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Registered number: 01397944
King Alfred's Property Company Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Hub Accountants Limited
Chartered Accountants
Innovation House
Wincombe Lane
Shaftesbury
Dorset
SP7 8FG
Balance Sheet
Registered number: 01397944
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 760,000 900,000
760,000 900,000
CURRENT ASSETS
Debtors 5 110 217
Cash at bank and in hand 268,027 287,840
268,137 288,057
Creditors: Amounts Falling Due Within One Year 6 (49,581 ) (51,891 )
NET CURRENT ASSETS (LIABILITIES) 218,556 236,166
TOTAL ASSETS LESS CURRENT LIABILITIES 978,556 1,136,166
PROVISIONS FOR LIABILITIES
Deferred Taxation (120,664 ) (155,664 )
NET ASSETS 857,892 980,502
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Fair value reserve 9 361,992 466,992
Profit and Loss Account 494,900 512,510
SHAREHOLDERS' FUNDS 857,892 980,502
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For the year ending 31 October 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anthony Morgan
Director
Mrs Sylvia Morgan
Director
20th February 2025
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
King Alfred's Property Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01397944 . The registered office is Melbury Cottage, 5 Love Lane, Shaftesbury, SP7 8FG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents amounts receivable for property rent.
2.3. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Investment Property
2024
£
Fair Value
As at 1 November 2023 900,000
Fair value adjustments (140,000 )
As at 31 October 2024 760,000
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110 217
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 8,045 11,566
Other creditors 29,226 30,417
Deferred rents 10,919 8,563
Accruals and deferred income 1,355 1,309
Directors' loan accounts 36 36
49,581 51,891
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
8. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 52,000 4,200
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9. Reserves
Fair Value Reserve
£
As at 1 November 2023 466,992
Movements in fair value reserve (105,000)
As at 31 October 2024 361,992
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