Registered number
00840602
Kenny Properties Limited
Filleted Accounts
30 June 2024
Kenny Properties Limited
Registered number: 00840602
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,577,018 21,908,598
Current assets
Debtors 4 9,820,047 9,887,891
Cash at bank and in hand 594,189 502,446
10,414,236 10,390,337
Creditors: amounts falling due within one year 5 (9,006,625) (9,034,074)
Net current assets 1,407,611 1,356,263
Total assets less current liabilities 26,984,629 23,264,861
Creditors: amounts falling due after more than one year 6 (2,116,901) (2,097,791)
Provisions for liabilities (2,480,000) (2,170,000)
Net assets 22,387,728 18,997,070
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 8 16,426,110 13,589,477
Profit and loss account 5,960,618 5,406,593
Shareholders' funds 22,387,728 18,997,070
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P F Kenny
Director
Approved by the board on 25 March 2025
Kenny Properties Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
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).
Rental Income
Rental income is the total amount receiveable by the company in the ordinary course of business from outside tenants.
Tangible fixed assets
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:
Freehold buildings 2.5% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investment properties
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.
Debtors
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.
Creditors
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.
Taxation
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Freehold investment properties Land and buildings Fixtures and fittings Total
£ £ £ £
Cost
At 1 July 2023 21,626,957 471,000 28,245 22,126,202
Additions 529,236 - - 529,236
Surplus on revaluation 3,146,633 - - 3,146,633
At 30 June 2024 25,302,826 471,000 28,245 25,802,071
Depreciation
At 1 July 2023 15,095 174,438 28,071 217,604
Charge for the year - 7,414 35 7,449
At 30 June 2024 15,095 181,852 28,106 225,053
Net book value
At 30 June 2024 25,287,731 289,148 139 25,577,018
At 30 June 2023 21,611,862 296,562 174 21,908,598
If investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
Freehold investment properties: 2024 2023
£ £
Historical cost 9,451,383 8,922,147
Cumulative depreciation based on historical cost 8,486 8,486
9,442,897 8,913,661
4 Debtors 2024 2023
£ £
Trade debtors 129,989 146,855
Amounts owed by group undertakings and undertakings in which the company has a participating interest 9,516,875 9,497,945
Other debtors 173,183 243,091
9,820,047 9,887,891
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 188,000 188,000
Trade creditors 103,127 109,787
Amounts owed to group undertakings and undertakings in which the company has a participating interest 7,579,133 7,748,628
Corporation tax 213,149 145,778
Other creditors 923,216 841,881
9,006,625 9,034,074
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,116,901 2,097,791
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,364,901 1,485,849
Secured bank loans 2,304,901 2,425,849
The bank loan is secured against the property purchased during the year.
8 Fair value reserve 2024 2023
£ £
At 1 July 2023 13,589,477 13,589,477
Gain on revaluation of land and buildings 2,836,633 -
Transfer to profit and loss account
At 30 June 2024 16,426,110 13,589,477
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P F Kenny
Interest free loan 158,282 40,896 (134,495) 64,683
158,282 40,896 (134,495) 64,683
10 Related party transactions 2024 2023
£ £
Kenny Reconstruction Limited
Related party by virtue of common control
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).
Amount due from (to) the related party 9,491,780 9,472,850
Kenny & Reynolds
Related party by virtue of common control
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).
Amount due from (to) the related party (7,579,133) (7,748,628)
The Kenny Group Limited
Related party by virtue of common control
Amount due from (to) the related party 25,095 25,095
11 Controlling party
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.
12 Other information
Kenny Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Yard
17 Annette Road
London
N7 6EH
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