Kingsley (FVL) Development Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Kingsley (FVL) Development Limited

Balance Sheet

30 September 2025

	Note	2025 £	Unaudited 2024 £
Current assets
Stocks	4	-	918,755
Debtors (including £691,156 due after more than one year (2024 - £Nil))	5	708,038	19,394
		708,038	938,149
Creditors: Amounts falling due within one year	6	(4,449)	(5,141)
Total assets less current liabilities		703,589	933,008
Creditors: Amounts falling due after more than one year	6	(1,102,940)	(1,120,696)
Net liabilities		(399,351)	(187,688)
Capital and reserves
Called up share capital	7	10	10
Profit and loss account		(399,361)	(187,698)
Shareholder's deficit		(399,351)	(187,688)

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 May 2026 and signed on its behalf by:
 

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

Company Registration Number: 13117751

Kingsley (FVL) Development Limited

Notes to the Financial Statements

Year Ended 30 September 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:
Kingsley House
Clapham Road South
Lowestoft
NR32 1QS
United Kingdom

The business address is the same as the registered office address.

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.

Going concern

At the year end date, the company had net liabilities of £399,351 (2024 - £187,688) and incurred a net loss for the year then ended of £211,663 (2024 - £35,714).

The directors believe, with the support of the parent company and the directors, the company has sufficient working capital to continue to trade for the foreseeable future.

Therefore the directors continue to adopt a going concern basis in preparing the financial statements.

The financial statements do not include any adjustments that would result from any change in the company's circumstances such that the going concern basis would no longer be appropriate.

Kingsley (FVL) Development Limited

Notes to the Financial Statements

Year Ended 30 September 2025

Key accounting judgements and 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 judgements that have a significant impact on the financial statements are described below:

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. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 5 and 6.

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 5 and 6.

Valuation of stock
Stock comprises of property held for development. It is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes the purchase price of the land and directly attributable development costs. The carrying value of stock at each reporting date is reviewed for indicators of impairment. Where such indicators exist, the stock is written down to its recoverable amount. The carrying value of stock at year end was £Nil (2024 - £918,755), see note 4.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities.

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 (FVL) Development Limited

Notes to the Financial Statements

Year Ended 30 September 2025

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.

Stocks

Stocks relate to the inventories "held for sale" . This is property intended for sale in the process of construction or development for such sale, with a view to subsequent disposal in the near future or for development and resale. The value of this stock includes all costs associated with this development.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans with group companies and entities under common control; 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 companies and entities under common control, 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 companies and entities under common control 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 (2024 - 0).

Kingsley (FVL) Development Limited

Notes to the Financial Statements

Year Ended 30 September 2025

4

Stocks

	2025 £	Unaudited 2024 £
Property under development	-	918,755

5

Debtors

	Note	2025 £	Unaudited 2024 £
Trade debtors		-	19,394
Amounts owed by group undertakings	8	691,156	-
Other debtors		16,882	-
		708,038	19,394
Less non-current portion		(691,156)	-
		16,882	19,394

Details of non-current trade and other debtors

£691,156 (2024 -£Nil) of amounts owed to group undertakings is classified as non current.

6

Creditors

	2025  £	Unaudited 2024  £
Due within one year
Trade creditors	3,527	5,141
Other creditors	2	-
Accrued expenses	920	-
	4,449	5,141