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Registration number: 05375594

Kingsbury Estate (Hassocks) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Kingsbury Estate (Hassocks) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kingsbury Estate (Hassocks) Limited

Company Information

Directors

GA Taylor

G N Taylor

Mr S J B Taylor

Company secretary

GA Taylor

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Kingsbury Estate (Hassocks) Limited

(Registration number: 05375594)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

292

389

Investment property

5

620,975

399,492

 

621,267

399,881

Current assets

 

Stocks

6

967,585

967,585

Debtors

7

131,514

437,575

Cash at bank and in hand

 

285,769

294,956

 

1,384,868

1,700,116

Creditors: Amounts falling due within one year

8

(727,156)

(1,072,766)

Net current assets

 

657,712

627,350

Total assets less current liabilities

 

1,278,979

1,027,231

Provisions for liabilities

(59,969)

(4,250)

Net assets

 

1,219,010

1,022,981

Capital and reserves

 

Called up share capital

11

100

100

Other reserves

292,503

126,666

Retained earnings

926,407

896,215

Shareholders' funds

 

1,219,010

1,022,981

For the financial year ending 31 March 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.

 

Kingsbury Estate (Hassocks) Limited

(Registration number: 05375594)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:



 

.........................................

GA Taylor

Company secretary and director

 

Kingsbury Estate (Hassocks) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Kingsbury Estate (Hassocks) Limited

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

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 in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

Reducing Balance 25%

Motor Vehicles

Reducing Balance 25%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Kingsbury Estate (Hassocks) Limited

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

Non-distributable Reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Kingsbury Estate (Hassocks) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,588

1,588

At 31 March 2024

1,588

1,588

Depreciation

At 1 April 2023

1,199

1,199

Charge for the year

97

97

At 31 March 2024

1,296

1,296

Carrying amount

At 31 March 2024

292

292

At 31 March 2023

389

389

5

Investment properties

2024
£

At 1 April

399,492

Additions

221,483

At 31 March

620,975

6

Stocks

2024
£

2023
£

Work in progress

967,585

967,585

7

Debtors

Current

2024
£

2023
£

Trade debtors

980

480

Other debtors

130,534

437,095

 

131,514

437,575

8

Creditors

Creditors: amounts falling due within one year

 

Kingsbury Estate (Hassocks) Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

799,410

Trade creditors

 

16

1,960

Taxation and social security

 

17,534

15,881

Accruals and deferred income

 

4,000

6,167

Other creditors

 

705,606

249,348

 

727,156

1,072,766

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

799,410

10

Related party transactions

Summary of transactions with other related parties


Kingsbury Estate Limited
A company in which the directors, Mr & Mrs R B Taylor, Mr G N Taylor and Mr S J B Taylor are directors.
At the balance sheet date the amount due to the related party was £478,194.18 ((2023: 306,620)).

Kingsbury Estate (Brighton) Limited
A company in which the directors Mr & Mrs R B Taylor ,Mr G N Taylor and Mr S J B Taylor are directors.
At the balance sheet date the amount due from the related party was £130,534 (2023:130,474).


 

 

Kingsbury Estate (Hassocks) Limited

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

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100