Kingsley Property Development (Holt) Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 8

Kingsley Property Development (Holt) Limited

Balance Sheet

30 September 2024

	Note	2024 £	(As restated) 2023 £
Current assets
Debtors	4	2,048,251	1,911,401
Cash at bank and in hand		225,003	790,449
		2,273,254	2,701,850
Creditors: Amounts falling due within one year	5	(401,311)	(1,509,636)
Total assets less current liabilities		1,871,943	1,192,214
Creditors: Amounts falling due after more than one year	5	(757,673)	(725,424)
Net assets		1,114,270	466,790
Capital and reserves
Called up share capital	6	2	2
Profit and loss account		1,114,268	466,788
Shareholders' funds		1,114,270	466,790

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 Board on 23 September 2025 and signed on its behalf by:
 

......................................... Mr V Thayanandarajah Director

Company Registration Number: 10525329

Kingsley Property Development (Holt) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kingsley House
Clapham Road South
Lowestoft
NR32 1QS
United Kingdom

2	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.

Kingsley Property Development (Holt) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Prior period errors

The prior period adjustment arises from the reversal of a liability recognised in prior year relating to payroll recharges. This ensures that the entity accurately reflects the full payroll cost attributable to each financial year for the Kingsley group for the difference between estimated and actual recharges. As a result, prior year wage costs have decreased by £46,903, with a corresponding decrease in accruals. In the current year, this adjustment has led to an increase in wage costs and an increase in brought forward profit and loss reserves.

	Relating to the current period disclosed in these financial statements £	Relating to the prior period disclosed in these financial statements £	Relating to periods before the prior period disclosed in these financial statements £
Wage cost	-	(46,903)	-
Accruals	-	46,903	-
Wage cost	46,903	-	-
Profit and loss reserve	(46,903)	-	-

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the development of the care home based on the stage of completion of the project. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for the company's activities.Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Page 3

Kingsley Property Development (Holt) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Key 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 estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Revenue recognition
This is based on the stage of completion of the project at the year end. The stage of completion is determined by the assessment of the surveyors involved in the build compared to the estimated cost of the whole project and with reference to revenue agreed in the contract for each phase. Costs of development are recognised in the profit and loss account at the same completion stage. The estimation of completion, total contract costs and estimated profit recognised are all subject to inhererent uncertainty.

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.

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 4 and 5.

Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Kingsley Property Development (Holt) Limited

Notes to the 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans with group and connected companies; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Debtors

	2024 £	2023 £
Other debtors	2,048,251	1,911,401
Less non-current portion	(1,992,796)	(328,858)
	55,455	1,582,543

Kingsley Property Development (Holt) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Details of non-current trade and other debtors

£1,992,796 (2023 -£328,858) of amounts owed to connected companies is classified as non current.

5

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	8,154	908,353
Taxation and social security	319,163	415,344
Accruals and deferred income	73,994	185,939
	401,311	1,509,636

	2024 £	2023 £
Due after one year
Amounts owed to connected companies	721,545	546,282
Amounts owed to group undertakings	36,128	179,142
	757,673	725,424

6	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

7	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
During the year the company entered into various transactions with entities under common control. 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.

Kingsley Property Development (Holt) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Loans to related parties

2024	Other related parties £	Total £
At start of period	328,858	328,858
Advanced	4,258,642	4,258,642
Repaid	(2,594,704)	(2,594,704)
At end of period	1,992,796	1,992,796

2023	Other related parties £	Total £
At start of period	307,784	307,784
Advanced	1,413,397	1,413,397
Repaid	(1,392,323)	(1,392,323)
At end of period	328,858	328,858

Loans from related parties

2024	Other related parties £	Total £
At start of period	546,280	546,280
Advanced	182,060	182,060
Repaid	(6,795)	(6,795)
At end of period	721,545	721,545

2023	Other related parties £	Total £
At start of period	140,298	140,298
Advanced	2,607,956	2,607,956
Repaid	(2,201,974)	(2,201,974)
At end of period	546,280	546,280

Terms of loans from related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amounts are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

Kingsley Property Development (Holt) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

8	Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 26 September 2025.

9	Parent and ultimate parent undertaking

The company's immediate parent is Palmarah Holdings Limited, incorporated in Jersey.