Company registration number 08753127 (England and Wales)
FOLKESTONE CONSTITUTIONAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
FOLKESTONE CONSTITUTIONAL LIMITED
COMPANY INFORMATION
Directors
Mr P K Kemp
Mr J Ripley
Company number
08753127
Registered office
Ashden House
Ashford Road
Bethersden
Kent
United Kingdom
TN26 3LF
Accountants
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
FOLKESTONE CONSTITUTIONAL LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 7
FOLKESTONE CONSTITUTIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of Property Development & Rental.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P K Kemp
Mr J Ripley
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr P K Kemp
Director
23 May 2025
FOLKESTONE CONSTITUTIONAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOLKESTONE CONSTITUTIONAL LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Folkestone Constitutional Limited for the year ended 31 October 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Folkestone Constitutional Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Folkestone Constitutional Limited and state those matters that we have agreed to state to the board of directors of Folkestone Constitutional Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Folkestone Constitutional Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Folkestone Constitutional Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Folkestone Constitutional Limited. You consider that Folkestone Constitutional Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Folkestone Constitutional Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH
United Kingdom
23 May 2025
FOLKESTONE CONSTITUTIONAL LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,183,461
1,021,305
Current assets
Debtors
4
37,641
37,680
Cash at bank and in hand
20,576
37,267
58,217
74,947
Creditors: amounts falling due within one year
5
(251,929)
(255,576)
Net current liabilities
(193,712)
(180,629)
Total assets less current liabilities
989,749
840,676
Creditors: amounts falling due after more than one year
6
(499,494)
(374,929)
Net assets
490,255
465,747
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
327,724
327,724
Profit and loss reserves
162,431
137,923
Total equity
490,255
465,747
FOLKESTONE CONSTITUTIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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 23 May 2025 and are signed on its behalf by:
Mr P K Kemp
Mr J Ripley
Director
Director
Company registration number 08753127 (England and Wales)
FOLKESTONE CONSTITUTIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
1
Accounting policies
Company information

Folkestone Constitutional Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashden House, Ashford Road, Bethersden, Kent, United Kingdom, TN26 3LF.

The presentation currency of the financial statements is the Pound Sterling (£).

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. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in value is recognised in the revaluation reserve.

1.3
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.

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.

FOLKESTONE CONSTITUTIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 November 2023
1,021,305
Additions
162,156
At 31 October 2024
1,183,461
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
855,736
693,581
Accumulated depreciation
-
-
Carrying amount
855,736
693,581

Investment properties were valued on an open market basis on 23 October 2023 by Property Checker.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
37,641
37,680
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
239,081
239,081
Taxation and social security
5,963
12,495
Other creditors
6,885
4,000
251,929
255,576
FOLKESTONE CONSTITUTIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
499,494
374,929
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
327,724
339,398
Other movements
-
(11,674)
At the end of the year
327,724
327,724
8
Directors' transactions

Included within Creditors are amounts owing to the Directors:

 

Mr J Ripley - £240,433 (2023: £207,583)

Mr P Kemp - £259,061 (2023: £167,346)

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