Registration number:
Kernow Haven Holdings Limited
for the Period from 2 November 2023 to 30 November 2024
Kernow Haven Holdings Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Kernow Haven Holdings Limited
(Registration number: 15254507)
Statement of Financial Position as at 30 November 2024
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Note |
2024 |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
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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 |
100 |
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Profit and loss account |
(23,913) |
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Shareholders' deficit |
(23,813) |
For the financial period ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Kernow Haven Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 2 November 2023 to 30 November 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:
Principal activity
The principal activity of the company is that of buying, selling and management of real estate.
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. At the balance sheet date, the company had net liabilities.
The directors have received confirmation that the parent company will continue to provide financial support to the company for the foreseeable future, and at least 12 months from the date of approval of these financial statements. As such, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Kernow Haven Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 2 November 2023 to 30 November 2024 (continued)
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2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold property |
Not currently depreciated |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Kernow Haven Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 2 November 2023 to 30 November 2024 (continued)
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2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
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Tangible assets |
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Land and buildings |
Total |
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Cost or valuation |
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Additions |
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Disposals |
( |
( |
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At 30 November 2024 |
- |
- |
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Depreciation |
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Carrying amount |
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At 30 November 2024 |
- |
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Included within the net book value of land and buildings above is £Nil in respect of freehold land and buildings.
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Debtors |
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Note |
2024 |
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Amounts owed by related parties |
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Kernow Haven Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 2 November 2023 to 30 November 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
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Due within one year |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
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Bank borrowings |
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Related party transactions |
Summary of transactions with parent
Kernow Haven Lettings Ltd.
During the period there were transactions with the parent company Kernow Haven Lettings Ltd. As at the balance sheet date there was a debtor owing to Kernow Haven Holdings Ltd of £233,001.
The loan between the companies is interest free and repayable on demand.
Income and receivables from related parties
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2024 |
Parent |
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Amounts receivable from related party |
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