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Registered number: 01772691
Kenville Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 01772691
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,678,301 2,678,543
2,678,301 2,678,543
CURRENT ASSETS
Debtors 5 129,643 37,778
Cash at bank and in hand 5,050,326 4,987,071
5,179,969 5,024,849
Creditors: Amounts Falling Due Within One Year 6 (6,493 ) (8,553 )
NET CURRENT ASSETS (LIABILITIES) 5,173,476 5,016,296
TOTAL ASSETS LESS CURRENT LIABILITIES 7,851,777 7,694,839
PROVISIONS FOR LIABILITIES
Provisions For Charges (5,200 ) (5,200 )
Deferred Taxation 7 (19,333 ) (14,693 )
NET ASSETS 7,827,244 7,674,946
CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Income Statement 7,817,244 7,664,946
SHAREHOLDERS' FUNDS 7,827,244 7,674,946
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Eliana O'Shea
Director
25 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kenville Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01772691 . The registered office is Devonshire House, Manor Way, Borehamwood, Hertfordshire, WD6 1QQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Leasehold Not depreciated
Fixtures & Fittings 33.33% reducing balance
Computer Equipment 25% reducing balance
2.4. Investment Properties
Investment property comprises non-owner occupied buildings held to earn rentals and for capital appreciation.
All investment properties are carried at fair value. The fair value of the company's investment properties is determined annually at the reporting date by the directors. In determining the valuations, the directors refer to current market conditions and recent sales transactions of similar properties. In estimating the fair value of the properties, the highest and best use of the property is their current use. Investment property is not depreciated since the properties are being maintained in good repair order and in the opinion of the director these are correctly stated in the accounts. Changes in fair value, if any, are recognised in the income statement.
2024 fair value of investment property: £2,677,673 (2023: £2,677,673)
Investment property is derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property is recognised in profit or loss in the period in which the property is derecognised.
2.5. Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.7. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.8. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 2 2
2 2
4. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 1,202,673 1,475,000 4,877 1,038 2,683,588
As at 31 March 2024 1,202,673 1,475,000 4,877 1,038 2,683,588
Depreciation
As at 1 April 2023 - - 4,590 455 5,045
Provided during the period - - 96 146 242
As at 31 March 2024 - - 4,686 601 5,287
Net Book Value
As at 31 March 2024 1,202,673 1,475,000 191 437 2,678,301
As at 1 April 2023 1,202,673 1,475,000 287 583 2,678,543
Page 4
Page 5
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Leasehold
£
Cost 1,395,436
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 8,478 7,957
Other debtor 92,996 5,764
Rent deposit 27,569 18,600
VAT 500 5,357
129,543 37,678
Due after more than one year
Sinking Fund 100 100
129,643 37,778
Included in Other debtor is an amount of £87,232 being accrued interest on a deposit account.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 127 4,613
Other taxes and social security 2,383 2,221
Accruals and deferred income 1,700 -
Director's loan account 2,283 1,719
6,493 8,553
7. Deferred Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences and the deferred taxation liability wholly comprises the fair value gain of the investment properties.
2024 2023
£ £
Other timing differences 19,333 14,693
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,000 10,000
9. Reserves
Included in retained earnings is £57,997 (2023: £62,637) of net profits which are not available for distribution as they are unrealised.
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