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Registration number: 07260689

Key Properties (SW) Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Key Properties (SW) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Key Properties (SW) Limited

Company Information

Director

Mr C Christopher

Company secretary

Ms JE Silcox

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Key Properties (SW) Limited

(Registration number: 07260689)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

271

361

Investment property

5

495,000

495,000

 

495,271

495,361

Current assets

 

Debtors

6

504

690

Cash at bank and in hand

 

61,967

54,437

 

62,471

55,127

Creditors: Amounts falling due within one year

7

(5,171)

(3,189)

Net current assets

 

57,300

51,938

Total assets less current liabilities

 

552,571

547,299

Provisions for liabilities

(60,767)

(46,251)

Net assets

 

491,804

501,048

Capital and reserves

 

Called up share capital

9

100

100

Fair value reserve

70,338

70,338

Retained earnings

421,366

430,610

Shareholders' funds

 

491,804

501,048

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Key Properties (SW) Limited

(Registration number: 07260689)
Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 November 2024
 

.........................................
Mr C Christopher
Director

 

Key Properties (SW) Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 March 2023

100

70,338

430,609

501,047

Loss for the year

-

-

(9,243)

(9,243)

At 29 February 2024

100

70,338

421,366

491,804

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 March 2022

100

76,292

433,425

509,817

Profit for the year

-

-

231

231

Other comprehensive income

-

(5,954)

5,954

-

Total comprehensive income

-

(5,954)

6,185

231

Dividends

-

-

(9,000)

(9,000)

At 28 February 2023

100

70,338

430,610

501,048

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

The principal place of business is:
1 Sandy Lane
Shanklin
Isle of Wight
PO37 7DT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is pound sterling (£).

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from operating a rental portfolio in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 March 2023

1,333

1,333

At 29 February 2024

1,333

1,333

Depreciation

At 1 March 2023

972

972

Charge for the year

90

90

At 29 February 2024

1,062

1,062

Carrying amount

At 29 February 2024

271

271

At 28 February 2023

361

361

5

Investment properties

2024
£

At 1 March 2023

495,000

At 29 February 2024

495,000

Investment properties were valued by the directors at fair value on 29 February 2024.

If investment properties had not been revalued, the cost of the investments would be £378,400 (2023 - £378,480).

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Prepayments

441

627

Other debtors

63

63

504

690

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,258

1,473

Accruals and deferred income

3,235

1,350

Other creditors

678

366

5,171

3,189

8

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 March 2023

46,251

46,251

Increase in existing provisions

14,516

14,516

At 29 February 2024

60,767

60,767

Deferred tax has been provided for on the fair market valuation of the investment properties owned by the company.

 

Key Properties (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £50,000 (2023 - £50,000). This is secured against the one of the company's investment properties and relates to an overdraft facility for Greenvale Landscapes Limited, a company under common control.

11

Related party transactions

Summary of transactions with other related parties

Greenvale Landscapes Limited
A company under common control

 
The company owns the premises that Greenvale Landscapes Limited operates and trades from.

The company has not charged Greenvale Landscapes Limited rent for use of this premises during the year.

At the year end, Greenvale Landscapes Limited owed the company £63 (2023 - £63) in respect of rents collected on behalf of the company. This amount is included within other debtors.