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REGISTERED NUMBER: 08213785 (England and Wales)









KINGSLEY DEVELOPMENTS (S W) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024






KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


KINGSLEY DEVELOPMENTS (S W) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024







DIRECTORS: A D K Simpson
L W K Simpson
O E W Lobb



SECRETARY: A D K Simpson



REGISTERED OFFICE: Carvynick Estate
Summercourt
Newquay
Cornwall
TR8 5AF



REGISTERED NUMBER: 08213785 (England and Wales)



ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX



BANKERS: Coutts & Co
440 Strand
London
WC2R 0QS



SOLICITORS: Stephen Scown LLP
Curzon House
Southernhay West
Exeter
Devon
EX1 1RS

KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

ABRIDGED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 20,241,537 20,214,198
Investments 6 9 9
Investment property 7 1,091,866 925,000
21,333,412 21,139,207

CURRENT ASSETS
Stocks 8,267,304 7,047,807
Debtors 3,276,471 2,983,781
Cash at bank and in hand 14,598,799 16,812,171
26,142,574 26,843,759
CREDITORS
Amounts falling due within one year 1,159,607 1,739,630
NET CURRENT ASSETS 24,982,967 25,104,129
TOTAL ASSETS LESS CURRENT LIABILITIES 46,316,379 46,243,336

CREDITORS
Amounts falling due after more than one year (17,277,837 ) (17,594,433 )

PROVISIONS FOR LIABILITIES (4,392,278 ) (4,383,295 )
NET ASSETS 24,646,264 24,265,608

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 12,802,256 12,802,256
Retained earnings 11,843,908 11,463,252
SHAREHOLDERS' FUNDS 24,646,264 24,265,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





A D K Simpson - Director


KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Kingsley Developments (S W) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, to all the years presented, unless otherwise stated.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents rents invoiced in respect of the properties held in the company, excluding value added tax. Income is recognised on a monthly basis in accordance with the rental agreements for each property.

Turnover from the holiday park represents net invoiced income, excluding value added tax, which is mainly derived from the rental of holiday tents and camping & touring pitches for short term holiday lettings and associated ancillary services.

Revenue from the let of holiday tents and pitches is recognised on the first day of the holiday letting period. All ancillary services are recognised on the date that they occur. All deposits for holidays that are subsequently cancelled are recognised on the cancellation date.

Turnover from property development represents invoiced sales of new build properties and other sites, excluding value added tax. Sales of house builds are recognised when on completion, in line with the industry standards. Site sales, on the assumption of being unconditional, are recognised at exchange.

KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
In accordance with FRS 102, freehold properties are included in the financial statements at their open market values. When the value of a property is revalued above cost the aggregate surplus or deficit on revaluation is transferred to the revaluation reserve. When the value of a property is revalued below cost, and this is considered to be a permanent diminution in value, the difference is charged to the profit and loss account.

No depreciation is provided on the company's land and buildings interest because it is subject to the above valuation on an annual basis, therefore the carrying amount of the land and buildings after revaluation equals its revalued amount.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Plant and Machinery25% Reducing Balance
Fixtures and Fittings25% Reducing Balance
Motor Vehicles25% Reducing Balance
Computer Equipment25% Reducing Balance
Static Caravans25% Reducing Balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and any borrowing costs capitalised.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Taxation
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 balance sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases

Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

Development costs
The company has elected to capitalise any development costs that meet the definition of an asset and will generate income for the company in the future. Any Development costs that are on a client assignment and generate revenue will be expense in the profit and loss account.

KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Grant income
Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 32 (2023 - 12 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 October 2023 20,362,806
Additions 61,040
Disposals (1,750 )
At 31 March 2024 20,422,096
DEPRECIATION
At 1 October 2023 148,608
Charge for period 32,840
Eliminated on disposal (889 )
At 31 March 2024 180,559
NET BOOK VALUE
At 31 March 2024 20,241,537
At 30 September 2023 20,214,198

The directors consider the property valuation of £20,000,000 to be a fair and reasonable estimate as at 30 September 2023.

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 October 2023
and 31 March 2024 9
NET BOOK VALUE
At 31 March 2024 9
At 30 September 2023 9

Cost or valuation at 31 March 2024 is represented by:
Totals
£   
Cost 9

KINGSLEY DEVELOPMENTS (S W) LIMITED (REGISTERED NUMBER: 08213785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 925,000
Additions 166,866
At 31 March 2024 1,091,866
NET BOOK VALUE
At 31 March 2024 1,091,866
At 30 September 2023 925,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 374,663
Valuation in 2021 100,000
Cost 617,203
1,091,866

8. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 31 March 2024 12,802,256

9. RELATED PARTY DISCLOSURES

The ultimate controlling party is Mr A D K Simpson by virtue of his 75% shareholding in the company.