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Registered number: 05188201
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 JANUARY 2025
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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COMPANY INFORMATION
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
REGISTERED NUMBER:05188201
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STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
REGISTERED NUMBER:05188201
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2025
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Kinsella Brothers Developments Limited is a company limited by shares incorporated in England and Wales. The registered office is given in the company information page of these financial statements. The principal place of business for the company is 63 Anerley Road, London, SE19 2AS.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
As at 31 January 2025 the company has net liabilities of £292,964 (2024: net assets of £8,086). Due to the ongoing support of the directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due, therefore the company has prepared its financial statements on a going concern basis. There have been no significant judgements and estimates used in the financial statements that have impacted upon this assessment.
Revenue is received from rent through letting out their residential and commercial property, as well as through developing property. Revenue is recognised as soon as rent is received and when property is revalued or sold at a profit. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is received from rent through letting out their residential and commercial property, as well as through developing property. Revenue is recognised as soon as rent is received and when property is revalued or sold at a profit. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Charge for the year on owned assets
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KINSELLA BROTHERS DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included within bank loans due within one year is £10,141 which is guaranteed under the Bounce Back Loan Scheme (BBLS) by the UK Government.
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Creditors: Amounts falling due after more than one year
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Included within bank loans due after more than one year is £4,613 which is guaranteed under the Bounce Back Loan Scheme (BBLS) by the UK Government.
The mortgage lender has negative pledge charges on all assets held by the company.
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Related party transactions
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At the balance sheet date, the company owed £1,124,330 to the directors (2024: £1,410,505). This amount is considered to be interest free and payable on demand.
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