Registered number
06219600
KELWAY DEVELOPMENTS LIMITED
Filleted Accounts
31 March 2024
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
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