Company registration number 08631280 (England and Wales)
KINGSBURY PROPERTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
KINGSBURY PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KINGSBURY PROPERTY INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
156,160
70,739
Investment property
4
1,600,000
156,160
1,670,739
Current assets
Debtors
5
237,238
346,678
Cash at bank and in hand
1,486,403
457,317
1,723,641
803,995
Creditors: amounts falling due within one year
6
(709,413)
(654,197)
Net current assets
1,014,228
149,798
Total assets less current liabilities
1,170,388
1,820,537
Creditors: amounts falling due after more than one year
7
(108,066)
(542,608)
Provisions for liabilities
(39,040)
(196,532)
Net assets
1,023,282
1,081,397
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,023,182
1,081,297
Total equity
1,023,282
1,081,397
The notes on pages 3 to 6 form part of these financial statements.
KINGSBURY PROPERTY INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr D J Marklew
Director
Company registration number 08631280 (England and Wales)
KINGSBURY PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Kingsbury Property Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, England, B75 5BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
Fixtures and fittings
25% straight line
Motor vehicles
20% straight line
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
KINGSBURY PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
KINGSBURY PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
90,301
Additions
112,770
Disposals
(15,282)
At 31 October 2023
187,789
Depreciation and impairment
At 1 November 2022
19,562
Depreciation charged in the year
17,969
Eliminated in respect of disposals
(5,902)
At 31 October 2023
31,629
Carrying amount
At 31 October 2023
156,160
At 31 October 2022
70,739
4
Investment property
2023
£
Fair value
At 1 November 2022
1,600,000
Additions
508,630
Disposals
(2,108,630)
At 31 October 2023
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
(600)
Other debtors
237,838
346,678
237,238
346,678
KINGSBURY PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,390
34,481
Taxation and social security
197,332
15,332
Other creditors
509,691
604,384
709,413
654,197
Included within Other creditors are hire purchase contracts of £125,647 which are secured over the assets concerned.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
498,614
Other creditors
108,066
43,994
108,066
542,608
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
498,614
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100