Knowlton Estates Limited 12028197 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is letting of investment properties Digita Accounts Production Advanced 6.30.9574.0 true 12028197 2023-06-01 2024-05-31 12028197 2024-05-31 12028197 core:OtherReservesSubtotal 2024-05-31 12028197 core:RetainedEarningsAccumulatedLosses 2024-05-31 12028197 core:ShareCapital 2024-05-31 12028197 core:SharePremium 2024-05-31 12028197 core:CurrentFinancialInstruments 2024-05-31 12028197 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 12028197 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 12028197 core:FurnitureFittingsToolsEquipment 2024-05-31 12028197 bus:SmallEntities 2023-06-01 2024-05-31 12028197 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12028197 bus:FullAccounts 2023-06-01 2024-05-31 12028197 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12028197 bus:RegisteredOffice 2023-06-01 2024-05-31 12028197 bus:Director1 2023-06-01 2024-05-31 12028197 bus:Director2 2023-06-01 2024-05-31 12028197 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12028197 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 12028197 core:OfficeEquipment 2023-06-01 2024-05-31 12028197 countries:EnglandWales 2023-06-01 2024-05-31 12028197 2023-05-31 12028197 core:FurnitureFittingsToolsEquipment 2023-05-31 12028197 2022-07-01 2023-05-31 12028197 2023-05-31 12028197 core:OtherReservesSubtotal 2023-05-31 12028197 core:RetainedEarningsAccumulatedLosses 2023-05-31 12028197 core:ShareCapital 2023-05-31 12028197 core:SharePremium 2023-05-31 12028197 core:CurrentFinancialInstruments 2023-05-31 12028197 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 12028197 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 12028197 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12028197

Knowlton Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Knowlton Estates Limited

(Registration number: 12028197)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

508

858

Investment property

5

4,460,000

1,310,000

 

4,460,508

1,310,858

Current assets

 

Debtors

6

4,997

-

Cash at bank and in hand

 

18,404

12,371

 

23,401

12,371

Creditors: Amounts falling due within one year

7

(362,001)

(338,093)

Net current liabilities

 

(338,600)

(325,722)

Total assets less current liabilities

 

4,121,908

985,136

Creditors: Amounts falling due after more than one year

7

(2,767,359)

(824,180)

Provisions for liabilities

(59,266)

(39,891)

Net assets

 

1,295,283

121,065

Capital and reserves

 

Called up share capital

8

298

200

Share premium reserve

1,126,331

-

Other reserves

177,416

148,916

Profit and loss account

(8,762)

(28,051)

Shareholders' funds

 

1,295,283

121,065

 

Knowlton Estates Limited

(Registration number: 12028197)
Balance Sheet as at 31 May 2024

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.

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.

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.

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 



 

Mr J R Hill
Director



 

Mrs L J Hill
Director

 

Knowlton Estates Limited

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:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern
The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
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 at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

 

Knowlton Estates Limited

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

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. 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.

Trade 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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

Knowlton Estates Limited

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

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 June 2023

1,579

1,579

At 31 May 2024

1,579

1,579

Depreciation

At 1 June 2023

721

721

Charge for the year

350

350

At 31 May 2024

1,071

1,071

Net book value

At 31 May 2024

508

508

At 31 May 2023

858

858

5

Investment property

2024
£

2023
£

At 1 June

1,310,000

975,000

Additions

3,112,000

272,387

Fair value adjustments

38,000

62,613

At 31 May

4,460,000

1,310,000

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Debtors

2024
£

2023
£

Other debtors

166

-

Prepayments

4,831

-

4,997

-

 

Knowlton Estates Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

3,191

-

Taxation and social security

2,531

-

Other creditors

44,456

9,591

Other loans

307,942

323,214

Accruals

3,881

5,288

362,001

338,093

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

2,767,359

824,180

2,767,359

824,180

Creditors include bank loans which are secured against the properties they relate to or by a fixed charge and negative pledge against the assets of the company of £2,767,359 (2023 - £824,180) all of which are repayable after more than five years, other than by instalments.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £0.01 (2023 - £0) each

97

.97

-

-

Ordinary D shares of £0.01 (2023 - £0) each

9,573

95.73

-

-

Ordinary E shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary F shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary G shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary H shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary I shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary J shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary K shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary L shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary M shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary N shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary O shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary P shares of £0.01 (2023 - £0) each

10

.10

-

-

Ordinary Q shares of £0.01 (2023 - £0) each

10

.10

-

-

 

10,000

298

200

200

 

Knowlton Estates Limited

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

9

Related party transactions

Directors loan

The directors provided the company with a loan on which no interest was charged.

Other related party transactions

The company has purchased an investment property portfolio from the directors on 16 June 2023 at market value via a sale and purchase agreement.