Kenny Properties Limited |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Rental Income |
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Rental income is the total amount receiveable by the company in the ordinary course of business from outside tenants. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
2.5% reducing balance |
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Fixtures, fittings, tools and equipment |
20% reducing balance |
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Investment properties |
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Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate,adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Freehold investment properties |
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Land and buildings |
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Fixtures and fittings |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2023 |
21,626,957 |
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471,000 |
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28,245 |
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22,126,202 |
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Additions |
529,236 |
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- |
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- |
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529,236 |
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Surplus on revaluation |
3,146,633 |
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- |
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- |
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3,146,633 |
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At 30 June 2024 |
25,302,826 |
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471,000 |
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28,245 |
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25,802,071 |
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Depreciation |
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At 1 July 2023 |
15,095 |
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174,438 |
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28,071 |
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217,604 |
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Charge for the year |
- |
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7,414 |
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35 |
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7,449 |
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At 30 June 2024 |
15,095 |
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181,852 |
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28,106 |
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225,053 |
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Net book value |
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At 30 June 2024 |
25,287,731 |
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289,148 |
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139 |
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25,577,018 |
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At 30 June 2023 |
21,611,862 |
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296,562 |
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174 |
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21,908,598 |
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If investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: |
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Freehold investment properties: |
2024 |
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2023 |
£ |
£ |
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Historical cost |
9,451,383 |
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8,922,147 |
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Cumulative depreciation based on historical cost |
8,486 |
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8,486 |
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9,442,897 |
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8,913,661 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
129,989 |
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146,855 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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9,516,875 |
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9,497,945 |
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Other debtors |
173,183 |
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243,091 |
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9,820,047 |
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9,887,891 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Bank loans and overdrafts |
188,000 |
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188,000 |
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Trade creditors |
103,127 |
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109,787 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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7,579,133 |
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7,748,628 |
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Corporation tax |
213,149 |
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145,778 |
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Other creditors |
923,216 |
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841,881 |
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9,006,625 |
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9,034,074 |
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6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Bank loans |
2,116,901 |
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2,097,791 |
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7 |
Loans |
2024 |
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2023 |
£ |
£ |
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Creditors include: |
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Instalments falling due for payment after more than five years |
1,364,901 |
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1,485,849 |
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Secured bank loans |
2,304,901 |
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2,425,849 |
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The bank loan is secured against the property purchased during the year. |
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8 |
Fair value reserve |
2024 |
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2023 |
£ |
£ |
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At 1 July 2023 |
13,589,477 |
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13,589,477 |
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Gain on revaluation of land and buildings |
2,836,633 |
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- |
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Transfer to profit and loss account |
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At 30 June 2024 |
16,426,110 |
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13,589,477 |
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9 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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P F Kenny |
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Interest free loan |
158,282 |
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40,896 |
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(134,495) |
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64,683 |
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158,282 |
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40,896 |
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(134,495) |
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64,683 |
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10 |
Related party transactions |
2024 |
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2023 |
£ |
£ |
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Kenny Reconstruction Limited |
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Related party by virtue of common control |
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During the year £190,000 (2023 - £190,000) has been charged by Kenny Reconstruction Limited in respect of management services and other miscellaneous intercompany recharges of £21,070 (2023 - £73,750). In addition Kenny Properties has also advanced cash to Kenny Reconstruction Limited of £230,000 (2023 - £210,000). |
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Amount due from (to) the related party |
9,491,780 |
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9,472,850 |
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Kenny & Reynolds |
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Related party by virtue of common control |
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During the year repair and maintenance work to the value of £200,000 (2023 - £200,000) had been performed by Kenny & Reynolds Limited on various properties and recharged to the company. The company has incurred management charges from Kenny and Reynolds of £150,000 (2023 - £150,000). |
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Amount due from (to) the related party |
(7,579,133) |
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(7,748,628) |
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The Kenny Group Limited |
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Related party by virtue of common control |
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Amount due from (to) the related party |
25,095 |
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25,095 |
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11 |
Controlling party |
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The Kenny Group Limited is this company's controlling party. The ultimate controlling party is Kenny Holdings Limited. Both undertakings have the same registered office as the company. |
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12 |
Other information |
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Kenny Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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The Yard |
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17 Annette Road |
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London |
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N7 6EH |