IRIS Accounts Production v24.2.0.383 04503755 director 1.1.23 31.12.23 31.12.23 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045037552022-12-31045037552023-12-31045037552023-01-012023-12-31045037552021-12-31045037552022-01-012022-12-31045037552022-12-3104503755ns15:EnglandWales2023-01-012023-12-3104503755ns14:PoundSterling2023-01-012023-12-3104503755ns10:Director12023-01-012023-12-3104503755ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104503755ns10:SmallEntities2023-01-012023-12-3104503755ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3104503755ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104503755ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104503755ns10:FullAccounts2023-01-012023-12-3104503755ns10:CompanySecretary12023-01-012023-12-3104503755ns10:RegisteredOffice2023-01-012023-12-3104503755ns5:CurrentFinancialInstruments2023-12-3104503755ns5:CurrentFinancialInstruments2022-12-3104503755ns5:Non-currentFinancialInstruments2023-12-3104503755ns5:Non-currentFinancialInstruments2022-12-3104503755ns5:ShareCapital2023-12-3104503755ns5:ShareCapital2022-12-3104503755ns5:RevaluationReserve2023-12-3104503755ns5:RevaluationReserve2022-12-3104503755ns5:RetainedEarningsAccumulatedLosses2023-12-3104503755ns5:RetainedEarningsAccumulatedLosses2022-12-3104503755ns5:PlantMachinery2023-01-012023-12-3104503755ns5:PlantMachinery2022-12-3104503755ns5:PlantMachinery2023-12-3104503755ns5:PlantMachinery2022-12-3104503755ns5:AdditionsToInvestments2023-12-3104503755ns5:CostValuation2023-12-3104503755ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3104503755ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3104503755ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3104503755ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3104503755ns5:Secured2023-12-3104503755ns5:Secured2022-12-31
REGISTERED NUMBER: 04503755 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Kingsgate Properties Limited

Kingsgate Properties Limited (Registered number: 04503755)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kingsgate Properties Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr G Wrangham





SECRETARY: Mr P D Wrangham





REGISTERED OFFICE: Unit 11 Apple Business Centre
Frobisher Way
Taunton
Somerset
TA2 6BB





REGISTERED NUMBER: 04503755 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Kingsgate Properties Limited (Registered number: 04503755)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,820 79
Investments 5 100 -
Investment property 6 5,219,001 4,795,001
5,221,921 4,795,080

CURRENT ASSETS
Debtors 7 245 245
Cash at bank 115,964 134,636
116,209 134,881
CREDITORS
Amounts falling due within one year 8 46,131 53,690
NET CURRENT ASSETS 70,078 81,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,291,999

4,876,271

CREDITORS
Amounts falling due after more than one
year

9

(3,764,196

)

(3,367,633

)

PROVISIONS FOR LIABILITIES (87,931 ) (80,799 )
NET ASSETS 1,439,872 1,427,839

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Undistributable reserve 626,426 648,024
Retained earnings 808,446 774,815
SHAREHOLDERS' FUNDS 1,439,872 1,427,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Kingsgate Properties Limited (Registered number: 04503755)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by:





Mr G Wrangham - Director


Kingsgate Properties Limited (Registered number: 04503755)

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

1. STATUTORY INFORMATION

Kingsgate 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. ACCOUNTING POLICIES

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

Turnover
Turnover represents rents receivable and income from management services, excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is initially recognised at cost and subsequently measured at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. In accordance with FRS 102 investment property is not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Kingsgate Properties Limited (Registered number: 04503755)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Having given due consideration to the estimates and assumptions that form part of the carrying amount of assets and liabilities within the financial statements, the directors are of the opinion that the only material judgements or estimates relate to the annual depreciation charge and deferred taxation.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Deferred Taxation

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 3,933
Additions 3,239
At 31 December 2023 7,172
DEPRECIATION
At 1 January 2023 3,854
Charge for year 498
At 31 December 2023 4,352
NET BOOK VALUE
At 31 December 2023 2,820
At 31 December 2022 79

Kingsgate Properties Limited (Registered number: 04503755)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 4,795,001
Additions 435,146
Revaluations (11,146 )
At 31 December 2023 5,219,001
NET BOOK VALUE
At 31 December 2023 5,219,001
At 31 December 2022 4,795,001

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2022 728,823
Valuation in 2023 (11,146 )
Cost 4,501,324
5,219,001

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,501,324 4,066,178

Investment properties were valued on an open market basis on 31 December 2023 by the company director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 245 245

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,940 35,460
Trade creditors 244 246
Corporation tax 6,467 15,759
Director's current account 100 -
Accrued expenses 2,380 2,225
46,131 53,690

Kingsgate Properties Limited (Registered number: 04503755)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans and mortgages
repayable in 2 - 5 years 147,760 141,841
Bank loans and mortgages
repayable after 5 years 2,676,162 2,260,024
Director's loan account 490,274 515,768
Other loans 450,000 450,000
3,764,196 3,367,633

Amounts falling due in more than five years:

Repayable by instalments
Bank loans and mortgages
repayable after 5 years 2,676,162 2,260,024
2,676,162 2,260,024

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans and mortgages 2,860,862 2,437,325

The mortgages are secured by way of a first legal charge over thirty six of the company's investment properties.