Silverfin false 31/01/2023 01/02/2022 31/01/2023 M Ogden 12/11/2014 06 October 2023 The principal activity of the company was that of property investment. 09308466 2023-01-31 09308466 bus:Director1 2023-01-31 09308466 2022-01-31 09308466 core:CurrentFinancialInstruments 2023-01-31 09308466 core:CurrentFinancialInstruments 2022-01-31 09308466 core:ShareCapital 2023-01-31 09308466 core:ShareCapital 2022-01-31 09308466 core:RevaluationReserve 2023-01-31 09308466 core:RevaluationReserve 2022-01-31 09308466 core:RetainedEarningsAccumulatedLosses 2023-01-31 09308466 core:RetainedEarningsAccumulatedLosses 2022-01-31 09308466 2021-01-31 09308466 core:RevaluationInvestmentPropertyDeferredTax 2023-01-31 09308466 core:RevaluationInvestmentPropertyDeferredTax 2022-01-31 09308466 bus:OrdinaryShareClass1 2023-01-31 09308466 2022-02-01 2023-01-31 09308466 bus:FullAccounts 2022-02-01 2023-01-31 09308466 bus:SmallEntities 2022-02-01 2023-01-31 09308466 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09308466 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09308466 bus:Director1 2022-02-01 2023-01-31 09308466 2021-02-01 2022-01-31 09308466 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 09308466 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09308466 (England and Wales)

KEYPRIME PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

KEYPRIME PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

KEYPRIME PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
KEYPRIME PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 395,000 365,500
395,000 365,500
Current assets
Cash at bank and in hand 7,262 2,820
7,262 2,820
Creditors: amounts falling due within one year 4 ( 231,318) ( 204,322)
Net current liabilities (224,056) (201,502)
Total assets less current liabilities 170,944 163,998
Provision for liabilities 5 ( 30,495) ( 22,782)
Net assets 140,449 141,216
Capital and reserves
Called-up share capital 6 1 1
Revaluation reserve 113,323 119,084
Profit and loss account 27,125 22,131
Total shareholder's funds 140,449 141,216

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Keyprime Property Limited (registered number: 09308466) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Ogden
Director

06 October 2023

KEYPRIME PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
KEYPRIME PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Keyprime Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

At the balance sheet date, the company has net current liabilities of £224,056 (2022: £201,502). The company relies upon borrowings of £225,809 from related companies and will continue to rely on their ongoing support which the director has confirmed, thus ensuring liabilities are met as they fall due.

Turnover

Revenue is recognised by the company in respect of rental income over the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2022 365,500
Additions 27,423
Fair value movement 2,077
As at 31 January 2023 395,000

Valuation

Investment property comprises of leasehold properties held for rental income.

On a historical cost basis the properties would be included at £273,627 (2022: £246,205).

The 2023 valuations were made by a director of the company, at open market value on an existing use basis.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 450 480
Accruals 2,400 3,263
Taxation and social security 2,659 2,964
Other creditors 225,809 197,615
231,318 204,322

5. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 22,782) ( 22,571)
Charged to the Profit and Loss Account ( 7,713) ( 211)
At the end of financial year ( 30,495) ( 22,782)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Revaluation of investment property ( 30,495) ( 22,782)

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1