Registered number
08566144
Kingsway Property Limited
Filleted Accounts
30 June 2024
Kingsway Property Limited
Registered number: 08566144
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 516,244 554,325
Current assets
Debtors 4 600 600
Cash at bank and in hand 3,114 4,862
3,714 5,462
Creditors: amounts falling due within one year 5 (120,544) (120,706)
Net current liabilities (116,830) (115,244)
Total assets less current liabilities 399,414 439,081
Creditors: amounts falling due after more than one year 6 (304,544) (307,865)
Provisions for liabilities (14,365) (19,059)
Net assets 80,505 112,157
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 61,240 94,546
Profit and loss account 19,165 17,511
Shareholders' funds 80,505 112,157
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.
Duncan Sanders
Director
Approved by the board on 5 June 2025
Kingsway Property 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Plant and machinery 25% reducing balance
Investment Properties
The investment properties are shown at their fair value as estimated by the directors. Deferred tax is provided on the increase or decrease in valuation.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 554,000 3,244 557,244
Surplus on revaluation (38,000) - (38,000)
At 30 June 2024 516,000 3,244 519,244
Depreciation
At 1 July 2023 - 2,919 2,919
Charge for the year - 81 81
At 30 June 2024 - 3,000 3,000
Net book value
At 30 June 2024 516,000 244 516,244
At 30 June 2023 554,000 325 554,325
Freehold land and buildings: 2024 2023
£ £
Historical cost 440,395 440,395
Cumulative depreciation based on historical cost - -
440,395 440,395
4 Debtors 2024 2023
£ £
Other debtors 600 600
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,089 6,089
Taxation and social security costs 522 2,206
Other creditors 113,933 112,411
120,544 120,706
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 304,544 307,865
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 291,070 291,070
The bank loans are secured by fixed and floating charges over the Freehold Properties and Fixtures and Fittings.
8 Revaluation reserve 2024 2023
£ £
At 1 July 2023 94,546 57,286
(Loss)/gain on revaluation of land and buildings (38,000) 46,000
Deferred taxation arising on the revaluation of land and buildings 4,694 (8,740)
At 30 June 2024 61,240 94,546
9 Other information
Kingsway Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
Brewery House
High Street
Twyford
Winchester
SO21 1RG
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