KELWAY DEVELOPMENTS LIMITED |
Registered number: |
06219600 |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,281,233 |
|
|
1,281,233 |
|
Current assets |
Debtors |
4 |
|
39,000 |
|
|
39,000 |
Cash at bank and in hand |
|
|
323,924 |
|
|
252,928 |
|
|
|
362,924 |
|
|
291,928 |
|
Creditors: amounts falling due within one year |
5 |
|
(991,843) |
|
|
(985,080) |
|
Net current liabilities |
|
|
|
(628,919) |
|
|
(693,152) |
|
Total assets less current liabilities |
|
|
|
652,314 |
|
|
588,081 |
|
|
Provisions for liabilities |
|
|
|
(59,836) |
|
|
(45,476) |
|
|
Net assets |
|
|
|
592,478 |
|
|
542,605 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
6 |
|
|
179,509 |
|
|
193,869 |
Profit and loss account |
|
|
|
412,869 |
|
|
348,636 |
|
Shareholders' funds |
|
|
|
592,478 |
|
|
542,605 |
|
|
|
|
|
|
|
|
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 M Flannery |
Director |
Approved by the board on 18 July 2024 |
|
KELWAY DEVELOPMENTS LIMITED |
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 modified to include investment property at fair value 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 letting of the property. |
|
|
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: |
|
|
Land and buildings |
Not depreciated |
|
|
Investment property |
|
Investment property is initially recognised at cost and then subsequently measured at fair value. changes in value are recognised in profit and loss. |
|
|
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 |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 April 2023 |
1,281,233 |
|
At 31 March 2024 |
1,281,233 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
1,281,233 |
|
At 31 March 2023 |
1,281,233 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
£ |
£ |
|
Historical cost |
1,041,888 |
|
1,041,888 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,041,888 |
|
1,041,888 |
|
Land and building above relate to investment properties which were valued on the basis of their fair value as at 31 March 2024 by internally qualified personel within the company. At the end of the balance sheet date, the value of the investment properties were £1,281,233. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
39,000 |
|
39,000 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
24,920 |
|
24,920 |
|
Amounts owed to related company |
Note 7 |
|
904,023 |
|
904,023 |
|
Director accounts |
|
|
|
|
2,309 |
|
2,112 |
|
Corporation tax |
|
|
|
|
21,411 |
|
14,925 |
|
Other taxation and social security costs |
7,500 |
|
7,500 |
|
Deferred Income |
15,000 |
|
15,000 |
|
Other creditors |
16,680 |
|
16,600 |
|
|
|
|
|
|
991,843 |
|
985,080 |
|
|
|
|
|
|
|
|
|
|
6 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 April 2023 |
193,869 |
|
193,869 |
|
Deferred taxation arising on the revaluation of land and buildings |
(14,360) |
|
- |
|
|
At 31 March 2024 |
179,509 |
|
193,869 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
2024 |
|
2023 |
£ |
£ |
|
Amounts owed to related company |
|
|
Amery Construction Limited |
|
Mr Martin Flannery, a Director of the company holds 50% of the issued ordinary share capital. Mr M Flannery also has a controlling interest in Amery Construction Limited. There were no transactions during the year. |
|
Amount due to the related party |
40,020 |
|
40,020 |
|
|
P.Flannery Plant Hire (Oval) Limited |
|
Mr Martin Flannery and Mr Patrick Flannery (Jnr) who are the directors of P Flannery Plant Hire (Oval) Limited have a 100% interest in the ordinary share capital of Kelway Developments Limited. As at the balance sheet date, £864,003 was owed to P. Flannery Plant Hire (Oval) Limited. |
|
Amount due to the related party |
864,003 |
|
864,003 |
|
|
|
|
|
|
904,023 |
|
904,023 |
|
|
|
|
|
|
|
|
|
|
8 |
Other information |
|
|
KELWAY DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
27A Maxwell Road |
|
Northwood |
|
Middlesex |
|
HA6 2XY |