REGISTERED NUMBER:
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KMW Properties Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2022 |
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REGISTERED NUMBER:
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KMW Properties Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2022 |
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KMW Properties Limited (Registered number: 03176322) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2022 |
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Page |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 5 |
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KMW Properties Limited |
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Company Information |
for the Year Ended 30 June 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
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BANKERS: |
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Cheddar Branch |
PO Box 1000 |
BX1 1LT |
KMW Properties Limited (Registered number: 03176322) |
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Abridged Statement of Financial Position |
30 June 2022 |
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30.6.22 | 30.6.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Investment property |
revaluation reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
KMW Properties Limited (Registered number: 03176322) |
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Abridged Statement of Financial Position - continued |
30 June 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
KMW Properties Limited (Registered number: 03176322) |
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Abridged Statement of Financial Position - continued |
30 June 2022 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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KMW Properties Limited (Registered number: 03176322) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2022 |
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1. | STATUTORY INFORMATION |
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KMW Properties Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Investment property is included as fair value. Where applicable, gains and losses are recognised within the income statement and recognised in a separate non-distributable reserve. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
KMW Properties Limited (Registered number: 03176322) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2021 |
and 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 July 2021 |
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Additions |
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Revaluations | 2,406,715 |
At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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Fair value at 30 June 2022 is represented by: |
£ |
Valuation in 2012 | 570,893 |
Valuation in 2017 | (341,823 | ) |
Valuation in 2021 | 510,653 |
Valuation in 2022 | 2,406,715 |
Cost | 9,053,562 |
12,200,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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30.6.22 | 30.6.21 |
£ | £ |
Cost | 9,053,562 | 6,287,433 |
KMW Properties Limited (Registered number: 03176322) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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6. | INVESTMENT PROPERTY - continued |
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Investment properties were valued on an open market basis on 30 June 2022 by the directors, with the benefit of professional advice. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
30.6.22 | 30.6.21 |
£ | £ |
Repayable by instalments |
Bank loans | 4,789,280 | - |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.22 | 30.6.21 |
£ | £ |
Bank loans |
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The bank loans are secured by fixed and floating charges over the assets of the company. |
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9. | RESERVES |
Investment |
property |
revaluation |
reserve |
£ |
At 1 July 2021 |
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Reserve transfer | 1,949,439 |
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At 30 June 2022 |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is J L Muggleton, Mrs S Muggleton, P A Edwards and Mrs F K A Edwards. |
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The company was controlled throughout the current and previous period by its directors by virtue of the fact that they own all of the company's ordinary share capital. |