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COMPANY REGISTRATION NUMBER: 11951255
Kristel Homes Ltd
Filleted Unaudited Financial Statements
31 March 2024
Kristel Homes Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
630,000
635,488
Current assets
Debtors
5
1,848
1,143
Cash at bank and in hand
37,402
42,838
--------
--------
39,250
43,981
Creditors: amounts falling due within one year
6
510,592
624,124
---------
---------
Net current liabilities
471,342
580,143
---------
---------
Total assets less current liabilities
158,658
55,345
Creditors: amounts falling due after more than one year
7
94,500
---------
--------
Net assets
64,158
55,345
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
64,058
55,245
--------
--------
Shareholder funds
64,158
55,345
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kristel Homes Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 November 2024 , and are signed on behalf of the board by:
Mrs K Mayhew
Director
Company registration number: 11951255
Kristel Homes Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 April 2023
635,000
1,951
636,951
Additions
1,999
1,999
Revaluations
( 6,999)
( 6,999)
---------
-------
---------
At 31 March 2024
630,000
1,951
631,951
---------
-------
---------
Depreciation
At 1 April 2023
1,463
1,463
Charge for the year
488
488
---------
-------
---------
At 31 March 2024
1,951
1,951
---------
-------
---------
Carrying amount
At 31 March 2024
630,000
630,000
---------
-------
---------
At 31 March 2023
635,000
488
635,488
---------
-------
---------
The properties have been valued at the year end date by the director, who has no professional qualification, based on an estimate of market value as per the director's knowledge and opinion of similar properties located locally to the relevant properties. The director has determined that the market value of the properties is equal to their carrying value at the balance sheet date.
5. Debtors
2024
2023
£
£
Trade debtors
360
360
Other debtors
1,488
783
-------
-------
1,848
1,143
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,101
6,434
Other creditors
506,491
617,690
---------
---------
510,592
624,124
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
94,500
--------
----
The loan advanced during the year of £94,500 was for a period of 20 years on an interest only basis. For the first two years of the loan the interest rate is fixed at 4.79% and subsequently 3.25% above bank base rate. The loan is secured on the investment property at 22 May Crescent, Lincoln.