2 2 Kitcliffe Management Limited 10942746 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 10942746 2023-10-01 2024-09-30 10942746 2024-09-30 10942746 core:RetainedEarningsAccumulatedLosses 2024-09-30 10942746 core:ShareCapital 2024-09-30 10942746 core:CurrentFinancialInstruments 2024-09-30 10942746 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 10942746 core:Non-currentFinancialInstruments 2024-09-30 10942746 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 10942746 bus:SmallEntities 2023-10-01 2024-09-30 10942746 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 10942746 bus:FilletedAccounts 2023-10-01 2024-09-30 10942746 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 10942746 bus:RegisteredOffice 2023-10-01 2024-09-30 10942746 bus:Director2 2023-10-01 2024-09-30 10942746 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10942746 countries:EnglandWales 2023-10-01 2024-09-30 10942746 2023-09-30 10942746 2022-10-01 2023-09-30 10942746 2023-09-30 10942746 core:RetainedEarningsAccumulatedLosses 2023-09-30 10942746 core:ShareCapital 2023-09-30 10942746 core:CurrentFinancialInstruments 2023-09-30 10942746 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 10942746 core:Non-currentFinancialInstruments 2023-09-30 10942746 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 xbrli:pure iso4217:GBP

Registration number: 10942746

Kitcliffe Management Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Kitcliffe Management Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Kitcliffe Management Limited

(Registration number: 10942746)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

359,630

350,930

Current assets

 

Debtors

5

285

264

Cash at bank and in hand

 

15,159

10,326

 

15,444

10,590

Creditors: Amounts falling due within one year

6

(271,992)

(271,745)

Net current liabilities

 

(256,548)

(261,155)

Total assets less current liabilities

 

103,082

89,775

Creditors: Amounts falling due after more than one year

6

(74,727)

(75,681)

Net assets

 

28,355

14,094

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,255

13,994

Shareholders' funds

 

28,355

14,094

For the financial year ending 30 September 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 and 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 Income Statement.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
Mr J G Harrington
Director

   
     
 

Kitcliffe Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Hey Cottage
Ripponden Road
Denshaw
Oldham
Lancashire
OL3 5UN

These financial statements were authorised for issue by the Board on 15 April 2024.

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 of rental income receivable by the company during the year.

Tax

The tax expense for the period comprises current 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.

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.

 

Kitcliffe Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 October

350,930

Additions

8,700

At 30 September

359,630

There has been no valuation of investment property by an independent valuer. The valuation is based on the directors estimate.

 

Kitcliffe Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

285

264

 

285

264

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,672

2,888

Taxation and social security

 

3,345

2,882

Accruals and deferred income

 

840

840

Other creditors

 

265,135

265,135

 

271,992

271,745

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

74,727

75,681

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

74,727

75,681

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,672

2,888

The bank loan is secured by a fixed charge over the property to which it relates.