Knightsbridge Land Ltd 31/07/2022 iXBRL

Knightsbridge Land Ltd 31/07/2022 iXBRL

KNIGHTSBRIDGE LAND LTD - Company Information

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Company registration number: 11835935
Knightsbridge Land Ltd
Unaudited filleted financial statements
31 July 2022
Knightsbridge Land Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Knightsbridge Land Ltd
Directors and other information
Directors Chen Hui Moir
Derek Bruce Moir
Company number 11835935
Registered office 27 Meadway
London
N14 6NY
Accountants Passer & Co
20 Sunningdale Close
Stanmore
HA7 3QL
Knightsbridge Land Ltd
Statement of financial position
31 July 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 210 1,271
_______ _______
210 1,271
Current assets
Debtors 6 - 31,310
Cash at bank and in hand 506,656 369,525
_______ _______
506,656 400,835
Creditors: amounts falling due
within one year 7 ( 73,558) ( 220,965)
_______ _______
Net current assets 433,098 179,870
_______ _______
Total assets less current liabilities 433,308 181,141
_______ _______
Net assets 433,308 181,141
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 433,307 181,140
_______ _______
Shareholders funds 433,308 181,141
_______ _______
For the year ending 31 July 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 March 2023 , and are signed on behalf of the board by:
Chen Hui Moir
Director
Company registration number: 11835935
Knightsbridge Land Ltd
Statement of changes in equity
Year ended 31 July 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2020 1 87,847 87,848
Profit for the year 176,408 176,408
_______ _______ _______
Total comprehensive income for the year - 176,408 176,408
Dividends paid and payable ( 83,115) ( 83,115)
_______ _______ _______
Total investments by and distributions to owners - ( 83,115) ( 83,115)
_______ _______ _______
At 31 July 2021 and 1 August 2021 1 181,140 181,141
Profit for the year 252,167 252,167
_______ _______ _______
Total comprehensive income for the year - 252,167 252,167
_______ _______ _______
At 31 July 2022 1 433,307 433,308
_______ _______ _______
Knightsbridge Land Ltd
Notes to the financial statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Meadway, London, N14 6NY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2021 and 31 July 2022 3,183 3,183
_______ _______
Depreciation
At 1 August 2021 1,912 1,912
Charge for the year 1,061 1,061
_______ _______
At 31 July 2022 2,973 2,973
_______ _______
Carrying amount
At 31 July 2022 210 210
_______ _______
At 31 July 2021 1,271 1,271
_______ _______
6. Debtors
2022 2021
£ £
Other debtors - 31,310
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 50,000
Corporation tax 59,764 41,310
Social security and other taxes 10,651 44,740
Other creditors 3,143 84,915
_______ _______
73,558 220,965
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Chen Hui Moir ( 83,115) 82,908 ( 207)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Chen Hui Moir ( 49,313) ( 33,802) ( 83,115)
_______ _______ _______