3
01/11/2023
31/10/2024
2024-10-31
false
false
false
false
false
false
false
true
false
true
true
false
false
false
false
false
false
false
2023-11-01
Sage Accounts Production 24.0 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
05252478
2023-11-01
2024-10-31
05252478
2024-10-31
05252478
2023-10-31
05252478
2022-11-01
2023-10-31
05252478
2023-10-31
05252478
2022-10-31
05252478
bus:Director1
2023-11-01
2024-10-31
05252478
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-10-31
05252478
core:WithinOneYear
2024-10-31
05252478
core:WithinOneYear
2023-10-31
05252478
core:AfterOneYear
2024-10-31
05252478
core:AfterOneYear
2023-10-31
05252478
core:ShareCapital
2024-10-31
05252478
core:ShareCapital
2023-10-31
05252478
core:RetainedEarningsAccumulatedLosses
2024-10-31
05252478
core:RetainedEarningsAccumulatedLosses
2023-10-31
05252478
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-10-31
05252478
bus:SmallEntities
2023-11-01
2024-10-31
05252478
bus:AuditExemptWithAccountantsReport
2023-11-01
2024-10-31
05252478
bus:SmallCompaniesRegimeForAccounts
2023-11-01
2024-10-31
05252478
bus:PrivateLimitedCompanyLtd
2023-11-01
2024-10-31
05252478
bus:FullAccounts
2023-11-01
2024-10-31
05252478
core:AfterOneYear
2023-11-01
2024-10-31
Company registration number:
05252478
Knightingale Properties Limited
Unaudited filleted financial statements
31 October 2024
Knightingale Properties Limited
Contents
Statement of financial position
Notes to the financial statements
Knightingale Properties Limited
Statement of financial position
31 October 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
1,250,000 |
|
|
|
1,250,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,250,000 |
|
|
|
1,250,000 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
3,239 |
|
|
|
45,633 |
|
|
Cash at bank and in hand |
|
|
467,070 |
|
|
|
313,147 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
470,309 |
|
|
|
358,780 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
79,550) |
|
|
|
(
88,331) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
390,759 |
|
|
|
270,449 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,640,759 |
|
|
|
1,520,449 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
740,000) |
|
|
|
(
740,000) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
900,759 |
|
|
|
780,449 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
250 |
|
|
|
250 |
Profit and loss account |
|
|
|
|
900,509 |
|
|
|
780,199 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
900,759 |
|
|
|
780,449 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 October 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 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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
03 April 2025
, and are signed on behalf of the board by:
Mr Dhirijlal J Shah
Director
Company registration number:
05252478
Knightingale Properties Limited
Notes to the financial statements
Year ended 31 October 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Scottish Provident House, 3rd Floor, 76 - 80 College Road, Harrow, Middlesex, HA1 1BQ.
The principal activity of the company is that of property investments and letting.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.
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
The directors believe that the company is experiencing good levels of income and profitability, and that it is well placed to manage its business risks successfully.Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for rents, stated net of Value Added Tax. Turnover excludes service charges which are offset against the relevant expenditure.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 or 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.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
This represents the directors.
5.
Tangible assets
|
|
Long leasehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Valuation |
|
|
|
|
|
|
|
|
At 1 November 2023 and 31 October 2024 |
1,250,000 |
1,250,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2023 and 31 October 2024 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2024 |
1,250,000 |
1,250,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 October 2023 |
1,250,000 |
1,250,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Included within the above is investment property measured at fair value as follows:
|
|
£ |
|
At 1 November 2023 and 31 October 2024 |
1,250,000 |
|
|
_______ |
|
|
|
The investment property was revalued as at 31 October 2020 to its fair value of £1,250,000 on the basis of open market value in accordance with the RICS Valuation - Global Standards (January 2020) as amended, published by the Royal Institution of Chartered Surveyors ("RICS") ("the Red Book") and the IVSC International Valuation Standards (IVS) by Sanderson Weatherall LLP, Chartered Surveyors, who are independent of the company and have experience of valuing similar properties. As at 31 October 2024, the directors assessed the fair value of the investment property, having regard to similar properties and market condition. In their opinion, the market value has not changed significantly since 31 October 2023. Accordingly, no fair value adjustment has been reflected at 31 October 2024.Historical cost of the investment property is £1,545,100.
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
- |
42,394 |
|
Other debtors |
|
3,239 |
3,239 |
|
|
|
_______ |
_______ |
|
|
|
3,239 |
45,633 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Corporation tax |
|
40,140 |
25,539 |
|
Social security and other taxes |
|
9,500 |
29,365 |
|
Other creditors |
|
29,910 |
33,427 |
|
|
|
_______ |
_______ |
|
|
|
79,550 |
88,331 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Shareholders' loans |
|
740,000 |
740,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The shareholders' loans are unsecured, interest free with no fixed terms for repayment.
9.
Other financial commitments
At 31 October 2024, the company had total commitment under non-cancellable operating lease over the remaining life of the lease of £256,509 (2023 - £280,600).