Michael H Keene & Son Property Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12340006 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

FOR

MICHAEL H KEENE & SON PROPERTY LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

E M Keene

Mrs S A Keene

Registered office:

The Moat

Anthonys Cross

Newent

Gloucestershire

GL18 1JG

Registered number:

12340006 (England and Wales)

Fixed assets

Tangible assets

4

801,987

771,464

Investments

5

100

Investment property

6

4,020,016

4,822,103

4,791,580

Current assets

Debtors

7

151,421

125,006

Cash at bank and in hand

124,806

74,343

276,227

199,349

Creditors

Amounts falling due within one year

8

3,703,426

3,646,221

Net current liabilities

(3,427,199

)

(3,446,872

)

Total assets less current liabilities

1,394,904

1,344,708

Creditors

Amounts falling due after more than one
year

9

(971,327

)

(965,236

)

Provisions for liabilities

11

(173,600

)

(100

)

Net assets

249,977

379,372

Capital and reserves

Called up share capital

12

100

Retained earnings

249,877

379,272

Shareholders' funds

249,977

379,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

E M Keene - Director

1.	Statutory information

Michael H Keene & Son Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Michael H Keene & Son Property Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

0 & 2% SL

Plant & equipment

20% SL

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances,are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment wasrecognised, the impairment is reversed. The reversal is such that the current carrying amont does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees (including officers)

The average number of employees during the year was 2 (2024 - 2 ) .

4.	Tangible fixed assets

Freehold

Plant &

property

equipment

Totals

£

Cost

At 1st April 2024

824,308

750

825,058

Additions

42,199

2,200

44,399

At 31st March 2025

866,507

2,950

869,457

Depreciation

At 1st April 2024

53,144

450

53,594

Charge for year

13,286

590

13,876

At 31st March 2025

66,430

1,040

67,470

Net book value

At 31st March 2025

800,077

1,910

801,987

At 31st March 2024

771,164

300

771,464

Included in cost of freehold property is land of £54,600 (2024: £54,600) which is not depreciated.

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1st April 2024

and 31st March 2025

100

Net book value

At 31st March 2025

100

At 31st March 2024

100

The company's investments at the Balance sheet date in the share capital of companies include the

following:

Elmground Limited

Registered office: The Moat, Anthonys Cross, Newent, Gloucestershire, England, GL18 1JG

Nature of business: Sundry agricultural services.

% holding

100

Year ended

Period ended

31.03.2025

31.03.2024

£

100

Aggregate capital & reserves

The company has been dormant since formation.

6.	Investment property

Total

£

Fair value

At 1st April 2024

and 31st March 2025

4,020,016

Net book value

At 31st March 2025

4,020,016

At 31st March 2024

4,020,016

Fair value at 31st March 2025 is represented by:

£

Valuation in 2016

692,317

Cost

3,327,699

4,020,016

7.

Debtors: amounts falling due within one year

31.3.25

31.3.24

£

Trade debtors

1,676

-

Amounts owed by related parties

125,000

Prepayments & other debtors

24,745

6

151,421

125,006

8.

Creditors: amounts falling due within one year

31.3.25

31.3.24

£

Bank loans

25,000

49,368

Trade creditors

40,344

58,214

Amounts owed to group undertakings

3,598,274

3,500,152

Corporation tax

18,694

27,500

Social security & other tax

8,021

6,847

Accrued expenses

13,093

4,140

3,703,426

3,646,221

9.

Creditors: amounts falling due after more than one year

31.3.25

31.3.24

£

Bank loans two to five years

120,000

215,678

Bank loans more than five years

851,327

749,558

971,327

965,236

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than five years

851,327

749,558

10.	Secured debts

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank loans

996,327

1,014,604

The bank loan is secured on the property of the company.

11.	Provisions for liabilities

31.3.25

31.3.24

£

Deferred tax

173,600

100

Deferred tax

£

Balance at 1st April 2024

100

Provided during year

400

Prior year adjustment for

173,100

revaluation

Balance at 31st March 2025

173,600

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

100

Ordinary shares

£1

100

13.	Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments at 31st March 2025.

14.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following transactions took place with related parties on normal commercial terms during the year:

Other related
parties

£

Purchases

18,713

Amounts owed by related parties

125,000

15.	Controlling party

Michael H Keene & Son Limited is the ultimate holding company.

Company registration number:

00760415

Company registered office address:

The Moat

Anthonys Cross

Newent

Gloucestershire

GL18 1JG