Year Ended
Registration number:
Kingsley (FVL) Development Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Kingsley (FVL) Development Limited
Balance Sheet
30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
- |
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Current assets |
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Stocks |
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Debtors |
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- |
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Creditors: Amounts falling due within one year |
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- |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholder's deficit |
( |
( |
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:
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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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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......................................... |
Company Registration Number: 13117751
Kingsley (FVL) Development Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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
At the year end date, the company had net liabilities of £187,688 (2023 - £151,974) and incurred a net loss for the year then ended of £35,714 (2023 - £111,224).
The directors believe, with the support of the parent company and the directors, the company has sufficient working capital to continue to trade for the foreseeable future.
Therefore the directors continue to adopt a going concern basis in preparing the financial statements.
The financial statements do not include any adjustments that would result from any change in the company's circumstances such that the going concern basis would no longer be appropriate.
Kingsley (FVL) Development Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements that have a significant impact on the financial statements are described below:
Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the payroll cost is originally processed, and where joint contracts of employment are in place. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 6 and 7.
Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level.
Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an
equivalent third party loan.
The carrying value of amounts owed to/from group companies and entities under common control can be found in note 6 and 7.
Valuation of stock
Stock comprises of property held for development. It is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes the purchase price of the land and directly attributable development costs. The carrying value of stock at each reporting date is reviewed for indicators of impairment. Where such indicators exist, the stock is written down to its recoverable amount. The carrying value of stock at year end was £918,755 (2023 - £918,755), see note 5.
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.
Kingsley (FVL) Development Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments
Investments in subsidiaries are measured at cost less impairment.
Stocks
Stocks relate to the inventories "held for sale" . This is property intended for sale in the process of construction or development for such sale, with a view to subsequent disposal in the near future or for development and resale. The value of this stock includes all costs associated with this development.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Intercompany loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for loans with group and connected companies, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans with group and connected companies are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Kingsley (FVL) Development Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 October 2023 |
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Disposals |
( |
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At 30 September 2024 |
- |
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Provision |
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Carrying amount |
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At 30 September 2024 |
- |
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At 30 September 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Kingsley House, Clapham Road South, Lowestoft, England, NR32 1QS England |
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Subsidiary undertakings |
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Kingsley (FVL) Property Limited The principal activity of Kingsley (FVL) Property Limited is |
Kingsley (FVL) Development Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
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Stocks |
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2024 |
2023 |
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Property under development |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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- |
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- |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
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2024 |
2023 |
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Due after one year |
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Amounts owed to connected companies |
186,707 |
161,058 |
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Amounts owed to group undertakings |
933,989 |
909,771 |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
Kingsley (FVL) Development Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2024
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Related party transactions |
The company has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Summary of transactions with other related parties
Transactions entered into, and trading balances outstanding at the year end, are as shown below.
Outstanding balances with entities are unsecured, interest bearing and cash settled.
Loans from related parties
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2024 |
Other related parties |
Total |
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At start of period |
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Advanced |
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At end of period |
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2023 |
Other related parties |
Total |
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Advanced |
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At end of period |
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Terms of loans from related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Kingsley House, Clapham Road South, Lowestoft, Suffolk, England, NR32 1QS