Company Registration No. 00401133 (England and Wales)
KWF Investments Co. Ltd
Unaudited accounts
for the year ended 31 March 2024
KWF Investments Co. Ltd
Unaudited accounts
Contents
KWF Investments Co. Ltd
Company Information
for the year ended 31 March 2024
Directors
Mr B J Peake
Mrs S H Peake
Company Number
00401133 (England and Wales)
Registered Office
Unit D, The Foundry Yard London Road
Kings Worthy
Winchester
Hampshire
SO23 7QG
Accountants
Continuity Finance
95 Brownhill Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2FH
KWF Investments Co. Ltd
Accountants' report
Accountants' report to the board of directors of KWF Investments Co. Ltd (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 March 2024. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Continuity Finance
95 Brownhill Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2FH
21 September 2024
KWF Investments Co. Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
9,010
11,249
Investment property
1,380,000
1,340,000
Cash at bank and in hand
554,700
519,581
Creditors: amounts falling due within one year
(21,256)
(27,127)
Net current assets
634,853
617,728
Total assets less current liabilities
2,023,863
1,968,977
Provisions for liabilities
Deferred tax
(76,268)
(69,093)
Net assets
1,947,595
1,899,884
Called up share capital
4,826
4,826
Fair value reserve
588,832
556,432
Capital redemption reserve
4,676
4,676
Profit and loss account
1,349,261
1,333,950
Shareholders' funds
1,947,595
1,899,884
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by
Mr B J Peake
Director
Company Registration No. 00401133
KWF Investments Co. Ltd
Notes to the Accounts
for the year ended 31 March 2024
KWF Investments Co. Ltd is a private company, limited by shares, registered in England and Wales, registration number 00401133. The registered office is Unit D, The Foundry Yard London Road, Kings Worthy, Winchester, Hampshire, SO23 7QG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% on cost and 12.5% on cost
Computer equipment
20% on cost
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Taxation fore year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that t relates to items recognised in other comprehensive income or directly in equity.
Current tax assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
KWF Investments Co. Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
8,160
6,323
2,754
17,237
At 31 March 2024
8,160
6,427
2,754
17,341
At 1 April 2023
896
4,372
720
5,988
Charge for the year
1,632
445
551
2,628
On disposals
-
(285)
-
(285)
At 31 March 2024
2,528
4,532
1,271
8,331
At 31 March 2024
5,632
1,895
1,483
9,010
At 31 March 2023
7,264
1,951
2,034
11,249
Fair value at 1 April 2023
1,340,000
Net gain from fair value adjustments
40,000
At 31 March 2024
1,380,000
Included in fair value of investment property is freehold land property of £1,380,000 which is not depreciated.
The directors have considered the market value of the properties and as at 31 March 2024 the fair value is represented by:
£94,949 Valuation in 2018
£496,306 Valuation in 2020
£40,000 Valuation in 2024
£748,745 Cost
KWF Investments Co. Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Accrued income and prepayments
5,105
6,197
Other debtors
92,000
113,000
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
5,495
9,061
Other creditors
2,551
2,527
8
Deferred taxation
2024
2023
Accelerated capital allowances
1,712
2,137
Revaluation of investment property
74,556
66,956
Provision at start of year
69,093
67,659
Charged to the profit and loss account
7,175
1,434
Provision at end of year
76,268
69,093
9
Transactions with related parties
Kingsworthy Foundry Company Limited
Included within other debtors is an amount owed by Kingsworthy Foundry Company Limited of £76,000 (2023: £76,000) for the sale of the trade, together with a working capital loan with a balance of £37,000 (2023: £37,000). Kingsworthy Foundry Company Limited is a company owned by the son of the shareholders of KWF Investments Co. Ltd. The loans are provided interest free.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).