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Company No: 05268518 (England and Wales)

KNIGHTON COUNTRYSIDE MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial period from 01 October 2022 to 31 March 2024
Pages for filing with the registrar

KNIGHTON COUNTRYSIDE MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial period from 01 October 2022 to 31 March 2024

Contents

KNIGHTON COUNTRYSIDE MANAGEMENT LIMITED

BALANCE SHEET

As at 31 March 2024
KNIGHTON COUNTRYSIDE MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 30.09.2022
£ £
Fixed assets
Intangible assets 4 5,080 5,080
Tangible assets 5 1,511,586 1,356,979
1,516,666 1,362,059
Current assets
Stocks 534,326 173,663
Debtors 6 953,992 1,233,824
Cash at bank and in hand 53,867 66,244
1,542,185 1,473,731
Creditors: amounts falling due within one year 7 ( 1,528,239) ( 1,330,726)
Net current assets 13,946 143,005
Total assets less current liabilities 1,530,612 1,505,064
Creditors: amounts falling due after more than one year 8 ( 365,946) ( 355,515)
Provision for liabilities ( 139,387) ( 177,018)
Net assets 1,025,279 972,531
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,025,179 972,431
Total shareholders' funds 1,025,279 972,531

For the financial period 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 Knighton Countryside Management Limited (registered number: 05268518) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr M D Gibbens
Director
Mr J B Lloyd
Director

13 November 2024

KNIGHTON COUNTRYSIDE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2022 to 31 March 2024
KNIGHTON COUNTRYSIDE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2022 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Knighton Countryside Management 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 Unit 37 Enterprise Park, Piddlehinton, Dorchester, DT2 7UA, 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.

Reporting period length

The company reporting date is for a period greater than 12 months. Future reporting periods will be for the 12 month period to 31 March each year.

Prior period adjustment

An adjustment was made to the balance sheet and profit and loss reserves for the year ended 30 September 2022 to correct balances which were incorrectly stated in the financial statements. Tangible assets have decreased by £72,274 and profit and loss reserves have decreased by £72,274 to £972,431.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Other intangible assets 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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 15 - 33.33 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and 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 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. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares 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 classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2. Prior period adjustment

As previously reported Adjustment As restated
Period ended 30 September 2022 £ £ £
Tangible assets 1,429,253 (72,274) 1,356,979
Profit and loss reserves 1,044,705 (72,274) 972,431

An adjustment was made to the balance sheet and profit and loss reserves for the year ended 30 September 2022 to correct balances which were incorrectly stated in the financial statements. Tangible assets have decreased by £72,274 and profit and loss reserves have decreased by £72,274 to £972,431.

3. Employees

Period from
01.10.2022 to
31.03.2024
Year ended
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 48 55

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2022 5,080 5,080
At 31 March 2024 5,080 5,080
Accumulated amortisation
At 01 October 2022 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 5,080 5,080
At 30 September 2022 5,080 5,080

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2022 400,299 2,699,450 3,099,749
Additions 0 723,181 723,181
Disposals 0 ( 270,079) ( 270,079)
At 31 March 2024 400,299 3,152,552 3,552,851
Accumulated depreciation
At 01 October 2022 72,274 1,670,496 1,742,770
Charge for the financial period 5,915 413,089 419,004
Disposals 0 ( 120,509) ( 120,509)
At 31 March 2024 78,189 1,963,076 2,041,265
Net book value
At 31 March 2024 322,110 1,189,476 1,511,586
At 30 September 2022 328,025 1,028,954 1,356,979

6. Debtors

31.03.2024 30.09.2022
£ £
Trade debtors 841,550 1,211,076
Other debtors 112,442 22,748
953,992 1,233,824

7. Creditors: amounts falling due within one year

31.03.2024 30.09.2022
£ £
Bank loans and overdrafts 30,449 17,160
Trade creditors 506,812 411,054
Other taxation and social security 83,283 31,137
Obligations under finance leases and hire purchase contracts 258,368 261,904
Other creditors 649,327 609,471
1,528,239 1,330,726

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

31.03.2024 30.09.2022
£ £
Bank loans 68,120 104,405
Obligations under finance leases and hire purchase contracts 297,826 251,110
365,946 355,515

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.03.2024 30.09.2022
£ £
Charge to profit or loss in respect of defined pension schemes 31,540 16,768

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the year end the company had an unpaid pension liability of £4,554 (2022: £3,274).