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REGISTERED NUMBER: 07010122 (England and Wales)











Kenyon Forge Limited

Financial Statements

for the Year Ended 30 September 2024






Kenyon Forge Limited (Registered number: 07010122)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kenyon Forge Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: S Westhorpe





REGISTERED OFFICE: Unit 18, Kenyon Forge
Kenyon Street
Birmingham
West Midlands
B18 6DH





REGISTERED NUMBER: 07010122 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Kenyon Forge Limited (Registered number: 07010122)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 5 19,000,224 18,500,000

CURRENT ASSETS
Debtors 6 87,897 209,268
Cash at bank and in hand 131,327 20,218
219,224 229,486
CREDITORS
Amounts falling due within one year 7 12,484,408 12,169,866
NET CURRENT LIABILITIES (12,265,184 ) (11,940,380 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,735,040

6,559,620

PROVISIONS FOR LIABILITIES 8 369,170 369,170
NET ASSETS 6,365,870 6,190,450

CAPITAL AND RESERVES
Called up share capital 9 2 2
Non distributable reserve 10 4,094,727 4,094,727
Retained earnings 2,271,141 2,095,721
SHAREHOLDERS' FUNDS 6,365,870 6,190,450

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 March 2025 and were signed by:





S Westhorpe - Director


Kenyon Forge Limited (Registered number: 07010122)

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


1. STATUTORY INFORMATION

Kenyon Forge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future.

The directors have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason, along with the continued support of the directors, wider group and strong associates, they are continuing to adopt the going concern basis.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Investment property interim valuations - Management have extensive experience holding a significant portfolio of investment properties within a wider group, carrying out interim year end assessments of continued carrying value based on the market, future rental streams and general condition and demand in the area for type of property held. Any anticipated longer term movements are provided as necessary.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Kenyon Forge Limited (Registered number: 07010122)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Kenyon Forge Limited (Registered number: 07010122)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 18,500,000
Additions 500,224
At 30 September 2024 19,000,224
NET BOOK VALUE
At 30 September 2024 19,000,224
At 30 September 2023 18,500,000

The valuations were made at 30 September 2024 by the Directors, who consider themselves sufficiently experienced to perform such valuations. In doing so, the Directors have taken into consideration advice proffered by professionals of an indicative sales value of the entire development together with due allowance made for the continuing uncertainty within the marketplace.


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,504 8,626
Other debtors 85,393 200,642
87,897 209,268

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tenant deposits 30,374 31,324
Trade creditors 34,481 77,583
Amounts owed to group undertakings 12,411,765 11,967,752
Taxation and social security 7,788 88,207
Other creditors - 5,000
12,484,408 12,169,866

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 369,170 369,170

Deferred
tax
£   
Balance at 1 October 2023 369,170
Balance at 30 September 2024 369,170

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

Kenyon Forge Limited (Registered number: 07010122)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


10. RESERVES
Non
distributable
reserve
£   
At 1 October 2023
and 30 September 2024 4,094,727

Non distributable reserves contain all current and prior period valuation movements on investment property.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

12. RELATED PARTY DISCLOSURES

At the balance sheet date the amount owing to Zyox Limited, a company with common ownership was £12,411,765 (2023: £11,967,752). Amounts are secured by way of debenture over the assets of the company, repayable on demand and non-interest bearing.

During the year the company acquired an apartment from the director on an arms length basis.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Ligertwood.

The ultimate parent company is Manxprop Limited, a company incorporated in England and Wales.