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REGISTERED NUMBER: 04303809 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P Copeland
J E Charlton





SECRETARY: P Copeland





REGISTERED OFFICE: Finchale House
Belmont Business Park
Durham
DH1 1TW





REGISTERED NUMBER: 04303809 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,996 2,686
Investment property 5 3,820,000 3,820,000
3,825,996 3,822,686

CURRENT ASSETS
Debtors 6 4,992 13,370
Cash at bank 437,828 455,820
442,820 469,190
CREDITORS
Amounts falling due within one year 7 87,398 281,843
NET CURRENT ASSETS 355,422 187,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,181,418

4,010,033

CREDITORS
Amounts falling due after more than one
year

8

(2,080,096

)

(1,971,279

)

PROVISIONS FOR LIABILITIES 10 (254,299 ) (238,115 )
NET ASSETS 1,847,023 1,800,639

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 12 1,847,019 1,800,635
SHAREHOLDERS' FUNDS 1,847,023 1,800,639

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

BALANCE SHEET - continued
31 MARCH 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 11 November 2024 and were signed on its behalf by:




P Copeland - Director



J E Charlton - Director


KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Kingswood Properties (North East) 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is the amount of rental income falling due during the year, including rent due but not received until after the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% on cost

Investment property
Investment properties are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is taken to a revaluation reserve. Unless the revaluation of the property results in the market value being below its original cost price, then the reduction will be shown in the profit and loss account as an impairment loss. In addition, any subsequent increases on previous impairments will result in a reversal of these impairment losses, only up to the property's original cost.

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.

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 22,844
Additions 4,534
Disposals (10,446 )
At 31 March 2024 16,932
DEPRECIATION
At 1 April 2023 20,158
Charge for year 1,224
Eliminated on disposal (10,446 )
At 31 March 2024 10,936
NET BOOK VALUE
At 31 March 2024 5,996
At 31 March 2023 2,686

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 3,820,000
Additions 3,736
Revaluations (3,736 )
At 31 March 2024 3,820,000
NET BOOK VALUE
At 31 March 2024 3,820,000
At 31 March 2023 3,820,000

Investment properties were valued on an open market basis on 31 March 2024 by the directors.

Cost or valuation at 31 March 2024 is represented by:

Valuation in 2024 £3,820,000

If investment properties had not been revalued they would have been included at the following historic cost:

2024 2023
£ £
Cost 2,249,122 2,245,386

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,992 13,370

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 25,587 151,646
Taxation and social security 20,790 20,581
Other creditors 41,021 109,616
87,398 281,843

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,080,096 1,971,279

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 1,087,420 1,816,706

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,082,397 2,089,693

The above bank loans are secured against the investment properties to which they relate.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 254,299 238,115

Deferred
tax
£   
Balance at 1 April 2023 238,115
Charge to Statement of Income and Retained Earnings during year 16,184
Balance at 31 March 2024 254,299

KINGSWOOD PROPERTIES (NORTH EAST)
LIMITED (REGISTERED NUMBER: 04303809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
4 4

12. RESERVES

Retained earnings is comprised of £528,941 of distributable reserves and £1,318,078 of non-distributable reserves.

13. RELATED PARTY DISCLOSURES

During the year, the company maintained an interest free loan from a partnership in which the directors are partners. As at the year-end, a balance of £31,565 (2023: £83,640) remained outstanding.