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Company No: 13238199 (England and Wales)

KINGSTON ESTATE (DEVON) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KINGSTON ESTATE (DEVON) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KINGSTON ESTATE (DEVON) LIMITED

BALANCE SHEET

As at 31 March 2024
KINGSTON ESTATE (DEVON) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 11 11
Tangible assets 4 6,462,753 6,407,046
6,462,764 6,407,057
Current assets
Stocks 5 13,890 1,596
Debtors 6 355,664 526,059
Cash at bank and in hand 48,239 140,868
417,793 668,523
Creditors: amounts falling due within one year 7 ( 4,514,051) ( 5,557,214)
Net current liabilities (4,096,258) (4,888,691)
Total assets less current liabilities 2,366,506 1,518,366
Creditors: amounts falling due after more than one year 8 ( 376,125) 0
Provision for liabilities ( 71,273) ( 57,347)
Net assets 1,919,108 1,461,019
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account 1,919,107 1,461,018
Total shareholder's funds 1,919,108 1,461,019

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kingston Estate (Devon) Limited (registered number: 13238199) were approved and authorised for issue by the Board of Directors on 10 November 2024. They were signed on its behalf by:

Mr J R Phillips
Director
KINGSTON ESTATE (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KINGSTON ESTATE (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kingston Estate (Devon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Torquay, TQ2 7FF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 value of goods and services provided can be reliably measured.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/ reducing balance basis over its expected useful life, as follows:

No depreciation is provided on land and buildings. See "critical estimates" below for further details -

Land and buildings not depreciated
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Critical accounting judgements and key sources of estimation uncertainity

In applying the company’s accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements and estimates that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

No depreciation is provided on land and buildings, as the directors consider that the useful economic life of the company's properties is such that depreciation would be immaterial. The company has a policy and practice of regular maintenance and repair (charges for which are recognised in the profit and loss account such that these assets are kept to their previously assessed standard of performance, and the properties are unlikely to suffer from economic or technological obsolescence. The properties are reviewed for impairment each year.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 11 11
At 31 March 2024 11 11
Accumulated amortisation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 11 11
At 31 March 2023 11 11

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 6,279,276 229,509 6,508,785
Additions 0 110,222 110,222
At 31 March 2024 6,279,276 339,731 6,619,007
Accumulated depreciation
At 01 April 2023 34,583 67,156 101,739
Charge for the financial year 0 54,515 54,515
At 31 March 2024 34,583 121,671 156,254
Net book value
At 31 March 2024 6,244,693 218,060 6,462,753
At 31 March 2023 6,244,693 162,353 6,407,046

Included within the net book value of land and buildings above is £6,244,693 (2023 - £6,244,693 ) in respect of freehold land and buildings.

5. Stocks

2024 2023
£ £
Stocks 13,890 1,596

6. Debtors

2024 2023
£ £
Trade debtors 287,809 320,036
Amounts owed by Parent undertakings 1 1
Other debtors 67,854 206,022
355,664 526,059

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 27,875 0
Trade creditors 84,637 245,364
Amounts owed to fellow subsidiaries 3,252,717 4,045,404
Taxation and social security 67,726 173,892
Other creditors 1,081,096 1,092,554
4,514,051 5,557,214

Creditors include bank loans of £27,875 (2023 - £Nil) which are secured against freehold property owned by the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 376,125 0

Creditors include bank loans of £376,125 (2023 - £Nil) which are secured against freehold property owned by the company.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

10. Related party transactions

Other related party transactions

2024 2023
£ £
Interest payable to associated companies 136,504 0

11. Ultimate controlling party

Parent Company:

JSCLCO Limited
Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF