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REGISTERED NUMBER: 07282349 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

KILLARNEY HOMES LIMITED

KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KILLARNEY HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs S L A Brown
Mrs J S E Kellam
G D Kellam
A W Kellam





SECRETARY: G D Kellam





REGISTERED OFFICE: 29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA





BUSINESS ADDRESS: Killarney Homes
Moor Lane
Calverton
Nottingham
Nottinghamshire
NG14 6FZ





REGISTERED NUMBER: 07282349 (England and Wales)





ACCOUNTANTS: Lemans
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,405 15,507

CURRENT ASSETS
Stocks 337,954 246,218
Debtors 5 1,453,487 1,254,101
Cash at bank - 49,218
1,791,441 1,549,537
CREDITORS
Amounts falling due within one year 6 431,826 140,987
NET CURRENT ASSETS 1,359,615 1,408,550
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,372,020

1,424,057

PROVISIONS FOR LIABILITIES 7 3,102 3,877
NET ASSETS 1,368,918 1,420,180

CAPITAL AND RESERVES
Called up share capital 8 10 10
Retained earnings 1,368,908 1,420,170
SHAREHOLDERS' FUNDS 1,368,918 1,420,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





A W Kellam - Director


KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Killarney Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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.

KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price.

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 157,289
DEPRECIATION
At 1 March 2023 141,782
Charge for year 3,102
At 29 February 2024 144,884
NET BOOK VALUE
At 29 February 2024 12,405
At 28 February 2023 15,507

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,200 -
Other debtors 761,668 688,045
Directors' current accounts 690,619 566,056
1,453,487 1,254,101

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 465 -
Trade creditors 48,906 130,067
Corporation tax 26,180 5,626
Social security and other taxes 3,135 1,350
Other creditors 349,647 733
Accrued expenses 3,493 3,211
431,826 140,987

KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 3,102 3,877

Deferred
tax
£   
Balance at 1 March 2023 3,877
Credit to Statement of Income and Retained Earnings during year (775 )
Balance at 29 February 2024 3,102

Deferred taxation is calculated at 25% and relates solely to excess of capital allowances over deprecation.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
2 Ordinary - A £1 2 2
2 Ordinary - B £1 2 2
2 Ordinary - C £1 2 2
2 Ordinary - D £1 2 2
2 Ordinary - E £1 2 2
10 10

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Mrs S L A Brown
Balance outstanding at start of year 88,348 90,238
Amounts advanced 112,965 28,110
Amounts repaid - (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 201,313 88,348

KILLARNEY HOMES LIMITED (REGISTERED NUMBER: 07282349)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

A W Kellam
Balance outstanding at start of year 58,406 32,172
Amounts advanced 11,598 26,234
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 70,004 58,406

G D Kellam
Balance outstanding at start of year 419,302 421,302
Amounts repaid - (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 419,302 419,302

Interest is being charged on the directors loans at a rate of 2.25%, with the exception of the loan to Mr G D Kellam which is interest free. The amount charged on this loan during the year and credited to the profit and loss account was £3,988 (2023 - £2,025).

10. RELATED PARTY DISCLOSURES

Killarney Homes Developments Limited
Included in other debtors at 28 February 2024 is a loan to the above company amounting to £549,292 (2023 - £505,467). This company is under common control.

Killarney Homes Sales Limited
Included in other debtors at 28 February 2024 is a loan to the above company amounting to £79 (2023 - £79). This company is under common control.This company is dormant and did not trade in the year.

Killarney Farms Limited
Included in other debtors at 28 February 2024 is a loan to the above company amounting to £26,000 (2023 - £nil). This company is under common control.