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Registration number: 10844557

Kerin Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Kerin Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Kerin Property Limited

Company Information

Directors

G Farquhar

Mrs K Farquhar

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Kerin Property Limited

(Registration number: 10844557)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

274

718

Investment property

5

280,000

280,000

 

280,274

280,718

Current assets

 

Debtors

6

14,930

17,662

Cash at bank and in hand

 

7,562

16,660

 

22,492

34,322

Creditors: Amounts falling due within one year

7

(25,875)

(20,655)

Net current (liabilities)/assets

 

(3,383)

13,667

Total assets less current liabilities

 

276,891

294,385

Creditors: Amounts falling due after more than one year

7

(169,895)

(176,505)

Provisions for liabilities

(25,236)

(25,236)

Net assets

 

81,760

92,644

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

81,758

92,642

Shareholders' funds

 

81,760

92,644

 

Kerin Property Limited

(Registration number: 10844557)
Balance Sheet as at 30 June 2024

For the financial 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.

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.

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.

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

.........................................
G Farquhar
Director

 

Kerin Property Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

2

92,642

92,644

Loss for the year

-

(10,884)

(10,884)

At 30 June 2024

2

81,758

81,760

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

2

109,456

109,458

Loss for the year

-

(16,814)

(16,814)

At 30 June 2023

2

92,642

92,644

 

Kerin Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 12 February 2025.

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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

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.

 

Kerin Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Furniture and fittings

25% Straight line method

Plant & machinery

25% Straight line method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

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.

3

Staff numbers

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

 

Kerin Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

1,606

170

1,776

At 30 June 2024

1,606

170

1,776

Depreciation

At 1 July 2023

977

81

1,058

Charge for the year

401

43

444

At 30 June 2024

1,378

124

1,502

Carrying amount

At 30 June 2024

228

46

274

At 30 June 2023

629

89

718

5

Investment properties

2024
£

At 1 July

280,000

At 30 June

280,000

There has been no valuation of investment property by an independent valuer.

 

Kerin Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

2024
£

2023
£

Other debtors

14,930

17,662

14,930

17,662

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,800

1,680

Other creditors

24,075

18,975

25,875

20,655

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

169,895

176,505

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' Share of £1 each

1

1

1

1

Ordinary 'B' Share of £1 each

1

1

1

1

2

2

2

2

 

Kerin Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

169,895

176,505

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

G Farquhar

Directors' loan account

15,456

337

(863)

14,931

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

G Farquhar

Directors' loan account

15,875

444

(863)

15,456