Company Registration No. 03778494 (England and Wales)
K.M. PROPERTIES (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
K.M. PROPERTIES (MIDLANDS) LIMITED
COMPANY INFORMATION
Directors
Mr M A Albutt
Mrs K L Albutt
Mr D M Albutt
Mrs L N Frost
Secretary
Mrs K L Albutt
Company number
03778494
Registered office
Optimum House
39b Birmingham Road
Blakedown
Worcestershire
DY10 3JW
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Vicar Street
Kidderminster
Worcestershire
DY10 1DH
K.M. PROPERTIES (MIDLANDS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
K.M. PROPERTIES (MIDLANDS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF K.M. PROPERTIES (MIDLANDS) LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K.M. Properties (Midlands) Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of K.M. Properties (Midlands) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of K.M. Properties (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of K.M. Properties (Midlands) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K.M. Properties (Midlands) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that K.M. Properties (Midlands) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K.M. Properties (Midlands) Limited. You consider that K.M. Properties (Midlands) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of K.M. Properties (Midlands) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
18 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
K.M. PROPERTIES (MIDLANDS) LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
293
499
Investment properties
4
1,120,000
1,120,000
1,120,293
1,120,499
Current assets
Debtors
5
114,218
32,603
Cash at bank and in hand
29,795
33,054
144,013
65,657
Creditors: amounts falling due within one year
6
(509,527)
(101,405)
Net current liabilities
(365,514)
(35,748)
Total assets less current liabilities
754,779
1,084,751
Creditors: amounts falling due after more than one year
8
-
0
(339,499)
Provisions for liabilities
9
(68,029)
(68,068)
Net assets
686,750
677,184
Capital and reserves
Called up share capital
10
4
4
Profit and loss reserves
686,746
677,180
Total equity
686,750
677,184

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their 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. PROPERTIES (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
Mrs K L Albutt
Director
Company Registration No. 03778494
K.M. PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

K.M. Properties (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Optimum House, 39b Birmingham Road, Blakedown, Worcestershire, DY10 3JW.

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 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 is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% on reducing balance
Computer equipment
33% on cost
1.4
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. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

K.M. PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 4).

3
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
10,440
2,531
12,971
Depreciation and impairment
At 1 August 2022
10,198
2,274
12,472
Depreciation charged in the year
49
157
206
At 31 July 2023
10,247
2,431
12,678
Carrying amount
At 31 July 2023
193
100
293
At 31 July 2022
242
257
499
4
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
1,120,000

The directors have assessed the market value of the property and consider that there has been no significant change in the fair value at the year end.

K.M. PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,650
Other debtors
114,218
30,953
114,218
32,603
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
40,652
Trade creditors
31,540
29,140
Taxation and social security
2,283
5,671
Other creditors
475,704
25,942
509,527
101,405
7
Secured debt
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
-
380,151

Bank loans are secured by way of a fixed and floating charge over all assets.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
339,499
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
68,029
68,068
K.M. PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
4
4
11
Ultimate controlling party

The ultimate controlling party is Mr M A Albutt and Mrs K L Albutt.

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