Company registration number 11857470 (England and Wales)
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
602
Investment property
5
2,760,163
575,000
2,760,765
575,000
Current assets
Debtors
6
523,877
265,562
Cash at bank and in hand
69,517
566
593,394
266,128
Creditors: amounts falling due within one year
7
(1,091,516)
(406,333)
Net current liabilities
(498,122)
(140,205)
Total assets less current liabilities
2,262,643
434,795
Creditors: amounts falling due after more than one year
8
(2,568,501)
(468,501)
Net liabilities
(305,858)
(33,706)
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(315,858)
(43,706)
Total equity
(305,858)
(33,706)
The notes on pages 3 to 8 form part of these financial statements.
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial 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.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 17 March 2025
Mr G Metcalf
Director
Company registration number 11857470 (England and Wales)
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Kingsman Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Colony HQ, Altrincham Road, Wilmslow, SK9 4LY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The annual financial statements have been prepared using the historical cost convention, except for the measurement of investment properties at fair value.
1.2
Turnover
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revaluation of investment property
The Company has elected to account for its investment property at fair value which was determined by using evidence from observed prices in market transactions for similar properties in similar locations.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Tangible fixed assets
Computers
£
Cost
At 1 June 2023
Additions
860
At 31 May 2024
860
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
258
At 31 May 2024
258
Carrying amount
At 31 May 2024
602
At 31 May 2023
5
Investment property
2024
£
Fair value
At 1 June 2023
575,000
Additions
2,135,163
Revaluations
50,000
At 31 May 2024
2,760,163
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
523,877
265,562
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,091,516
406,333
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,568,501
468,501
Creditors include loans which are secured fixed and floating charge on all property or undertakings of the company.
9
Prior period adjustment
The company has a bank account that was previously unrecognised, and the effect of the prior period adjustment is to recognise movements not previously considered.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 May 2023
£
£
£
Current assets
Debtors due within one year
43,160
222,402
265,562
Bank and cash
-
566
566
Creditors due within one year
Other creditors
(262,395)
(143,938)
(406,333)
Creditors due after one year
Loans and overdrafts
(368,501)
(100,000)
(468,501)
Net assets
(12,736)
(20,970)
(33,706)
Capital and reserves
Profit and loss reserves
(22,736)
(20,970)
(43,706)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 May 2023
£
£
£
Turnover
9,879
1
9,880
Administrative expenses
(1,865)
(9,247)
(11,112)
Interest payable and similar expenses
(49,394)
(11,724)
(61,118)
Loss for the financial period
(15,170)
(20,970)
(36,140)
KINGSMAN PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
31 March
31 May
2022
2023
£
£
Adjustments to prior year
Bank charges
-
(304)
Loan interest
-
(11,723)
Repairs and maintenance
-
(1,924)
Advertising
-
(2,556)
Loan facility fee
-
(4,463)
Total adjustments
-
(20,970)
Equity as previously reported
2,434
(12,736)
Equity as adjusted
2,434
(33,706)
Analysis of the effect upon equity
Profit and loss reserves
-
(20,970)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Bank charges
(304)
Loan interest
(11,723)
Repairs and maintenance
(1,924)
Advertising
(2,556)
Loan facility fee
(4,463)
Total adjustments
(20,970)
Loss as previously reported
(15,170)
Loss as adjusted
(36,140)
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