Company registration number: 09493391
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
29 FEBRUARY 2024
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KINSHERON DEVELOPMENTS LIMITED
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KINSHERON DEVELOPMENTS LIMITED
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COMPANY INFORMATION
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KINSHERON DEVELOPMENTS LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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KINSHERON DEVELOPMENTS LIMITED
REGISTERED NUMBER:09493391
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STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Allotted, called up and fully paid share capital
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The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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KINSHERON DEVELOPMENTS LIMITED
REGISTERED NUMBER:09493391
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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KINSHERON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Kinsheron Developments Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The principal place of business is 157-159 Walton Road, East Molesey, Surrey, KT8 0DX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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:
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Revenue consists of rental income, property sales and the sale of prestige motor vehicles. 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.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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KINSHERON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
Investments held as fixed assets are shown at cost less provision for impairment.
Stock is valued at the lower of cost and net realisable value, which includes costs directly attributable to, and overheads on, incomplete assignments. A provision is made for irrecoverable costs where appropriate.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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KINSHERON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Investments in subsidiary companies
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The bank loans are secured on a floating charge over the stocks of the company. Interest is variable at a margin of 2.75% over the bank of England base rate.
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KINSHERON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Creditors: Amounts falling due after more than one year
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The bank loans are secured on a floating charge over the stocks of the company. Interest is variable at a margin of 2.75% over the bank of England base rate.
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Transactions with the directors
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The following transactions took place with the directors during the year:
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Amount owed to the directors at the beginning of the year
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Amounts transferred from subsidiary during the year
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Amount owed to the directors at the end of the year
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Interest has been charged on T. J. Wooding's directors loan at 9.5%. No interest has been charged on B. M. Wooding's directors loan.
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Related party transactions
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At 29 February 2024, the company owed its subsidiary company £14,032 (2023 - £26,535). No interest has been charged on this loan.
The company was owed £139,714 (2023 - £58,281) from a company under the control of T. J. Wooding and K. W. Wooding. No interest has been charged on this loan.
A loan of £42,986 (2023 - £52,689) was owed to a close family relation to the company directors, no interest was charged on this loan.
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