Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-011truefalsecommercial property rental1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09455052 2023-03-01 2024-02-29 09455052 2022-03-01 2023-02-28 09455052 2024-02-29 09455052 2023-02-28 09455052 2022-03-01 09455052 c:Director1 2023-03-01 2024-02-29 09455052 d:Buildings 2023-03-01 2024-02-29 09455052 d:Buildings 2024-02-29 09455052 d:Buildings 2023-02-28 09455052 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09455052 d:MotorVehicles 2023-03-01 2024-02-29 09455052 d:MotorVehicles 2024-02-29 09455052 d:MotorVehicles 2023-02-28 09455052 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09455052 d:FurnitureFittings 2023-03-01 2024-02-29 09455052 d:FurnitureFittings 2024-02-29 09455052 d:FurnitureFittings 2023-02-28 09455052 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09455052 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09455052 d:CurrentFinancialInstruments 2024-02-29 09455052 d:CurrentFinancialInstruments 2023-02-28 09455052 d:Non-currentFinancialInstruments 2024-02-29 09455052 d:Non-currentFinancialInstruments 2023-02-28 09455052 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 09455052 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09455052 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 09455052 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09455052 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 09455052 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 09455052 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 09455052 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 09455052 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 09455052 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 09455052 d:ShareCapital 2024-02-29 09455052 d:ShareCapital 2023-02-28 09455052 d:ShareCapital 2022-03-01 09455052 d:RevaluationReserve 2023-03-01 2024-02-29 09455052 d:RevaluationReserve 2024-02-29 09455052 d:RevaluationReserve 2023-02-28 09455052 d:RevaluationReserve 2022-03-01 09455052 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 09455052 d:RetainedEarningsAccumulatedLosses 2024-02-29 09455052 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 09455052 d:RetainedEarningsAccumulatedLosses 2023-02-28 09455052 d:RetainedEarningsAccumulatedLosses 2022-03-01 09455052 c:FRS102 2023-03-01 2024-02-29 09455052 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09455052 c:FullAccounts 2023-03-01 2024-02-29 09455052 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09455052 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 09455052 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 09455052 d:OtherDeferredTax 2024-02-29 09455052 d:OtherDeferredTax 2023-02-28 09455052 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 09455052





 
Kilcar Holdings Limited          
 
Financial statements          

For the year ended 29 February 2024          

 
Kilcar Holdings Limited
Registered number:09455052

Balance sheet
As at 29 February 2024


2024

2023 
                                                                                   Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
370,564
311,160

Current assets
  

Debtors
 5 
28,783
28,783

Cash at bank and in hand
  
3,205
9,026

  
31,988
37,809

Creditors: amounts falling due within one year
 6 
(156,115)
(145,685)

Net current liabilities
  
 
 
(124,127)
 
 
(107,876)

Total assets less current liabilities
  
246,437
203,284

Creditors: amounts falling due after more than one year
 7 
(62,165)
(65,712)

Provisions for liabilities
  

Deferred tax
 9 
(41,406)
(31,896)

Net assets
  
142,866
105,676


Capital and reserves
  

Called up share capital 
  
100
100

Investment property revaluation reserve
  
119,668
89,668

Profit and loss account
  
23,098
15,908

  
142,866
105,676


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
 

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

 

Page 1

 
Kilcar Holdings Limited
Registered number:09455052
    
Balance sheet (continued)
As at 29 February 2024

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 8 November 2024.

 


Mr J Finch
Director























The notes on pages 4 to 11 form part of these financial statements.
Page 2

 
Kilcar Holdings Limited
 

Statement of changes in equity
For the year ended 29 February 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
100
89,668
15,908
105,676



Profit for the year
-
-
37,190
37,190

Transfer between reserves
-
30,000
(30,000)
-


At 29 February 2024
100
119,668
23,098
142,866





 


Statement of changes in equity
For the year ended 28 February 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2022
100
89,668
24,096
113,864



Loss for the year
-
-
(3,188)
(3,188)

Dividends: Equity capital
-
-
(5,000)
(5,000)


At 28 February 2023
100
89,668
15,908
105,676








The notes on pages 4 to 11 form part of these financial statements.
Page 3

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

Kilcar Holdings Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, Essex, United Kingdom, SS11 7HQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rate:

Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
10%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director having regard to professional advice taken personally and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

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 in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 5

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including the director, during the year was 1 (2023 - 1).


Page 7

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

4.


Tangible fixed assets







Freehold investment property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2023
300,000
800
17,709
318,509


Additions
-
23,400
-
23,400


Disposals
-
(800)
-
(800)


Revaluations
40,000
-
-
40,000



At 29 February 2024

340,000
23,400
17,709
381,109



Depreciation


At 1 March 2023
-
200
7,149
7,349


Charge for the year 
-
2,340
1,056
3,396


Disposals
-
(200)
-
(200)



At 29 February 2024

-
2,340
8,205
10,545



Net book value



At 29 February 2024
340,000
21,060
9,504
370,564



At 28 February 2023
300,000
600
10,560
311,160


The 2024 valuation was made by the director, having regard to professional advice taken personally, on an open market value for existing use basis.

If the investment property had not been included at valuation it would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
180,443
180,443

Page 8

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

5.


Debtors

2024
2023
£
£


Amounts owed by companies under common control
28,783
28,783



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Mortgage
8,004
9,954

Amounts owed to companies under common control
35,270
27,270

Corporation tax
1,782
1,772

Other taxation and social security
3,619
2,872

Other creditors
97,918
96,807

Accruals and deferred income
9,522
7,010

156,115
145,685



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Mortgage
62,165
65,712


Page 9

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Mortgage
8,004
9,954

Amounts falling due 1-2 years

Mortgage
9,284
10,257

Amounts falling due 2-5 years

Mortgage
32,695
32,680

Amounts falling due after more than 5 years

Mortgage
20,186
22,775

70,169
75,666


The mortgage is repayed by monthly instalments; and secured via a charge over the company's freehold property; and carries an effective annual interest rate of 7.94%.


9.


Deferred taxation






2024
2023


£

£






At beginning of year
31,896
32,119


Charged for/(released during) the year
9,510
(223)



At end of year
41,406
31,896

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,517
2,007

Unrealised surplus on revalued investment property
39,889
29,889

41,406
31,896

Page 10

 
Kilcar Holdings Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

10.


Related party transactions

At the balance sheet date, the company was owed £28,783 (2023 - £28,783) by Rio Coffee Limited and owed £35,270 (2023 - £27,270) to Jakes Contracting Limited. Both companies share common directors with Kilcar Holdings Limited. No interest was charged on these amounts.

 
Page 11