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Registered Number: 13413925
England and Wales

 

 

 

70 KINGSLEY LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Director John Joseph O'Toole
Registered Number 13413925
Registered Office 6-7 Waterside
Station road
Harpenden
Hertfordshire
AL5 4US
Accountants Cubed Consultancy Limited
6-7 Waterside
Station Road
Harpenden
Hertfordshire
AL5 4US
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 480,000    480,000 
480,000    480,000 
Current assets      
Cash at bank and in hand 64,999    73,618 
Creditors: amount falling due within one year 4 (158,228)   (161,381)
Net current assets (93,229)   (87,763)
 
Total assets less current liabilities 386,771    392,237 
Creditors: amount falling due after more than one year 5 (328,956)   (328,931)
Provisions for liabilities 6 (11,435)   (11,435)
Net assets 46,380    51,871 
 

Capital and reserves
     
Called up share capital 100    100 
Fair Value Reserves 7 60,185    60,185 
Profit and loss account (13,905)   (8,414)
Shareholders' funds 46,380    51,871 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 14 February 2025 and were signed by:


-------------------------------
John Joseph O'Toole
Director
2
General Information
70 Kingsley Ltd is a private company, limited by shares, registered in England and Wales, registration number 13413925, registration address 6-7 Waterside, Station road, Harpenden, Hertfordshire, AL5 4US.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 June 2023 480,000    480,000 
Additions  
Disposals  
At 31 May 2024 480,000    480,000 
Depreciation
At 01 June 2023  
Charge for year  
On disposals  
At 31 May 2024  
Net book values
Closing balance as at 31 May 2024 480,000    480,000 
Opening balance as at 01 June 2023 480,000    480,000 

Investment property was valued on open-market basis by the Director on 31/05/24.

4.

Creditors: amount falling due within one year

2024
£
  2023
£
Taxation and Social Security   471 
Other Creditors 158,228    160,910 
158,228    161,381 

5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 328,956    328,931 
328,956    328,931 

6.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 11,435    11,435 
11,435    11,435 

7.

Fair Value Reserves

2024
£
  2023
£
Fair Value Reserve 60,185    60,185 
60,185    60,185 

3