REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 September 2024 |
for |
Kary Hill Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 September 2024 |
for |
Kary Hill Properties Limited |
Kary Hill Properties Limited (Registered number: NI021273) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Kary Hill Properties Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Rathmore House |
52 St Patricks Avenue |
Downpatrick |
Co. Down |
BT30 6DS |
Kary Hill Properties Limited (Registered number: NI021273) |
Abridged Balance Sheet |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Investments |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Kary Hill Properties Limited (Registered number: NI021273) |
Abridged Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kary Hill Properties Limited (Registered number: NI021273) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Kary Hill Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimate of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured as fair value at each reporting date with fair changes in fair value recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Kary Hill Properties Limited (Registered number: NI021273) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred government grants |
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Shares in group companies b/f | 20,000 | 20,000 |
This represents the cost of investment in the Company's subsidiary. |
Kary Hill Properties Limited (Registered number: NI021273) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 | 137,866 |
Charge for year | 6,020 |
At 30 September 2024 | 143,886 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Investment properties were valued on a open market basis by the Directors and they have considered that no revaluation is necessary on 30 September 2024. |
7. | RELATED PARTY TRANSACTIONS |
College Filling Station Ltd are 100% subsidiaries of Karyhill Properties Ltd. At the year end the following amounts were due to subsidiary companies: |
2024 2023 |
College Filling Station Ltd £246,168 £246,168 |
The company is jointly controlled by Mr & Mrs Flynn. |
Lygala Ltd is also jointly controlled by Mr & Mrs Flynn. During the year Lygala Ltd repaid £26,400 to Karyhill Properties Ltd. At the year end the total amount due from Lygala Ltd was £83,389 (2023 : £109,789). |
G.Flynn Properties Ltd is controlled by Gary Flynn. During the year G.Flynn Properties Ltd repaid £5,000 to Karyhill Properties Ltd. At the year end the total amount due from G.Flynn Properties Ltd was £115,000 (2023 : £120,000). |
Bank securities include a letter of guarantee £150,000 from Mr & Mrs Flynn. |