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COMPANY REGISTRATION NUMBER: 08859537
KNC Property Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
KNC Property Services Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
1,474,806
895,000
Current assets
Debtors
5
16,225
Cash at bank and in hand
32,092
1,737
--------
--------
32,092
17,962
Creditors: amounts falling due within one year
6
598,894
387,558
---------
---------
Net current liabilities
566,802
369,596
------------
---------
Total assets less current liabilities
908,004
525,404
Creditors: amounts falling due after more than one year
7
850,421
479,843
---------
---------
Net assets
57,583
45,561
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
57,483
45,461
--------
--------
Shareholder funds
57,583
45,561
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KNC Property Services Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
K Childs
Director
Company registration number: 08859537
KNC Property Services Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hyde House, The Hyde, Edgware Road, London, NW9 6LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property
Long leasehold property
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
685,000
210,000
895,000
Additions
35,750
533,562
13,992
583,304
---------
---------
--------
------------
At 31 January 2023
720,750
743,562
13,992
1,478,304
---------
---------
--------
------------
Depreciation
At 1 February 2022
Charge for the year
3,498
3,498
---------
---------
--------
------------
At 31 January 2023
3,498
3,498
---------
---------
--------
------------
Carrying amount
At 31 January 2023
720,750
743,562
10,494
1,474,806
---------
---------
--------
------------
At 31 January 2022
685,000
210,000
895,000
---------
---------
--------
------------
5. Debtors
2023
2022
£
£
Trade debtors
16,225
----
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,600
Trade creditors
32,256
54
Corporation tax
358
2,116
Social security and other taxes
3,702
4,021
Other creditors
560,978
381,367
---------
---------
598,894
387,558
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
850,421
479,843
---------
---------
The bank loans are secured on the company's freehold and leasehold properties. Interest is charged at market rates and the loans are interest only.
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
K Childs
( 380,367)
( 179,361)
( 559,728)
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
K Childs
( 224,646)
( 155,721)
( 380,367)
---------
---------
---------