KNIGHTSBURY CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 06664745
KNIGHTSBURY CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
KNIGHTSBURY CONSTRUCTION LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTORS
R M Knight
J D Knight
SECRETARY
J D Knight
REGISTERED OFFICE
Fairfield
Fairfield Road
Shawford
Winchester
Hampshire
SO21 2DA
COMPANY REGISTRATION NUMBER
06664745 England and Wales
KNIGHTSBURY CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 - 418
Investments 6 - 301,502
- 301,920
CURRENT ASSETS
Debtors 7 1,918,522 39,916
Cash at bank and in hand 10,210,769 4,213,466
12,129,291 4,253,382
CREDITORS: Amounts falling due within one year 8 409,684 144,633
NET CURRENT ASSETS 11,719,607 4,108,749
TOTAL ASSETS LESS CURRENT LIABILITIES 11,719,607 4,410,669
Provisions for liabilities and charges - 105
NET ASSETS 11,719,607 4,410,564
CAPITAL AND RESERVES
Called up share capital 4 4
Distributable profit and loss account 11,719,603 4,410,560
SHAREHOLDERS' FUNDS 11,719,607 4,410,564
KNIGHTSBURY CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
R M Knight J D Knight
Director Director
Date approved by the board: 10 September 2024
KNIGHTSBURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
Knightsbury Construction Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Fairfield
Fairfield Road
Shawford
Winchester
Hampshire
SO21 2DA
The company ceased to trade on 31 August 2024.
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on a basis other than going concern as the company ceased to trade on 31 August 2024. As the going concern basis is not appropriate, adjustments have been made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise as a result of the cessation and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of site engineering services invoiced as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
KNIGHTSBURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Reducing balance basis at 25% per annum
Furniture and fittings Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investments
Investments in group undertakings are shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
KNIGHTSBURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
KNIGHTSBURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
5 TANGIBLE ASSETS
Plant and machinery Furniture and fittings Total
£ £ £
Cost
At 1 September 2023 13,415 1,758 15,173
At 31 August 2024 13,415 1,758 15,173
Accumulated depreciation and impairments
At 1 September 2023 13,080 1,675 14,755
Charge for year 335 83 418
At 31 August 2024 13,415 1,758 15,173
Net book value
At 1 September 2023 335 83 418
At 31 August 2024 - - -
KNIGHTSBURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
6 FIXED ASSET INVESTMENTS
Other investments
£
Cost
At 1 September 2023 301,502
Disposals (301,502)
At 31 August 2024 -
Net book value
At 1 September 2023 301,502
7 DEBTORS
2024 2023
£ £
Trade debtors - 36,913
Prepayments and accrued income 60,000 3,003
Other debtors 1,858,522 -
1,918,522 39,916
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Taxation and social security 397,320 27,266
Accruals and deferred income 12,364 5,147
Other creditors - 112,220
409,684 144,633
9 CONTINGENCIES AND COMMITMENTS
Not provided
Deferred Tax Assets 2024 2023
£ £
Losses - 215
Balance carried forward - 215
KNIGHTSBURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year
Balance at 1 September 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 August 2024
£ £ £ £ £
R M & J D Knight - 1,798,191 4,669 - 1,793,522
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
R M & J D Knight
Directors 2024 2023
£ £
Directors' loan account Amounts owed to directors - 1,220
12 POST BALANCE SHEET EVENTS
As disclosed in Note 1, the company ceased to trade on 31 August 2024. As a result the directors agreed to liquidate the company on 11 September 2024.
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