Company registration number 08203799 (England and Wales)
KACH DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
KACH DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KACH DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
619,883
245,635
Investment property
4
595,920
720,920
1,215,803
966,555
Current assets
Stocks
874,317
364,365
Debtors
5
14,158
614,070
Cash at bank and in hand
152,740
38,934
1,041,215
1,017,369
Creditors: amounts falling due within one year
6
(967,326)
(459,284)
Net current assets
73,889
558,085
Total assets less current liabilities
1,289,692
1,524,640
Creditors: amounts falling due after more than one year
7
(671,460)
(836,026)
Provisions for liabilities
(11,935)
Net assets
618,232
676,679
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
461,240
Profit and loss reserves
156,892
676,579
Total equity
618,232
676,679
KACH DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr A D Hobbs
Mrs K M Hobbs
Director
Director
Company registration number 08203799 (England and Wales)
KACH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Kach Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Proarb House, Pottery Road, Bovey Tracey, Newton Abbot, Devon, TQ13 9JJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and plant and machinery at fair value. The principal accounting policies adopted are set out below.
1.2
Change in accounting policy
During the period, the company adopted a policy of measuring plant and machinery at fair value in order to better reflect the value of the assets to the company. Previously, plant and machinery, which includes vehicles and construction plant, had been recorded at cost and depreciated on a straight line basis over a 5 year period. The revaluation reflected in these financial statements is based on asset values as at the period end date.
1.3
Going concern
The directors have assessed the financial position of the company and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.true
1.4
Turnover
Turnover represents amounts receivable for the sale of properties and construction services and is stated net of VAT and trade discounts.
Income from the sale of properties is recognised at the point in time when an unconditional contract is signed by the purchaser.
Profit is recognised on service contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account, turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of the total contract value, which costs to date bear to total expected costs for that contract.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
KACH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% per annum on a straight line basis
Computers
33% per annum on a straight line basis
Motor vehicles
20% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Plant and machinery, including motor vehicles, is held under the revaluation model and is carried at a revalued amount, being its fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of plant and machinery is usually considered to be its market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KACH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
14
KACH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 April 2023
833,358
Additions
75,035
Disposals
(40,006)
Revaluation
14,272
At 30 September 2024
882,659
Depreciation and impairment
At 1 April 2023
587,723
Depreciation charged in the year
153,378
Eliminated in respect of disposals
(31,357)
Revaluation
(446,968)
At 30 September 2024
262,776
Carrying amount
At 30 September 2024
619,883
At 31 March 2023
245,635
The fair value of plant and machinery was determined by the company directors at the period end date by reference to market information regarding second hand values of the assets concerned.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Plant and machinery
2024
2023
£
£
Cost
868,387
-
Accumulated depreciation
(709,744)
-
Carrying value
158,643
-
4
Investment property
2024
£
Fair value
At 1 April 2023
720,920
Disposals
(125,000)
At 30 September 2024
595,920
KACH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Investment property
(Continued)
- 7 -
The valuation of investment properties was made at 30 September 2024 by the directors. No depreciation is provided in respect of these properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
300
576,725
Other debtors
13,858
37,345
14,158
614,070
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
55,917
32,760
Trade creditors
41,554
110,035
Amounts owed to group undertakings
834,402
246,618
Taxation and social security
6,637
6,998
Other creditors
28,816
62,873
967,326
459,284
The bank loans are secured over the assets of the company.
Included within other creditors are balances of £15,234 (2023: £37,747) relating to amounts owed under finance lease and hire purchase contracts which are secured on the assets concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
618,471
767,609
Other creditors
52,989
68,417
671,460
836,026
The bank loans are secured over the assets of the company.
Included within other creditors are balances of £14,476 (2023: £nil) relating to amounts owed under finance lease and hire purchase contracts which are secured on the assets concerned.
KACH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Revaluation surplus arising in the year
461,240
At the end of the year
461,240
-
9
Parent company
The parent company of Kach Developments Limited is Kach Holdings Limited and its registered office is Proarb House, Pottery Road, Bovey Tracey, Devon, TQ13 9JJ.