Company registration number 3951792 (England and Wales)
K & M ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
K & M ESTATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
K & M ESTATES LTD (REGISTERED NUMBER: 3951792)
BALANCE SHEET
AS AT 28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,000,000
2,000,000
Current assets
Cash at bank and in hand
27,947
35,117
Creditors: amounts falling due within one year
4
(196,917)
(8,999)
Net current (liabilities)/assets
(168,970)
26,118
Total assets less current liabilities
1,831,030
2,026,118
Creditors: amounts falling due after more than one year
5
(1,613,708)
(1,821,770)
Provisions for liabilities
(115,094)
(115,094)
Net assets
102,228
89,254
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
102,226
89,252
Total equity
102,228
89,254
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
K & M ESTATES LTD (REGISTERED NUMBER: 3951792)
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022
28 February 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2022
Mr Keith Peevor
Director
K & M ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 3 -
1
Accounting policies
Company information
K & M Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of rents receivable.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Investment properties are shown at fair value at each reporting date with changes in value recognised in profit or loss. Having reviewed the sold prices of similar properties in the area, the director considers that the property values have not changed materially since last balance sheet date and therefore the valuation is correct.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
K & M ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
3
Investment property
2022
£
Fair value
At 1 March 2021 and 28 February 2022
2,000,000
Investment property comprises residential properties held for their earnings and capital appreciation. The valuation is carried out by the director on an annual basis by reference to market evidence of transaction prices for similar properties.
4
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
196,917
8,999
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,613,708
1,821,770