2022-11-012023-10-312023-10-31false12287828KION DEVELOPMENTS 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KION DEVELOPMENTS LTD

Registered Number
12287828
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

KION DEVELOPMENTS LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

T Butler
D Fleming

Registered Address

Clarke Nicklin House, Brooks Drive
Cheadle Royal Business Park
Cheadle
SK8 3TD

Registered Number

12287828 (England and Wales)
KION DEVELOPMENTS LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property32,798,3931,610,874
2,798,3931,610,874
Current assets
Debtors5,060467,005
Cash at bank and on hand15,23451,706
20,294518,711
Creditors amounts falling due within one year4(1,395,090)(1,249,709)
Net current assets (liabilities)(1,374,796)(730,998)
Total assets less current liabilities1,423,597879,876
Creditors amounts falling due after one year5(1,448,141)(768,518)
Provisions for liabilities7(86,292)(86,292)
Net assets(110,836)25,066
Capital and reserves
Called up share capital132132
Revaluation reserve258,877258,877
Profit and loss account(369,845)(233,943)
Shareholders' funds(110,836)25,066
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
T Butler
Director
Registered Company No. 12287828
KION DEVELOPMENTS LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
2.Average number of employees

20232022
Average number of employees during the year12
3.Investment property
The investment properties were valued on an open market basis on 31 October 2022 by the directors. If the investment properties had not been revalued they would have been included at the following historical cost of £1,265,706 (2022: £1,265,706).

£
Fair value at 01 November 221,610,874
Additions1,187,519
At 31 October 232,798,393
4.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties1,323,6941,222,607
Taxation and social security1,1961,196
Other creditors58,70013,859
Accrued liabilities and deferred income1,5002,047
Total1,395,0901,249,709
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts1,448,141768,518
Total1,448,141768,518
6.Secured creditors
The following bank loans are included within creditors £1,458,141 (2022: £778,518).
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)86,29286,292
Total86,29286,292