Company No:
Contents
DIRECTORS | Mr K W Greatwood |
Mrs M D Greatwood |
SECRETARY | Mrs D V Hillier |
REGISTERED OFFICE | Wessex House |
Station Road | |
Westbury | |
Wiltshire | |
BA13 3JN | |
United Kingdom |
COMPANY NUMBER | 01199177 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Hitchcock House | |
Hilltop Park | |
Devizes Road | |
Salisbury | |
Wiltshire SP3 4UF |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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2,300,288 | 1,500,361 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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122,270 | 151,126 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 61,070 | 53,622 | ||
Total assets less current liabilities | 2,361,358 | 1,553,983 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Included within the profit and loss reserves are non-distributable reserves of £1,555,185 (2023: £1,127,562).
Directors' responsibilities:
The financial statements of KM Properties (Westbury) Limited (registered number:
Mr K W Greatwood
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
KM Properties (Westbury) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wessex House, Station Road, Westbury, Wiltshire, BA13 3JN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 corporation 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Plant and machinery |
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Office equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2023 |
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At 29 February 2024 |
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Accumulated depreciation | |||||
At 01 March 2023 |
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Charge for the financial year |
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At 29 February 2024 |
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Net book value | |||||
At 29 February 2024 |
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At 28 February 2023 |
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Investment property | |
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Valuation | |
As at 01 March 2023 |
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Fair value movement | 800,000 |
As at 29 February 2024 |
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Investment property comprises Wessex House, Wessex Business Park, Meadow Lane, Westbury, Wiltshire, BA13 3EG. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on 29 February 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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