Company registration number 13068268 (England and Wales)
THE KNIGHTS RETREAT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
THE KNIGHTS RETREAT LIMITED
COMPANY INFORMATION
Director
M S Evans
Company number
13068268
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
THE KNIGHTS RETREAT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
THE KNIGHTS RETREAT LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
31 October 2023
31 December 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
2,259,729
2,143,971
Current assets
Debtors
4
6,838
7,117
Cash at bank and in hand
208
412
7,046
7,529
Creditors: amounts falling due within one year
5
(910,632)
(752,701)
Net current liabilities
(903,586)
(745,172)
Total assets less current liabilities
1,356,143
1,398,799
Creditors: amounts falling due after more than one year
6
(1,266,712)
(1,293,456)
Net assets
89,431
105,343
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
89,430
105,342
Total equity
89,431
105,343

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
M S Evans
Director
Company registration number 13068268 (England and Wales)
THE KNIGHTS RETREAT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
(11,899)
(11,898)
Period ended 31 December 2022:
Profit and total comprehensive income
-
117,241
117,241
Balance at 31 December 2022
1
105,342
105,343
Period ended 31 October 2023:
Loss and total comprehensive income
-
(15,912)
(15,912)
Balance at 31 October 2023
1
89,430
89,431
THE KNIGHTS RETREAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

The Knights Retreat Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

1.1
Reporting period

The entity's reporting period is 10 months to 31 October 2023 while the comparative period is 12 months to 31 December 2022 and so the two are not directly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts.

 

Rendering of services

Revenue arises from the provision of property rental services.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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

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

Basic financial liabilities

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

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

THE KNIGHTS RETREAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 January 2023
2,143,971
Additions
115,758
At 31 October 2023
2,259,729

Under FRS 102, investment property is required to be measured at its fair value (where this can be ascertained) with any change being recognised in profit and loss. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr. M Evans, a director of the company, and equates to historic cost.

 

 

THE KNIGHTS RETREAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,415
-
0
Other debtors
423
7,117
6,838
7,117
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
910,632
752,701
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,266,712
1,293,456

The above mortgage is secured by the investment property.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Profit and loss reserves
Included within profit and loss reserves are non-distributable profits as a result of investment property revaluations.

At the balance sheet date, the total reserves consisted of £62,524 (2022 - £46,612) negative distributable reserves and £151,954 non-distributable reserves.
9
Related party transactions

The company has taken advantage of the exemptions permitted by FRS 102 section 1.AC.35 not to provide disclosures of transactions entered into with other wholly-owned members of the group.

 

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