

Net current assets/(liabilities)

 

279,599

(35,259)

Total assets less current liabilities

 

754,743

769,955

Provisions for liabilities

(27)

(29,929)

Accruals and deferred income

 

(1,500)

(1,301)

Net assets

 

753,216

738,725

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

87,275

77,672

Retained earnings

665,841

660,953

Shareholders' funds

 

753,216

738,725

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

 

Kingchip Properties Limited

(Registration number: 02752331)
Abridged Balance Sheet as at 31 October 2023

.........................................
Mr I D Croysdill
Director

.........................................
Miss A R Dell'Oca
Director

 

Kingchip Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
29 Peverell Avenue West
Poundbury
Dorchester
Dorset
DT1 3SU

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Kingchip Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing Balance

Office equipment

33.3% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

Kingchip Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,295

6,500

7,795

At 31 October 2023

1,295

6,500

7,795

Depreciation

At 1 November 2022

1,101

6,480

7,581

Charge for the year

65

5

70

At 31 October 2023

1,166

6,485

7,651

Carrying amount

At 31 October 2023

129

15

144

At 31 October 2022

194

20

214

Investment properties

2023
£

At 1 November

805,000

Disposals

(330,000)

At 31 October

475,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

25,000

25,000

Surplus/deficit on revaluation of other assets

(15,397)

(15,397)

9,603

9,603

 

Kingchip Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £20.00 (2022 - £73.46) per each Ordinary

 

2,000

 

7,346

         

9

Related party transactions

 

Kingchip Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr I D Croysdill

The director maintains an interest free loan account with the company which is repayable on demand.

14,377

(4,687)

6,500

16,190

         
       

Mrs Jean Croysdill

The director maitains an interest free loan account with the company which is repayable on demand.

-

-

5,000

5,000

         
       

 

 

Kingchip Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

16,500

-