Kingsley Property Development (Olney) Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 8

Kingsley Property Development (Olney) Limited

Balance Sheet

30 September 2024

	Note	2024 £	2023 £
Current assets
Debtors	4	2,253,166	926,053
Cash at bank and in hand		55,802	134,243
		2,308,968	1,060,296
Creditors: Amounts falling due within one year	5	(1,189,786)	(576,197)
Total assets less current liabilities		1,119,182	484,099
Creditors: Amounts falling due after more than one year	5	(437,623)	(253,002)
Net assets		681,559	231,097
Capital and reserves
Called up share capital	6	100	100
Profit and loss account		681,459	230,997
Shareholder's funds		681,559	231,097

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: 11893741

Kingsley Property Development (Olney) 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.

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.

Kingsley Property Development (Olney) 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 (Olney) 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.


 

Kingsley Property Development (Olney) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

3	Staff numbers

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

4

Debtors

	Note	2024 £	2023 £
Trade debtors		696,218	-
Amounts owed by group undertakings	7	36,128	179,142
Other debtors		1,520,820	746,911
		2,253,166	926,053
Less non-current portion		(308,070)	(423,621)
		1,945,096	502,432

Details of non-current trade and other debtors

£36,128 (2023 -£179,142) of amounts owed to group undertakings is classified as non current.

£271,942 (2023 -£244,479) of amounts owed to connected companies is classified as non current.

Kingsley Property Development (Olney) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

5

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	428,781	220,624
Corporation tax	177,994	16,788
Taxation and social security	125,784	221,837
Accruals and deferred income	457,227	116,948
	1,189,786	576,197