Registered number
08991143
KEY LINE PROPERTIES LIMITED
Filleted Accounts
30 April 2021
KEY LINE PROPERTIES LIMITED
Registered number: 08991143
Balance Sheet
as at 30 April 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 944,767 944,767
Current assets
Debtors 4 - 2,962
Cash at bank and in hand 219,108 191,596
219,108 194,558
Creditors: amounts falling due within one year 5 (180,720) (160,580)
Net current assets 38,388 33,978
Total assets less current liabilities 983,155 978,745
Creditors: amounts falling due after more than one year 6 (791,965) (830,224)
Net assets 191,190 148,521
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 190,190 147,521
Shareholders' funds 191,190 148,521
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A S Kullar
Director
Approved by the board on 19 August 2022
KEY LINE PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 April 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the amount received for rent charged during the year, excluding of VAT.
Investment properties
In accordance with the Financial Reporting Standard for Smaller Entities (efective January 2015) no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which require all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not given a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be seperately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. .
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment Property
£
Cost
At 1 May 2020 944,767
At 30 April 2021 944,767
Depreciation
At 30 April 2021 -
Net book value
At 30 April 2021 944,767
At 30 April 2020 944,767
4 Debtors 2021 2020
£ £
Trade debtors - 2,962
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 37,556 36,546
Trade creditors 38,667 33,961
Accruals 3,273 3,273
Corporation tax 32,024 22,015
Othe taxes and social security 5,347 10,104
Other creditors 63,853 54,681
180,720 160,580
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 333,418 371,677
Other creditors 458,547 458,547
791,965 830,224
7 Loans 2021 2020
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 183,195 225,494
Secured bank loans 370,974 408,223
The bank loan is secured by charges over the freehold investment properties owned by the company.
8 Other information
KEY LINE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
128A Evington road
Leicester
LE2 1HL
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