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COMPANY REGISTRATION NUMBER: 13333266
Kenilworth Place Ltd
Filleted Unaudited Financial Statements
30 June 2024
Kenilworth Place Ltd
Financial Statements
Year ended 30 June 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 3
Kenilworth Place Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Current assets
Stocks
123,515
123,515
Creditors: amounts falling due within one year
4
125,497
124,747
---------
---------
Net current liabilities
1,982
1,232
-------
-------
Total assets less current liabilities
( 1,982)
( 1,232)
-------
-------
Net liabilities
( 1,982)
( 1,232)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 2,082)
( 1,332)
-------
-------
Shareholders deficit
( 1,982)
( 1,232)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr B Kay
Director
Company registration number: 13333266
Kenilworth Place Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Acacia Close, Worksop, S80 3RD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the period end date, the Statement of Financial Position reflects a net current and net total liability position. Despite this, the financial statements have been prepared on the going concern basis. The directors are of the opinion that this basis remains valid given the ongoing financial support being provided to the company by the directors themselves and their related parties. There is no indication that this financial support, under the direct control of the directors, will be withdrawn at any time in the foreseeable future.
Stocks
Stock and work in progress is carried at cost, this being the base cost of the assets concerned along with development costs incurred to date and with no enhancement pending further progress and maturity of the subject stock and work in progress.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
125,497
124,747
---------
---------
Other creditors as above include loans from the two directors of the company and their related companies which have funded the activities of Kenilworth Place Limited to date and which amount to a total of £81,603. These loan balances have no formal terms for repayment and are not subject to interest charges.
5. Contingencies
Having incurred significant costs in securing title to the development site carried as stock and work in progress, the company has been awarded a costs order to recover a total of £54,000. This contingent asset has not been reflected in the financial statements as, despite the costs order, there is significant doubt over the recoverability of the award quantum which will only be recognised when there is an element of certainty over its' recoverability.