Kernow Haven Lettings Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

(Registration number: 14998740)
Statement of Financial Position as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Investment property	4	1,008,450	892,386
Current assets
Debtors	5	483,386	337,090
Cash at bank and in hand		9,352	6,786
		492,738	343,876
Creditors: Amounts falling due within one year	6	(14,741)	(3,696)
Net current assets		477,997	340,180
Total assets less current liabilities		1,486,447	1,232,566
Creditors: Amounts falling due after more than one year	6	(1,392,992)	(1,212,027)
Provisions for liabilities		(29,016)	-
Net assets		64,439	20,539
Capital and reserves
Called up share capital		100	100
Revaluation reserve		87,048	-
Profit and loss account		(22,709)	20,439
Shareholders' funds		64,439	20,539

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

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The director acknowledges her 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 and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 20 May 2026

L E Trunks
Director

Kernow Haven Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2024 to 31 May 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:
Burley House,
237 Guildford Road,
Normandy
Surrey
GU12 6DX

Principal activity

The principal activity of the company is that of a property letting company.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

These financial statements have been prepared on a going concern basis. At the year end the company had net liabilities. The directors have confirmed that they will continue to provide financial support for at least 12 months from the date of approval of these accounts. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

Kernow Haven Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2024 to 31 May 2025 (continued)

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.

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 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2024 to 31 May 2025 (continued)

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2024 - 1).

4	Investment properties

	2025 £
At 1 November	892,386
Fair value adjustments	116,064
At 31 May	1,008,450

5

Debtors

	2025 £	2024 £
Trade debtors	-	16,623
Amounts owed by related parties	476,468	317,845
Other debtors	6,918	2,472
Prepayments	-	150
	483,386	337,090

Kernow Haven Lettings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2024 to 31 May 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Loans and borrowings	9,657	-
Trade creditors	3,209	3,696
Accruals and deferred income	1,875	-
	14,741	3,696

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after one year
Loans and borrowings	1,392,992	1,212,027

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

This reserve records accumulated property revaluations net of any deferred tax.