Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
Investments | 5 |
|
|
|
22,339,705 | 20,467,878 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
1,845,218 | 2,069,968 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 1,713,276 | 1,969,168 | ||
Total assets less current liabilities | 24,052,981 | 22,437,046 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Share premium account |
|
|
||
Fair value reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Kerrier Investments Limited (registered number:
Mr C M Simmonds
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Kerrier Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is West Sinns Farm, West Sinns, Redruth, Cornwall, TR16 4HP.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover comprises the fair value of the consideration for rents receivable and dividends receivable from investments in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
|
Office equipment |
|
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 July 2023 |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 30 June 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 July 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 30 June 2024 |
|
|
|
||
Net book value | |||||
At 30 June 2024 |
|
|
|
||
At 30 June 2023 |
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
|
As at 30 June 2024 |
|
There has been no valuation of investment property by an external valuer. The valuation has been carried out by the directors.
Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 July 2023 |
|
|
|
Additions |
|
|
|
Disposals | (
|
(
|
|
Movement in fair value |
|
|
|
At 30 June 2024 |
|
|
|
Carrying value at 30 June 2024 |
|
|
|
Carrying value at 30 June 2023 |
|
|
2024 | 2023 | ||
£ | £ | ||
Amounts owed by connected companies |
|
|
|
Amounts owed by directors |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to directors |
|
|
|
Accruals and deferred income |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,935 | 37,935 |
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
As at 1 July 2023 | 35,926 | (8,063) | |
Advances to director | 112,815 | 160,846 | |
Repayments by director | (93,574) | 0 | |
Dividends voted | (59,288) | (116,857) | |
As at 30 June 2024 | (4,121) | 35,926 |
Kerrier Investments Limited operates a loan account with its directors'. The loan has no fixed date of repayment and bears interest at the rate stipulated by HMRC on any amounts exceeding £10,000.
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
As at 1 July 2023 | 952,089 | 949,893 | |
Advances to connected company | 2,809 | 2,196 | |
Repayments by connected company | 0 | 0 | |
As at 30 June 2024 | 954,898 | 952,089 |
Kerrier Trading Limited is a connected company as it is under the same control as Kerrier Investments Limited. The loan owed by Kerrier Trading Limited is repayable on demand and interest free.