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Registration number: 13077141

Kingsbury Investment Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Kingsbury Investment Management Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Kingsbury Investment Management Ltd

Company Information

Directors

Mr D A Monk

Mr J H Slade

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kingsbury Investment Management Ltd
for the 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 accounts of Kingsbury Investment Management Ltd for the year ended 31 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Kingsbury Investment Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kingsbury Investment Management Ltd and state those matters that we have agreed to state to the Board of Directors of Kingsbury Investment Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingsbury Investment Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kingsbury Investment Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kingsbury Investment Management Ltd. You consider that Kingsbury Investment Management Ltd 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 accounts of Kingsbury Investment Management Ltd. 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 accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

16 August 2024

 

Kingsbury Investment Management Ltd

(Registration number: 13077141)
Balance Sheet as at 31 December 2023

2023
£

(As restated)

2022
£

Fixed assets

Tangible assets

791

931

Investment property

448,466

297,667

449,257

298,598

Current assets

Debtors

1,501

2,629

Cash at bank and in hand

5,186

5,140

6,687

7,769

Creditors: Amounts falling due within one year

(243,926)

(165,969)

Net current liabilities

(237,239)

(158,200)

Net assets

212,018

140,398

Capital and reserves

Called up share capital

600

600

Retained earnings

211,418

139,798

Shareholders' funds

212,018

140,398

 

Kingsbury Investment Management Ltd

(Registration number: 13077141)
Balance Sheet as at 31 December 2023

For the financial 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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................

Mr D A Monk

Director

.........................................

Mr J H Slade

Director

 

Kingsbury Investment Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

This is the first year that the entity has adapted FRS 102, as previously the entity was eligible for FRS 105 (micro entity regime).

These financial statements were authorised for issue by the Board on 15 August 2024.

2

Accounting policies

Statement of compliance

These 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 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.

Revenue recognition

Turnover represents the consultancy fees charged by the directors for their expertise in the property sector, and also rental income received from the company’s investment properties. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Consultancy income is recognized on completion of the consultancy work. Rental income is time apportioned and recognised at the time of supply.

Tax

The tax expense for the period comprises current 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.

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.

 

Kingsbury Investment Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Fixtures & Fittings

15% 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.

3

Staff numbers

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

 

Kingsbury Investment Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,020

1,020

At 31 December 2023

1,020

1,020

Depreciation

At 1 January 2023

89

89

Charge for the year

140

140

At 31 December 2023

229

229

Carrying amount

At 31 December 2023

791

791

At 31 December 2022

931

931

5

Investment properties

2023
£

At 1 January

297,667

Additions

150,799

At 31 December

448,466

Investment property is carried at fair value as determined by the directors. The directors are satisfied that the values remain reasonable at the balance sheet date, but that a further review will be conducted in 2024.

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

6

Debtors

2023
£

2022
£

Trade debtors

1,501

2,469

Prepayments

-

160

1,501

2,629

 

Kingsbury Investment Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,897

160

Taxation and social security

19,889

20,530

Accruals and deferred income

3,553

7,716

Other creditors

217,587

137,563

243,926

165,969

8

Transition to FRS 102

This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The following disclosures are required in the year of transition. The last financial statements under previous UK GAAP were for the year ended 31/12/2022 and the date of transition to FRS 102 was therefore 01/01/2022. As a consequence of adopting FRS 102, a number of accounting policies have changed to comply with that standard.

Balance Sheet at 1 January 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

98,988

(101,008)

2,020

-

Investment property

-

101,008

-

101,008

98,988

-

2,020

101,008

Current assets

Debtors

1,060

-

-

1,060

Cash at bank and in hand

2,733

-

-

2,733

3,793

-

-

3,793

Creditors: Amounts falling due within one year

(23,041)

-

-

(23,041)

Net current liabilities

(19,248)

-

-

(19,248)

Net assets

79,740

-

2,020

81,760

Capital and reserves

Called up share capital

(600)

-

-

(600)

Retained earnings

(79,140)

-

(2,020)

(81,160)

 

Kingsbury Investment Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Total equity

(79,740)

-

(2,020)

(81,760)

Balance Sheet at 31 December 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

291,608

(297,667)

6,990

931

Investment property

-

297,667

-

297,667

291,608

-

6,990

298,598

Current assets

Debtors

2,629

-

-

2,629

Cash at bank and in hand

5,140

-

-

5,140

7,769

-

-

7,769

Total assets less current liabilities

299,377

-

6,990

306,367

Creditors: Amounts falling due after more than one year

(165,969)

-

-

(165,969)

Net assets

133,408

-

6,990

140,398

Capital and reserves

Called up share capital

(600)

-

-

(600)

Retained earnings

(132,808)

-

(6,990)

(139,798)

Total equity

(133,408)

-

(6,990)

(140,398)