Registered number
11737703
Key Properties and Gardens Ltd
Filleted Accounts
31 March 2024
Key Properties and Gardens Ltd
Registered number: 11737703
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 679,383 679,417
Current assets
Debtors 4 3,390 405
Cash at bank and in hand 7,412 2,393
10,802 2,798
Creditors: amounts falling due within one year 5 (522,777) (531,243)
Net current liabilities (511,975) (528,445)
Total assets less current liabilities 167,408 150,972
Provisions for liabilities (1,466) (1,376)
Net assets 165,942 149,596
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 132,047 132,047
Profit and loss account 33,795 17,449
Shareholders' funds 165,942 149,596
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Wright
Director
Approved by the board on 31 August 2024
Key Properties and Gardens Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not being depreciated
Leasehold land and buildings over the lease term
Plant and machinery 15% on a Reducing Balance basis
Fixtures, fittings, tools and equipment 15% on a Reducing Balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 650,000 40,382 690,382
Additions - 4,538 4,538
At 31 March 2024 650,000 44,920 694,920
Depreciation
At 1 April 2023 - 10,965 10,965
Charge for the year - 4,572 4,572
At 31 March 2024 - 15,537 15,537
Net book value
At 31 March 2024 650,000 29,383 679,383
At 31 March 2023 650,000 29,417 679,417
Freehold land and buildings: 2024 2023
£ £
Historical cost 650,000 650,000
Cumulative depreciation based on historical cost - -
650,000 650,000
Investment property comprises £650,000 (2023: £650,000). The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4 Debtors 2024 2023
£ £
Trade debtors 3,390 405
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,964 2,020
Other creditors 519,813 529,223
522,777 531,243
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 132,047 232,047
Loss on revaluation of land and buildings - (81,000)
Deferred taxation arising on the revaluation of land and buildings - (19,000)
At 31 March 2024 132,047 132,047
7 Other information
Key Properties and Gardens Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Broghas Cottage
Quay Road
St Agnes
Cornwall
TR5 0RS
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