Kingscote Property Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 13168051 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

for

Kingscote Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Holmes

Mrs E Heptinstall-Holmes

REGISTERED OFFICE:

77a Alma Road

Clifton

Bristol

BS8 2DP

REGISTERED NUMBER:

13168051 (England and Wales)

ACCOUNTANTS:

Kingscote Accountancy Limited

77A Alma Road

Clifton

Bristol

BS8 2DP

FIXED ASSETS

Tangible assets

4

7,578

-

Investment property

5

315,203

-

322,781

-

CURRENT ASSETS

Debtors

6

500

100

Cash at bank

5,185

37,449

5,685

37,549

CREDITORS

Amounts falling due within one year

7

116,201

40,655

NET CURRENT LIABILITIES

(110,516

)

(3,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

212,265

(3,106

)

CREDITORS

Amounts falling due after more than one year

8

(224,794

)

-

PROVISIONS FOR LIABILITIES

(1,440

)

-

NET LIABILITIES

(13,969

)

(3,106

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(14,069

)

(3,206

)

(13,969

)

(3,106

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2023 and were signed on its behalf by:

B Holmes - Director

1.	STATUTORY INFORMATION

Kingscote Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

10,104

At 31 January 2023

10,104

DEPRECIATION

Charge for year

2,526

At 31 January 2023

2,526

NET BOOK VALUE

At 31 January 2023

7,578

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

315,203

At 31 January 2023

315,203

NET BOOK VALUE

At 31 January 2023

315,203

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

500

-

Other debtors

-

100

500

100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade creditors

70

(345

)

Amounts owed to group undertakings

50,229

41,000

Other creditors

65,902

-

116,201

40,655

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Other creditors

224,794

-

9.	RELATED PARTY DISCLOSURES

During the year, Kingscote Accountancy Ltd loaned the company £9,229 (2022: £41,000). As at the balance sheet date, the balance was £50,229 (2022: £41,000).

Kingscote Accountancy Ltd is a connected party by way of its Director B Holmes.