Kernow Property & Land Limited 11219165 false 2024-08-01 2025-07-31 2025-07-31 The principal activity of the company is rental property. Digita Accounts Production Advanced 6.30.9574.0 true true 11219165 2024-08-01 2025-07-31 11219165 2025-07-31 11219165 core:CurrentFinancialInstruments 2025-07-31 11219165 core:CurrentFinancialInstruments core:WithinOneYear 2025-07-31 11219165 core:Non-currentFinancialInstruments 2025-07-31 11219165 core:Non-currentFinancialInstruments core:AfterOneYear 2025-07-31 11219165 core:FurnitureFittingsToolsEquipment 2025-07-31 11219165 bus:SmallEntities 2024-08-01 2025-07-31 11219165 bus:AuditExemptWithAccountantsReport 2024-08-01 2025-07-31 11219165 bus:FilletedAccounts 2024-08-01 2025-07-31 11219165 bus:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-31 11219165 bus:RegisteredOffice 2024-08-01 2025-07-31 11219165 bus:Director1 2024-08-01 2025-07-31 11219165 bus:Director2 2024-08-01 2025-07-31 11219165 bus:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 11219165 bus:Agent1 2024-08-01 2025-07-31 11219165 core:FurnitureFittingsToolsEquipment 2024-08-01 2025-07-31 11219165 core:LandBuildings 2024-08-01 2025-07-31 11219165 core:OfficeEquipment 2024-08-01 2025-07-31 11219165 core:PlantMachinery 2024-08-01 2025-07-31 11219165 core:ToolsEquipment 2024-08-01 2025-07-31 11219165 countries:EnglandWales 2024-08-01 2025-07-31 11219165 2024-07-31 11219165 core:FurnitureFittingsToolsEquipment 2024-07-31 11219165 2023-08-01 2024-07-31 11219165 2024-07-31 11219165 core:CurrentFinancialInstruments 2024-07-31 11219165 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 11219165 core:Non-currentFinancialInstruments 2024-07-31 11219165 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 11219165 core:FurnitureFittingsToolsEquipment 2024-07-31 iso4217:GBP xbrli:pure

Registration number: 11219165

Kernow Property & Land Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 July 2025

Kernow Property & Land Limited

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3 to 4
Notes to the Unaudited Financial Statements | 5 to 9

Kernow Property & Land Limited

Company Information

Directors | Mrs K Grimshaw Mr KJ Grimshaw

Registered office | 1 Bond Street Colne Lancashire BB8 9DG

Accountants | Hargreaves, Brown & Benson Chartered Accountants 1 Bond Street Colne Lancashire BB8 9DG

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kernow Property & Land Limited
for the Year Ended 31 July 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kernow Property & Land Limited for the year ended 31 July 2025 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Kernow Property & Land Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Kernow Property & Land Limited and state those matters that we have agreed to state to the Board of Directors of Kernow Property & Land Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kernow Property & Land Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kernow Property & Land Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kernow Property & Land Limited. You consider that Kernow Property & Land Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kernow Property & Land Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Hargreaves, Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

12 February 2026

Kernow Property & Land Limited

(Registration number: 11219165)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 174 | 607
Investment property | 5 | 220,000 | 220,000
|  | 220,174 | 220,607
Current assets |  |  |
Debtors | 6 | 2,093 | 6,660
Cash at bank and in hand |  | 1,169 | 2,110
|  | 3,262 | 8,770
Creditors: Amounts falling due within one year | 7 | (29,108) | (34,196)
Net current liabilities |  | (25,846) | (25,426)
Total assets less current liabilities |  | 194,328 | 195,181
Creditors: Amounts falling due after more than one year | 7 | (160,000) | (160,000)
Provisions for liabilities |  | (4,568) | (4,650)
Net assets |  | 29,760 | 30,531
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Other reserves |  | 19,335 | 19,335
Retained earnings |  | 10,325 | 11,096
Shareholders' funds |  | 29,760 | 30,531

Kernow Property & Land Limited

(Registration number: 11219165)
Balance Sheet as at 31 July 2025

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2026 and signed on its behalf by:

......................................... Mrs K Grimshaw Director
......................................... Mr KJ Grimshaw Director

Kernow Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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:
1 Bond Street
Colne
Lancashire
BB8 9DG

These financial statements were authorised for issue by the Board on 12 February 2026.

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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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 each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Kernow Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class | Depreciation method and rate
Investment property | 0%
Plant and machinery | 15% reducing balance basis
Fixtures and fittings | 15% reducing balance basis
Office equipment | 33.3% straight line basis

Investment property

Investment properties are held to earn rentals and/or capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently investment properties are measured at fair value. Investment property valuations are based on open market value. Gains and losses arising in changes in fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Kernow Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2024 - 2).

Kernow Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 August 2024 | 2,742 | 2,742
At 31 July 2025 | 2,742 | 2,742
Depreciation
At 1 August 2024 | 2,135 | 2,135
Charge for the year | 433 | 433
At 31 July 2025 | 2,568 | 2,568
Carrying amount
At 31 July 2025 | 174 | 174
At 31 July 2024 | 607 | 607

5 | Investment properties

| 2025 £
At 1 August | 220,000
At 31 July | 220,000

The investment property was revalued by the Director on 31 July 2023. The historic cost of the investment property was £196,130.

6 | Debtors

| 2025 £ | 2024 £
Other debtors | 2,093 | 6,660
| 2,093 | 6,660

Kernow Property & Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 28,919 | 34,196
Taxation and social security |  | 189 | -
|  | 29,108 | 34,196

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | 160,000 | 160,000

8 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 160,000 | 160,000

Current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 28,919 | 34,196