Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10137476 2023-04-01 2024-03-31 10137476 2022-04-01 2023-03-31 10137476 2024-03-31 10137476 2023-03-31 10137476 2022-04-01 10137476 c:Director2 2023-04-01 2024-03-31 10137476 d:FreeholdInvestmentProperty 2024-03-31 10137476 d:FreeholdInvestmentProperty 2023-03-31 10137476 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 10137476 d:CurrentFinancialInstruments 2024-03-31 10137476 d:CurrentFinancialInstruments 2023-03-31 10137476 d:Non-currentFinancialInstruments 2024-03-31 10137476 d:Non-currentFinancialInstruments 2023-03-31 10137476 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10137476 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10137476 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10137476 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10137476 d:ShareCapital 2023-04-01 2024-03-31 10137476 d:ShareCapital 2024-03-31 10137476 d:ShareCapital 2022-04-01 2023-03-31 10137476 d:ShareCapital 2023-03-31 10137476 d:ShareCapital 2022-04-01 10137476 d:RevaluationReserve 2023-04-01 2024-03-31 10137476 d:RevaluationReserve 2024-03-31 10137476 d:RevaluationReserve 2022-04-01 2023-03-31 10137476 d:RevaluationReserve 2023-03-31 10137476 d:RevaluationReserve 2022-04-01 10137476 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10137476 d:RetainedEarningsAccumulatedLosses 2024-03-31 10137476 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10137476 d:RetainedEarningsAccumulatedLosses 2023-03-31 10137476 d:RetainedEarningsAccumulatedLosses 2022-04-01 10137476 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10137476 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10137476 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 10137476 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 10137476 c:FRS102 2023-04-01 2024-03-31 10137476 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10137476 c:FullAccounts 2023-04-01 2024-03-31 10137476 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10137476 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 10137476










Knight Property Developments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Knight Property Developments Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Knight Property Developments Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knight Property Developments Limited for the year ended 31 March 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Knight Property Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Knight Property Developments Limited and state those matters that we have agreed to state to the Board of directors of Knight Property Developments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knight Property Developments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Knight Property Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Knight Property Developments Limited. You consider that Knight Property Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Knight Property Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
24 October 2024
Page 1

 
Knight Property Developments Limited
Registered number: 10137476

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
735,000
630,415

  
735,000
630,415

Current assets
  

Debtors: amounts falling due within one year
 5 
2,438
2,863

Bank and cash balances
  
7,218
24,097

  
9,656
26,960

Creditors: amounts falling due within one year
 6 
(134,913)
(154,069)

Net current liabilities
  
 
 
(125,257)
 
 
(127,109)

Total assets less current liabilities
  
609,743
503,306

Creditors: amounts falling due after more than one year
 7 
(506,134)
(506,134)

Provisions for liabilities
  

Deferred tax
 8 
(18,753)
-

  
 
 
(18,753)
 
 
-

Net assets/(liabilities)
  
84,856
(2,828)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
84,148
-

Profit and loss account
  
608
(2,928)

  
84,856
(2,828)


Page 2

 
Knight Property Developments Limited
Registered number: 10137476

Balance sheet (continued)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
M J Knight
Director
Date: 23 October 2024

Page 3

 
Knight Property Developments Limited
 

Statement of changes in equity
For the year ended 31 March 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
-
(6,734)
(6,634)


Comprehensive income for the year

Profit for the year
-
-
3,806
3,806
Total comprehensive income for the year
-
-
3,806
3,806



At 1 April 2023
100
-
(2,928)
(2,828)


Comprehensive income for the year

Profit for the year
-
-
87,684
87,684
Total comprehensive income for the year
-
-
87,684
87,684

Transfer to/from profit and loss account
-
84,148
(84,148)
-


At 31 March 2024
100
84,148
608
84,856


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
Knight Property Developments Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The registered number is 10137476.
The registered office address is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex 
PO20 7AJ.
The principal place of business is 50 Centenary Road, Southwater, Horsham, West Sussex RH13 9FW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 5

 
Knight Property Developments Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
Knight Property Developments Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
Knight Property Developments Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
630,415


Revaluation
104,585



At 31 March 2024
735,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
£


Historical cost
630,415

630,415


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
2,438
-

Deferred taxation
-
2,863

2,438
2,863



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
130,723
150,504

Accruals and deferred income
4,190
3,565

134,913
154,069


Page 8

 
Knight Property Developments Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
506,134
506,134

506,134
506,134


The following liabilities were secured:

2024
2023
£
£



Bank loans
506,134
506,134

506,134
506,134

Details of security provided:

The mortgages are secured against the investment properties to which they relate and also by a floating charge against all assets of the Company.
The Directors have provided personal guarantees for the mortgages.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
506,134
506,134

506,134
506,134




8.


Deferred taxation




2024


£






At beginning of year
2,863


Charged to profit or loss
(21,616)



At end of year
(18,753)

Page 9

 
Knight Property Developments Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024
 
8.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(911)
(911)

Tax losses carried forward
(17,842)
3,774

(18,753)
2,863


9.


Related party transactions

During the year the Directors provided the Company with an interest free loan.  The amount due to the directors at the year end was £130,723 (2023: £150,504).


Page 10