REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
W. Kenny Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
W. Kenny Ltd |
W. Kenny Ltd (Registered number: 03811195) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
W. Kenny Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
W. Kenny Ltd (Registered number: 03811195) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Investment property reserves | 9 |
Retained earnings | 9 |
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. |
W. Kenny Ltd (Registered number: 03811195) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
W. Kenny Ltd (Registered number: 03811195) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
W. Kenny Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company was that of a rental business. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover comprises revenue recognised by the Company in respect of rent receivable and other income from the letting and management of land and property owned by the Company during the year. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Fixtures and fittings | 25% on reducing balance |
Motor vehicles | 25% on reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
INVESTMENT PROPERTY |
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
Investment property comprises 3 Properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31.03.2024 by Directors. The valuation was made on an estimate by directors. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
W. Kenny Ltd (Registered number: 03811195) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
PENSION |
DEFINED CONTRIBUTION PENSION PLAN |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of income and retained earning in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
GOING CONCERN |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
W. Kenny Ltd (Registered number: 03811195) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 | ( |
) |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 15,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2015 | 324,883 |
Valuation in 2016 | 42,750 |
Valuation in 2017 | 45,000 |
Valuation in 2020 | (170,759 | ) |
Valuation in 2022 | 258,560 |
Valuation in 2024 | 15,000 |
Cost | 1,258,566 |
1,774,000 |
W. Kenny Ltd (Registered number: 03811195) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | INVESTMENT PROPERTY - continued |
The company has three investment properties. These properties consist of 34 Ridgemount Ave, Coulsdon having valuation of £455,000, 53 Rickman Hill, Coulsdon having valuation of £480,000 and 125 Rickman Hill having valuation of £839,000. The fair value of the Investment property has been arrived at on the basis of a valuation carried out by the director at the balance sheet date based on their opinion of the open market value at that date. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
The directors consider the carrying value of trade and other receivables approximate to their fair values. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 81,436 | 76,745 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
W. Kenny Ltd (Registered number: 03811195) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | RESERVES |
Investment |
Retained | property |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2023 | 1,766,003 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Trf to/from Non-Distributable |
Reserves | (436,234 | ) | 436,234 | - |
At 31 March 2024 | 1,723,531 |
PROFIT AND LOSS RESERVES |
Retained earnings consist of fair value adjustments and deferred tax in relation to investment properties. |
Investment property reserves |
The Company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve. |
Profit and loss account |
The Profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve. |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date, included in other creditor, are amounts due to the directors of £6,741 (2023 - £2,731). |