Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr K W Greatwood Mrs M D Greatwood Mrs D V Hillier 03 September 2024 The principal activity of the company is the letting and operating of own real estate. 01199177 2024-02-29 01199177 2023-02-28 01199177 core:CurrentFinancialInstruments 2024-02-29 01199177 core:CurrentFinancialInstruments 2023-02-28 01199177 core:ShareCapital 2024-02-29 01199177 core:ShareCapital 2023-02-28 01199177 core:RetainedEarningsAccumulatedLosses 2024-02-29 01199177 core:RetainedEarningsAccumulatedLosses 2023-02-28 01199177 core:PlantMachinery 2023-02-28 01199177 core:OfficeEquipment 2023-02-28 01199177 core:PlantMachinery 2024-02-29 01199177 core:OfficeEquipment 2024-02-29 01199177 2023-03-01 2024-02-29 01199177 bus:FilletedAccounts 2023-03-01 2024-02-29 01199177 bus:SmallEntities 2023-03-01 2024-02-29 01199177 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01199177 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01199177 bus:Director1 2023-03-01 2024-02-29 01199177 bus:Director2 2023-03-01 2024-02-29 01199177 bus:CompanySecretary1 2023-03-01 2024-02-29 01199177 core:PlantMachinery 2023-03-01 2024-02-29 01199177 core:OfficeEquipment 2023-03-01 2024-02-29 01199177 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 01199177 (England and Wales)

KM PROPERTIES (WESTBURY) LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

KM PROPERTIES (WESTBURY) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

KM PROPERTIES (WESTBURY) LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
KM PROPERTIES (WESTBURY) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
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
KM PROPERTIES (WESTBURY) LIMITED

BALANCE SHEET

As at 29 February 2024
KM PROPERTIES (WESTBURY) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 288 361
Investment property 4 2,300,000 1,500,000
2,300,288 1,500,361
Current assets
Debtors 5 4,682 17,587
Cash at bank and in hand 117,588 133,539
122,270 151,126
Creditors: amounts falling due within one year 6 ( 61,200) ( 97,504)
Net current assets 61,070 53,622
Total assets less current liabilities 2,361,358 1,553,983
Provision for liabilities ( 289,333) ( 137,816)
Net assets 2,072,025 1,416,167
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,071,925 1,416,067
Total shareholders' funds 2,072,025 1,416,167

Included within the profit and loss reserves are non-distributable reserves of £1,555,185 (2023: £1,127,562).

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of KM Properties (Westbury) Limited (registered number: 01199177) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

Mr K W Greatwood
Director
KM PROPERTIES (WESTBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
KM PROPERTIES (WESTBURY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

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.

Recognition and measurement

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.

Defined contribution pension obligation

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 March 2023 1,530 6,941 8,471
At 29 February 2024 1,530 6,941 8,471
Accumulated depreciation
At 01 March 2023 1,169 6,941 8,110
Charge for the financial year 73 0 73
At 29 February 2024 1,242 6,941 8,183
Net book value
At 29 February 2024 288 0 288
At 28 February 2023 361 0 361

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 1,500,000
Fair value movement 800,000
As at 29 February 2024 2,300,000

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.

5. Debtors

2024 2023
£ £
Trade debtors 4,682 17,587

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 239 54
Amounts owed to directors 34,431 47,428
Accruals and deferred income 8,014 18,727
Taxation and social security 11,813 9,885
Other creditors 6,703 21,410
61,200 97,504