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Registration number: 12016811

Key Living Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Key Living Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Key Living Property Ltd

Company Information

Registered office

Office 2137 109 Vernon House
Friar Lane
Nottingham
NG1 6DQ

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Key Living Property Ltd

(Registration number: 12016811)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,706

4,923

Investment property

5

300,000

300,000

 

303,706

304,923

Current assets

 

Debtors

6

3,941

2,890

Cash at bank and in hand

 

41,326

25,470

 

45,267

28,360

Creditors: Amounts falling due within one year

7

(5,402)

(3,589)

Net current assets

 

39,865

24,771

Total assets less current liabilities

 

343,571

329,694

Creditors: Amounts falling due after more than one year

7

(309,520)

(307,619)

Provisions for liabilities

(6,525)

(6,525)

Net assets

 

27,526

15,550

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

27,819

27,819

Retained earnings

(493)

(12,469)

Shareholders' funds

 

27,526

15,550

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 September 2023 and signed on its behalf by:
 

 

Key Living Property Ltd

(Registration number: 12016811)
Balance Sheet as at 31 May 2023 (continued)

.........................................
Mr David Wilcox
Director

.........................................
Mrs Rowena Wilcox
Director

 

Key Living Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 2137 109 Vernon House
Friar Lane
Nottingham
NG1 6DQ
England

These financial statements were authorised for issue by the Board on 21 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Key Living Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Plant & Machinery

25% Straight Line

Investment property

The fair value of the property as at the year end has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in its location.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Key Living Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

7,763

7,763

Additions

549

549

At 31 May 2023

8,312

8,312

Depreciation

At 1 June 2022

2,840

2,840

Charge for the year

1,766

1,766

At 31 May 2023

4,606

4,606

Carrying amount

At 31 May 2023

3,706

3,706

At 31 May 2022

4,923

4,923

5

Investment properties

2023
£

At 1 June

300,000

At 31 May

300,000

6

Debtors

2023
£

2022
£

Other debtors

3,500

2,500

Prepayments

441

390

3,941

2,890

7

Creditors

Creditors: amounts falling due within one year

 

Key Living Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Creditors (continued)

2023
£

2022
£

Due within one year

Taxation and social security

1,363

-

Accruals and deferred income

540

1,090

Other creditors

3,499

2,499

5,402

3,589

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

309,520

307,619

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(8,100)

(8,100)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

309,520

307,619