REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WILLIAM KAYLEY (PRESTON) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WILLIAM KAYLEY (PRESTON) LIMITED |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible fixed assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 | ( |
) | ( |
) |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
William Kayley (Preston) Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover represents rents receivable and related income, exclusive of value added tax. |
Tangible fixed assets |
Computer equipment | - |
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. |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities that are classified as debt, are initially recognised 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 a market rate of interest. |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on a going concern basis. The directors consider that it is appropriate to prepare the financial statements on this basis as the company's major creditors are family members or companies controlled by the family who will continue to support the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 245,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The investment properties are valued annually on an open market basis by the directors who, though not professionally qualified, have considerable knowledge of the market in which the company operates. |
The historical cost of the properties was £3,334,945 (2023: £3,334,945). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments |
WILLIAM KAYLEY (PRESTON) LIMITED (REGISTERED NUMBER: 04063629) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation Tax |
Social security and other taxes |
VAT | 8,895 | 8,872 |
Directors' loan accounts |
Accruals and deferred income |
8. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | ( |
) | (4,858,679 | ) |
Profit for the year |
Dividends | ( |
) | ( |
) |
Profit/(Loss) on revaluation | (244,999 | ) | 244,999 | - |
At 31 March 2024 | ( |
) | ( |
) | (4,537,779 | ) |
9. | RELATED PARTY DISCLOSURES |
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. |
A director, Mr W W Kayley has loaned money to the company. At the balance sheet date this amounted to £125,921 (2023: £176,870). |
10. | ULTIMATE CONTROLLING PARTY |