REGISTERED NUMBER: |
KJN Developments (Alton) Limited |
Financial Statements for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
KJN Developments (Alton) Limited |
Financial Statements for the Year Ended 31st December 2023 |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KJN Developments (Alton) Limited |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Balance Sheet - continued |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | 10 |
The director acknowledges her 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. |
The financial statements were approved by the director and authorised for issue on |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATEMENT OF COMPLIANCE |
KJN Developments (Alton) Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Orchard Cottage, Church Lane, Holybourne, Alton, Hampshire, GU34 4HD. The registration number is 01959285. |
The financial statements are presented in sterling which is the functional currency of the company, and rounded to the nearest period. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on the going concern basis as the director has confirmed that she will continue to provide financial and other support required by the company. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable. The following criteria must also be met before turnover is recognised: |
Rent receivable |
Turnover comprises rent receivable from the company's investment properties. |
Tangible fixed assets |
Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful lives of these assets are estimates based on historic experience and future considerations and these are re-assessed annually. |
Any gain or loss arising on the disposal of an asset is determined by the difference between sale proceeds and carrying value of the asset, and is credited or charged to the profit or loss. |
Investment property |
Investment property is included at fair value, any aggregate surplus of deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when KJN Developments (Alton) Limited becomes party to the contractual provisions of the financial instrument. |
Cash and cash equivalents |
These comprise cash at bank. |
Debtors |
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
Creditors |
Creditors are not interest bearing and are stated at their nominal value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2023 |
Revaluations | 1,465,022 |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair Value at 31st December 2023 is represented by: |
£ |
Valuation movement 2023 | 1,465,022 |
Cost | 1,221,978 |
2,687,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,221,978 | 1,221,978 |
The properties are held at the fair value as estimated by the directors, based on their knowledge of the market and industry information. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by way of a a fixed charge over the investment properties. |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st January 2023 | 687,720 |
Profit for the year |
Transfer | (1,373,436 | ) | 1,373,436 | - |
At 31st December 2023 | 2,080,709 |
Revaluation reserve |
To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company's investment properties to the extent that they are not considered to be distributable to the company's shareholders, less any related provision for current or deferred tax. |
Retained earnings |
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholder. |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
KJN Developments (Alton) Limited (Registered number: 01959285) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
12. | RELATED PARTY DISCLOSURES |
Anstey Road Management Company Limited |
A company with common ownership. |
During the year the company made sales of £160 (2023: £160), recharged expenses of £6,260 (2023: £8,620), and made purchases of £6,120 (2023: £6,120) to Anstey Road Management Company Limited. At the year end a balance of £18,450 (2023: £18,150) was owed from Anstey Road Management Company Limited. |