Registered number
13891073
Kitwell Properties Limited
Unaudited Filleted Accounts
28 February 2023
Kitwell Properties Limited
Registered number: 13891073
Balance Sheet
as at 28 February 2023
Notes 2023
£
Fixed assets
Investment property 4 226,118
Current assets
Debtors 5 1,110
Cash at bank and in hand 4,591
5,701
Creditors: amounts falling due within one year 6 (62,052)
Net current liabilities (56,351)
Total assets less current liabilities 169,767
Creditors: amounts falling due after more than one year 7 (172,746)
Net liabilities (2,979)
Capital and reserves
Called up share capital 200
Profit and loss account (3,179)
Shareholders' funds (2,979)
The director is 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 director acknowledges her 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.
Miss L M Kitson
Director
Approved by the board on 03/11/2023.
Kitwell Properties Limited
Notes to the Accounts
for the period from 3 February 2022 to 28 February 2023
1 Statutory information
Kitwell Properties Limited is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 11165392
Registered office: 4 Cavendish Drive
Guiseley
Leeds
LS20 8DR
The presentation currency of the financial statements is the Pound Sterling, which is the functional
currency of the company, rounded to the nearest £1.
2 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover
Turnover represents rents received and receivable, excluding VAT.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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 initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
3 Employees 2023
Number
Average number of persons employed by the company 1
4 Investment property
Total
£
Fair value
Additions 226,118
At 28 February 2023 226,118
Historical cost
At 28 February 2023 226,118
The investment property was valued on an open market basis on 28 February 2023 by the
director.
5 Debtors 2023
£
Trade debtors 416
Prepayments and accrued income 294
Other debtors 400
1,110
6 Creditors: amounts falling due within one year 2023
£
Accruals and deferred income 1,150
Director's current account 60,501
Other creditors 401
62,052
7 Creditors: amounts falling due after one year 2023
£
Bank loans 172,746
8 Loans 2023
£
Creditors include:
Instalments falling due for payment after more than five years 172,746
Secured bank loans 172,746
Bank loans are secured over the properties to which they relate.
9 Related party transactions
During the period £60,701 was advanced from and £200 was repaid to the director of the company. An amount of £60,501 remained due to the director at the period end.
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