2023-01-012023-12-312023-12-31falseSC614827KINGDOM PARK HOMES 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KINGDOM PARK HOMES LTD

Registered Number
SC614827
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

KINGDOM PARK HOMES LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BARTON, Corrina
BARTON, David
BARTON, William

Company Secretary

BARTON, Corrina

Registered Address

Ml11 8np Newhouse Caravan Park
Ravenstruther
ML11 8NP

Registered Number

SC614827 (Scotland)
KINGDOM PARK HOMES LTD
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,491,342746,409
1,491,342746,409
Current assets
Stocks4924,787352,708
Debtors5950,053413,743
Cash at bank and on hand119,50135,840
1,994,341802,291
Creditors amounts falling due within one year6(1,255,427)(543,771)
Net current assets (liabilities)738,914258,520
Total assets less current liabilities2,230,2561,004,929
Creditors amounts falling due after one year7(1,314,167)(24,167)
Provisions for liabilities8(350,300)(129,600)
Net assets565,789851,162
Capital and reserves
Called up share capital22
Profit and loss account565,787851,160
Shareholders' funds565,789851,162
The financial statements were approved and authorised for issue by the Board of Directors on 9 September 2024, and are signed on its behalf by:
BARTON, William
Director
Registered Company No. SC614827
KINGDOM PARK HOMES LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Kingdom Park Homes Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC614827. The company's registered office and principal place of business is Newhouse Caravan Park, Ravenstruther, Scotland, ML11 8NP.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: • the Company has transferred the significant risks and rewards of ownership to the buyer; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the transaction; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Vehicles-4
Office Equipment-4
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year53
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 January 23677,253113,1963,000-793,449
Additions529,582333,16644,500125907,373
Disposals-(93,842)--(93,842)
Transfers(294,360)196,186--(98,174)
At 31 December 23912,475548,70647,5001251,508,806
Depreciation and impairment
At 01 January 23-46,540500-47,040
Charge for year-10,8298,186919,024
On disposals-(48,600)--(48,600)
At 31 December 23-8,7698,686917,464
Net book value
At 31 December 23912,475539,93738,8141161,491,342
At 31 December 22677,25366,6562,500-746,409
4.Stocks

2023

2022

££
Finished goods924,787352,708
Total924,787352,708
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables337,280326,585
Other debtors612,77387,158
Total950,053413,743
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables476,02680,590
Bank borrowings and overdrafts315,57310,000
Taxation and social security270,624219,643
Other creditors49,551108,500
Accrued liabilities and deferred income143,653125,038
Total1,255,427543,771
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts1,314,16724,167
Total1,314,16724,167
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)350,300129,600
Total350,300129,600
9.Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £551 (2022: £nil) were due to the fund. They are included in other creditors.
10.Related party transactions
As at 31 December 2023, the directors owed £469,537 (2022: £86,700) to Kingdom Park Homes Ltd. During the year total amounts advanced were £482,837 and repaid were £100,000. The loan is interest-free and repayable on demand.