REGISTERED NUMBER: |
Kerridge Properties Limited |
Unaudited Financial Statements for the Year Ended 29th February 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
Kerridge Properties Limited (Registered number: 03455295) |
Balance Sheet - continued |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Merger reserve | 12 |
Fair value reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Investment properties | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
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 | 2,274,895 |
PROVISIONS |
At 1st March 2023 |
and 29th February 2024 | 2,164,355 | - | 2,164,355 |
NET BOOK VALUE |
At 29th February 2024 | 110,540 |
At 28th February 2023 | 110,540 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
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 |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 10,115 | 30,498 |
Other creditors |
Directors' current accounts | 9,972 | 11,892 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 13,237 | 22,638 |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Unused amounts reversed during year | ( |
) |
Balance at 29th February 2024 |
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: | £ | £ |
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. |