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Registered number: 01736105














KANE PLANT AND VEHICLE SERVICES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
KANE PLANT AND VEHICLE SERVICES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 7


 
KANE PLANT AND VEHICLE SERVICES LIMITED
REGISTERED NUMBER:01736105

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Fixed assets
  

Investment property
 4 
2,600,000
2,600,000

  
2,600,000
2,600,000

Current assets
  

Cash at bank and in hand
 5 
508
261

  
508
261

Creditors: amounts falling due within one year
 6 
(193,794)
(260,223)

Net current liabilities
  
 
 
(193,286)
 
 
(259,962)

Total assets less current liabilities
  
2,406,714
2,340,038

  

Provisions for liabilities
  

Deferred taxation
 7 
(150,518)
(150,518)

  
 
 
(150,518)
 
 
(150,518)

  

Net assets excluding pension asset
  
2,256,196
2,189,520

Net assets
  
2,256,196
2,189,520


Capital and reserves
  

Called up share capital 
 8 
100
100

Investment property reserve
 9 
451,554
451,554

Profit and loss account
 9 
1,804,542
1,737,866

  
2,256,196
2,189,520


1

 
KANE PLANT AND VEHICLE SERVICES LIMITED
REGISTERED NUMBER:01736105
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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.

The company has opted not to file the profit and loss account 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: 



A P Kane
Director

Date: 3 December 2024

The notes on pages 4 to 7 form part of these financial statements.

2

 
KANE PLANT AND VEHICLE SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
499,720
1,618,805
2,118,625


Comprehensive income for the year

Profit for the year
-
-
70,895
70,895

Transfer between reserves
-
(48,166)
48,166
-



At 1 April 2023
100
451,554
1,737,866
2,189,520


Comprehensive income for the year

Profit for the year
-
-
66,676
66,676


At 31 March 2024
100
451,554
1,804,542
2,256,196


The notes on pages 4 to 7 form part of these financial statements.

3

 
KANE PLANT AND VEHICLE SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Kane Plant and Vehicle Services Limited is a private company, limited by shares, registered in England and Wales, registration number 01736105.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is Construction House, Porters Wood, Valley Road Industrial Estate, St. Albans, Herts, AL3 6NW.
The principal activity of the company continued to be that of commercial letting of property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from commercial property letting 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities. 

 
2.7

Creditors

Short term creditors are measured at the transaction price.

4

 
KANE PLANT AND VEHICLE SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

5

 
KANE PLANT AND VEHICLE SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,600,000



At 31 March 2024
2,600,000

The 2024 valuations were made by the director, on an open market value for existing use basis.

2024
£

Revaluation reserves


At 1 April 2023
451,554

At 31 March 2024
451,554



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
£


Historic cost
1,997,928


5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
508
261



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to associates
170,068
224,630

Corporation tax
22,226
33,913

Accruals
1,500
1,680

193,794
260,223


6

 
KANE PLANT AND VEHICLE SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Deferred taxation




2024


£






At beginning of year
(150,518)



At end of year
(150,518)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on investment property reserve
150,518
150,518


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.



9.


Reserves

Investment property revaluation reserve

The reserve relates to the gains and losses from the revaluation of investment properties.  These are undistributable reserves as they are unrealised.


10.


Related party transactions

At the year end included within creditors due within one year is an amount due to company under common control £170,068 (2023 - £224,631). The loan is interest free and repayable on demand. 

 
7