Company registration number 00322120 (England and Wales)
THE KEMSLEY HOUSING TRUST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE KEMSLEY HOUSING TRUST LIMITED
COMPANY INFORMATION
Directors
Mr A J Hemus
T M Peddie
Mr D A Seccombe
Secretary
Mr A J Hemus
Company number
00322120
Registered office
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
THE KEMSLEY HOUSING TRUST LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
THE KEMSLEY HOUSING TRUST LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE KEMSLEY HOUSING TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Kemsley Housing Trust Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Kemsley Housing Trust Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Kemsley Housing Trust Limited and state those matters that we have agreed to state to the Board of Directors of The Kemsley Housing Trust Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Kemsley Housing Trust Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that The Kemsley Housing Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Kemsley Housing Trust Limited. You consider that The Kemsley Housing Trust Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Kemsley Housing Trust Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Malcolm Piper & Company Limited
25 July 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
THE KEMSLEY HOUSING TRUST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
475,596
473,004
Investments
5
58
85
475,654
473,089
Current assets
Debtors
6
4,160
547,345
Cash at bank and in hand
573,501
36,022
577,661
583,367
Creditors: amounts falling due within one year
7
(78,527)
(97,453)
Net current assets
499,134
485,914
Total assets less current liabilities
974,788
959,003
Provisions for liabilities
(10,500)
(38,800)
Net assets
964,288
920,203
Capital and reserves
Called up share capital
8
2,625
2,625
Profit and loss reserves
961,663
917,578
Total equity
964,288
920,203

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year 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 KEMSLEY HOUSING TRUST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
Mr A J Hemus
Mr D A Seccombe
Director
Director
Company registration number 00322120 (England and Wales)
THE KEMSLEY HOUSING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

The Kemsley Housing Trust Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, United Kingdom, B44 8LS.

1.1
Accounting convention

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.

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, modified to include the revaluation of investment properties and fixed asset investments. The principal accounting policies adopted are set out below.

1.2
Turnover

The company's rent receivable represents the value of rents and ground rents receivable from tenants in the United Kingdom.

1.3
Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

1.4
Fixed asset investments

Fixed asset investments are stated at market value. Any aggregate surplus or deficit arising from changes in market value is recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

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.

THE KEMSLEY HOUSING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
3
3
4
Investment property
2024
£
Fair value
At 1 April 2023
473,004
Additions
383,592
Disposals
(381,000)
At 31 March 2024
475,596
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
58
85
Fixed asset investments revalued

If fixed asset investments were disclosed at cost this would amount to £705 (2023 - £705)

THE KEMSLEY HOUSING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
85
Valuation changes
(27)
At 31 March 2024
58
Carrying amount
At 31 March 2024
58
At 31 March 2023
85
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,150
390
Other debtors
10
546,955
4,160
547,345
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
53,613
46,907
Other creditors
24,914
50,546
78,527
97,453
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
875
875
875
875
THE KEMSLEY HOUSING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Called up share capital
(Continued)
- 7 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
5.25% Cumulative preference of £1 each
1,750
1,750
1,750
1,750
Preference shares classified as equity
1,750
1,750
Total equity share capital
2,625
2,625

The preference shares are non-voting. On a winding-up they rank ahead only of the Ordinary shares and will be repaid at par.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The Denver Housing Trust Limited

Associated company

 

At the year end an amount of £3,440 (2023 - £3,440) was payable to the company.

 

 

Kings Norton Housing Trust Limited

Associated company

 

During the year, The Kemsley Housing Trust Limited purchased properties from Kings Norton Housing Trust Limited totalling £370,000 (2023 - £Nil). At the year end, the amount outstanding was £nil (2023 - £nil). The transactions were deemed to be at "arms length".

 

 

Holter Properties Limited

Associated company

 

During the year, The Kemsley Housing Trust Limited purchased a property from Holter Properties Limited for £nil (2023 - £30,450). At the year end, an amount of £nil (2023 - £30,450) remained payable.

10
Directors' transactions

During the year, the company advanced a director £Nil (2023 - £186,421).The amount outstanding at 31 March 2023 was fully repaid on 28 April 2023. The loan was subject to interest at 5% which became due and payable on full repayment of that loan.

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