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REGISTERED NUMBER: 03455295 (England and Wales)















Kerridge Properties Limited

Unaudited Financial Statements for the Year Ended 29th February 2024






Kerridge Properties Limited (Registered number: 03455295)

Contents of the Financial Statements
for the Year Ended 29th February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kerridge Properties Limited

Company Information
for the Year Ended 29th February 2024







DIRECTORS: Dr R Bennett
J H Bennett
C J Bennett
T Bennett
B C Soulby





SECRETARY: B C Soulby





REGISTERED OFFICE: Undy's Cottage
39 Charnham Street
Hungerford
Berkshire
RG17 0EJ





REGISTERED NUMBER: 03455295 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Kerridge Properties Limited (Registered number: 03455295)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 11,932,250 11,782,542
Investments 6 110,540 110,540
12,042,790 11,893,082

CURRENT ASSETS
Debtors 7 1,198,064 1,188,242
Cash at bank 1,220,453 1,385,438
2,418,517 2,573,680
CREDITORS
Amounts falling due within one year 8 3,898,374 3,860,366
NET CURRENT LIABILITIES (1,479,857 ) (1,286,686 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,562,933

10,606,396

CREDITORS
Amounts falling due after more than
one year

9

(13,239

)

(23,374

)

PROVISIONS FOR LIABILITIES 10 (13,237 ) (22,638 )
NET ASSETS 10,536,457 10,560,384

Kerridge Properties Limited (Registered number: 03455295)

Balance Sheet - continued
29th February 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 144,000 144,000
Merger reserve 12 2,380,339 2,380,339
Fair value reserve 12 108,379 108,379
Retained earnings 12 7,903,739 7,927,666
SHAREHOLDERS' FUNDS 10,536,457 10,560,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th August 2024 and were signed on its behalf by:





B C Soulby - Director


Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements
for the Year Ended 29th February 2024


1. STATUTORY INFORMATION

Kerridge Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

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

Turnover
The turnover shown in the profit and loss account represents rents receivable and associated charges in respect of the year, exclusive of Value Added Tax. Rental income from operating leases is recognised on a straight line basis over the period of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Investment properties - nil
Improvements to property - Straight line over 20 years
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost

Freehold land is recognised at cost less impairment.

Investments in subsidiaries and associates
Investments in subsidiary and associated undertakings are recognised at cost less impairment.

Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investments.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investment properties
Investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the Profit and Loss Account. A transfer is made to the fair value reserve net of applicable deferred tax where the fair value exceeds original cost.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024


5. TANGIBLE FIXED ASSETS
Improvements
Investment to Plant and Motor
properties property machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st March 2023 11,691,990 - 151,040 246,352 12,089,382
Additions 25,439 175,493 2,260 - 203,192
At 29th February 2024 11,717,429 175,493 153,300 246,352 12,292,574
DEPRECIATION
At 1st March 2023 - - 137,472 169,368 306,840
Charge for year 4,847 8,774 7,558 32,305 53,484
At 29th February 2024 4,847 8,774 145,030 201,673 360,324
NET BOOK VALUE
At 29th February 2024 11,712,582 166,719 8,270 44,679 11,932,250
At 28th February 2023 11,691,990 - 13,568 76,984 11,782,542

Cost or valuation at 29th February 2024 is represented by:

Improvements
Investment to Plant and Motor
properties property machinery vehicles Totals
£    £    £    £    £   
Valuation in 2004 1,778,921 - - - 1,778,921
Valuation in 2010 (3,159,007 ) - - - (3,159,007 )
Valuation in 2011 (2,568,419 ) - - - (2,568,419 )
Valuation in 2015 430,880 - - - 430,880
Valuation in 2016 27,500 - - - 27,500
Valuation in 2017 285,000 - - - 285,000
Valuation in 2018 240,000 - - - 240,000
Cost 14,682,554 175,493 153,300 246,352 15,257,699
11,717,429 175,493 153,300 246,352 12,292,574

Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024


5. TANGIBLE FIXED ASSETS - continued

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 14,682,554 14,758,160

Investment properties were valued on a fair value basis on 28th February 2024 by the directors .

The net book value of tangible fixed assets includes £ 43,627 (2023 - £ 39,985 ) in respect of assets held under hire purchase contracts or finance leases.

6. FIXED ASSET INVESTMENTS
Interest
Shares in in
group associated
undertakings undertakings Totals
£    £    £   
COST
At 1st March 2023
and 29th February 2024 2,174,358 100,537 2,274,895
PROVISIONS
At 1st March 2023
and 29th February 2024 2,164,355 - 2,164,355
NET BOOK VALUE
At 29th February 2024 10,003 100,537 110,540
At 28th February 2023 10,003 100,537 110,540

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 143,590 143,291
Amounts owed by group undertakings 417,014 534,630
Other debtors 388,714 355,994
Prepayments and accrued income 248,746 154,327
1,198,064 1,188,242

Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,900 9,650
Other loans 3,512,387 3,512,387
Trade creditors 10,608 30,674
Amounts owed to group undertakings 10,000 11,982
Tax 25,015 23,586
Social security and other taxes 5,123 3,326
VAT 10,115 30,498
Other creditors 18,390 16,890
Directors' current accounts 9,972 11,892
Accruals and deferred income 286,864 209,481
3,898,374 3,860,366

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,900 9,600
Bank loans - 2-5 years 3,339 13,774
13,239 23,374

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 13,237 22,638

Deferred
tax
£   
Balance at 1st March 2023 22,638
Unused amounts reversed during year (9,401 )
Balance at 29th February 2024 13,237

Kerridge Properties Limited (Registered number: 03455295)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
14,400,000 Ordinary 1p 144,000 144,000

12. RESERVES
Fair
Retained Merger value
earnings reserve reserve Totals
£    £    £    £   

At 1st March 2023 7,927,666 2,380,339 108,379 10,416,384
Deficit for the year (23,927 ) (23,927 )
At 29th February 2024 7,903,739 2,380,339 108,379 10,392,457

13. CONTINGENT LIABILITIES

The company has agreed to act as guarantor for a loan of £800,000 taken out by one of its subsidiaries.