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Company Registration No. 13486555 (England and Wales)
Kelly Property Management Ltd Unaudited accounts for the year ended 30 June 2024
Kelly Property Management Ltd Unaudited accounts Contents
Page
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Kelly Property Management Ltd Company Information for the year ended 30 June 2024
Directors
Craig Kelly Jennifer Lee Kelly
Company Number
13486555 (England and Wales)
Registered Office
39 Oakley Road Kenilworth Warwickshire CV8 2UL England
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Kelly Property Management Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
635,000 
538,828 
Current assets
Debtors
997 
980 
Cash at bank and in hand
27,948 
12,849 
28,945 
13,829 
Creditors: amounts falling due within one year
(9,040)
(564)
Net current assets
19,905 
13,265 
Total assets less current liabilities
654,905 
552,093 
Creditors: amounts falling due after more than one year
(558,143)
(557,926)
Provisions for liabilities
Deferred tax
(18,273)
- 
Net assets/(liabilities)
78,489 
(5,833)
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
78,487 
(5,835)
Shareholders' funds
78,489 
(5,833)
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by
Craig Kelly Director Company Registration No. 13486555
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Kelly Property Management Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Kelly Property Management Ltd is a private company, limited by shares, registered in England and Wales, registration number 13486555. The registered office is 39 Oakley Road, Kenilworth, Warwickshire, CV8 2UL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of the revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred in respect of the transactions can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent impairment losses. The increase in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation is calculated so as to write off the cost of valuation of an asset, less its residual value, over the useful economic life of that asset.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, as estimate is made the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of asset. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company as assigned to those units.
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Kelly Property Management Ltd Notes to the Accounts for the year ended 30 June 2024
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it liabilities.
4
Tangible fixed assets
Land & buildings 
£ 
Cost or valuation
At valuation 
At 1 July 2023
538,828 
Revaluations
96,172 
At 30 June 2024
635,000 
Depreciation
At 30 June 2024
- 
Net book value
At 30 June 2024
635,000 
At 30 June 2023
538,828 
The investment properties were revalued on 30 June 2024 by the directors, based on open market value. The directors are of the opinion that the open market value of the properties are £635,000, resulting in a fair value non distributable gain of £96,172
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
997 
980 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
138 
- 
Accruals
569 
564 
Deferred income
8,333 
- 
9,040 
564 
Bank loans are secured on the properties to which they relate.
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
386,585 
386,584 
Loans from directors
171,558 
171,342 
558,143 
557,926 
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Kelly Property Management Ltd Notes to the Accounts for the year ended 30 June 2024
8
Transactions with related parties
The company was under the control of Craig Kelly and Jennifer Kelly. At the beginning of the year, the amount owing to directors was £171,342. During the year the companies incurred £216 of expenses on behalf of the company. The amounts owing to the directors at the end of year was £171,558. This is shown in note 7.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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