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REGISTERED NUMBER: 00540812 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KEN MIDDLEDITCH LTD

KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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










Page

Balance sheet 1

Notes to the financial statements 3


KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 2,005,754 2,214,318
Investment property 5 1,700,000 1,725,000
3,705,754 3,939,318

Current assets
Stocks 45,500 30,500
Debtors 6 52 96
Cash at bank 44,037 55,018
89,589 85,614
Creditors
Amounts falling due within one year 7 357,076 376,326
Net current liabilities (267,487 ) (290,712 )
Total assets less current liabilities 3,438,267 3,648,606

Creditors
Amounts falling due after more than one year 8 (63,094 ) (72,423 )

Provisions for liabilities 11 (673,903 ) (725,153 )
Net assets 2,701,270 2,851,030

Capital and reserves
Called up share capital 12 1,000 1,000
Fair value reserve 13 2,281,559 2,444,204
Special reserves 173,675 173,675
Retained earnings 245,036 232,151
Shareholders' funds 2,701,270 2,851,030

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.

KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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 comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2024 and were signed on its behalf by:





Mr N Middleditch - Director


KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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


1. Statutory information

Ken Middleditch Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00540812. The registered office and business address is Bailie House, Poole Road, Sturminster Marshall, Dorset, BH21 4AE.

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 represents amounts receivable in respect of goods supplied excluding value added tax and trade discounts. Turnover is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

In line with FRS102, freehold property is stated at fair value with revaluations taking place with sufficient regularity to ensure a true and fair view. Any aggregate surplus or deficit arising from changes in fair value is recognise in the statement of comprehensive income.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognise in the statement of comprehensive income.

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 9 (2023 - 10 ) .

4. Tangible fixed assets
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Cost or valuation
At 1 April 2023 2,200,000 90,690 24,050 4,934 2,319,674
Impairments (205,000 ) - - - (205,000 )
At 31 March 2024 1,995,000 90,690 24,050 4,934 2,114,674
Depreciation
At 1 April 2023 - 85,817 15,485 4,054 105,356
Charge for year - 1,080 2,141 343 3,564
At 31 March 2024 - 86,897 17,626 4,397 108,920
Net book value
At 31 March 2024 1,995,000 3,793 6,424 537 2,005,754
At 31 March 2023 2,200,000 4,873 8,565 880 2,214,318

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2016 1,117,258 - - - 1,117,258
Valuation in 2021 205,000 - - - 205,000
Valuation in 2023 795,000 - - - 795,000
Valuation in 2024 (205,000 ) - - - (205,000 )
Cost 82,742 90,690 24,050 4,934 202,416
1,995,000 90,690 24,050 4,934 2,114,674

Freehold Property was revalued in 2024 by the Directors. The value was calculated using market based evidence and the directors still consider this valuation made to be accurate as at the balance sheet date.

KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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


5. Investment property
Total
£   
Fair value
At 1 April 2023 1,725,000
Impairments (25,000 )
At 31 March 2024 1,700,000
Net book value
At 31 March 2024 1,700,000
At 31 March 2023 1,725,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 318,204
Valuation in 2017 (64,105 )
Valuation in 2021 (187,000 )
Valuation in 2023 985,000
Valuation in 2024 (25,000 )
Cost 672,901
1,700,000

Property was revalued in 2024 by the Directors. The value was calculated using market based evidence and the directors still consider this valuation made to be accurate as at the balance sheet date.

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors 52 96

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 10,701 11,661
Trade creditors 155,433 146,423
Tax 7,636 343
Social security and other taxes - 766
Pension 101 99
VAT 5,069 4,079
Other creditors 124,381 123,391
Directors' current accounts 47,432 82,885
Accruals and deferred income 6,323 6,679
357,076 376,326

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans (see note 9) 63,094 72,423

KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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


9. Loans

Of the bank loans repayable after more than one year, a total of £27,359 (2023 £31,646) is repayable after more than 5 years.

Other loans are fully repayable within 5 years.

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 66,859 73,946

Bank loans and overdrafts as detailed above, are secured by way of legal charges, held by Lloyds Bank PLC dated 16 March 1973 and 13 April 2006 over land and property owned by the company.

This excludes the Coronavirus bounce back loan.

11. Provisions for liabilities
2024 2023
£    £   
Deferred tax 673,903 725,153

Deferred
tax
£   
Balance at 1 April 2023 725,153
Charged to fair value reserve (51,250 )
Balance at 31 March 2024 673,903

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

13. Reserves
Fair
value
reserve
£   
At 1 April 2023 2,444,204
Investment properties revaluation (8,895 )
Freehold properties revaluation (205,000 )
Deferred tax adjustment 51,250

At 31 March 2024 2,281,559

Special reserves are in respect of amounts provided for by the Articles of Association. The amount provided at the balance sheet date was £173,675 (2023: £173,675).

KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812)

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


14. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr N Middleditch
Balance outstanding at start of year - 6,913
Amounts repaid - (6,913 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

15. Ultimate controlling party

The Company is under the control of the Director, Mr N Middleditch, by virtue of his 88% holding of the issued voting share capital of the Company.