Karmichael Properties Ltd 12592739 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true true 12592739 2023-06-01 2024-05-31 12592739 2024-05-31 12592739 core:CurrentFinancialInstruments 2024-05-31 12592739 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 12592739 core:Non-currentFinancialInstruments 2024-05-31 12592739 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 12592739 core:MotorVehicles 2024-05-31 12592739 core:OfficeEquipment 2024-05-31 12592739 core:PlantMachinery 2024-05-31 12592739 bus:SmallEntities 2023-06-01 2024-05-31 12592739 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12592739 bus:FilletedAccounts 2023-06-01 2024-05-31 12592739 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12592739 bus:RegisteredOffice 2023-06-01 2024-05-31 12592739 bus:Director1 2023-06-01 2024-05-31 12592739 bus:Director2 2023-06-01 2024-05-31 12592739 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12592739 core:MotorVehicles 2023-06-01 2024-05-31 12592739 core:OfficeEquipment 2023-06-01 2024-05-31 12592739 core:PlantMachinery 2023-06-01 2024-05-31 12592739 core:VehiclesPlantMachinery 2023-06-01 2024-05-31 12592739 countries:EnglandWales 2023-06-01 2024-05-31 12592739 2023-05-31 12592739 core:MotorVehicles 2023-05-31 12592739 core:OfficeEquipment 2023-05-31 12592739 core:PlantMachinery 2023-05-31 12592739 2022-06-01 2023-05-31 12592739 2023-05-31 12592739 core:CurrentFinancialInstruments 2023-05-31 12592739 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 12592739 core:Non-currentFinancialInstruments 2023-05-31 12592739 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 12592739 core:MotorVehicles 2023-05-31 12592739 core:OfficeEquipment 2023-05-31 12592739 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 12592739

Karmichael Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Karmichael Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Karmichael Properties Ltd

Company Information

Directors

Mrs K J Campbell

Mr M K Humphreys

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Karmichael Properties Ltd

(Registration number: 12592739)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,721

34,294

Investment property

5

240,000

240,000

 

265,721

274,294

Current assets

 

Debtors

6

54,645

20,721

Cash at bank and in hand

 

3,164

4,677

 

57,809

25,398

Creditors: Amounts falling due within one year

7

(109,332)

(86,822)

Net current liabilities

 

(51,523)

(61,424)

Total assets less current liabilities

 

214,198

212,870

Creditors: Amounts falling due after more than one year

7

(271,907)

(275,522)

Net liabilities

 

(57,709)

(62,652)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(57,809)

(62,752)

Shareholders' deficit

 

(57,709)

(62,652)

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Karmichael Properties Ltd

(Registration number: 12592739)
Balance Sheet as at 31 May 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 30 December 2024 and signed on its behalf by:
 

.........................................
Mrs K J Campbell
Director

.........................................
Mr M K Humphreys
Director

 
     
 

Karmichael Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors consider that the company will be able to settle its liabilities as and when they fall due for the foreseeable future. This assessment has been made taking into account a period of at least 12 months from the approval and signing of these financial statements.

The directors do not commit to expenditure unless and until they are satisfied that sufficient funding is in place for the company to meet the related obligation. Accordingly, the financial statements have been prepared on a going concern basis and do not include any adjustments that would result if the company was unable to continue as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and for the rent receivable in the ordinary course of the company’s activities . Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Karmichael Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Plant and machinery

25% reducing balance

Motor vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. They use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Karmichael Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Karmichael Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

840

938

42,425

44,203

At 31 May 2024

840

938

42,425

44,203

Depreciation

At 1 June 2023

486

938

8,485

9,909

Charge for the year

88

-

8,485

8,573

At 31 May 2024

574

938

16,970

18,482

Carrying amount

At 31 May 2024

266

-

25,455

25,721

At 31 May 2023

354

-

33,940

34,294

5

Investment properties

2024
£

At 1 June 2023

240,000

At 31 May 2024

240,000

There has been a valuation of investment property by the Directors.

6

debtors

Current

2024
£

2023
£

Prepayments

507

508

Other debtors

54,138

20,213

 

54,645

20,721

 

Karmichael Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

105,750

81,186

Trade creditors

 

130

-

Accruals and deferred income

 

1,802

3,986

Other creditors

 

1,650

1,650

 

109,332

86,822

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

271,907

275,522

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

271,907

275,522

2024
£

2023
£

Current loans and borrowings

Bank borrowings

7,145

9,365

Directors' loan accounts

98,605

71,821

105,750

81,186

The bank borrowings are secured by a legal mortgage over the company's assets.

The directors' loan accounts are non-interest bearing and have no formal repayment terms