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REGISTERED NUMBER: 10392312 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KAZ HOTELS KENSINGTON LIMITED

KAZ HOTELS KENSINGTON LIMITED (REGISTERED NUMBER: 10392312)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KAZ HOTELS KENSINGTON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: K Bhimji
Z Bhimji
S Jetha
H Bhimji





REGISTERED OFFICE: 87 South Lambeth Road
Vauxhall
London
SW8 1RN





REGISTERED NUMBER: 10392312 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

KAZ HOTELS KENSINGTON LIMITED (REGISTERED NUMBER: 10392312)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,209,987 12,227,560

CURRENT ASSETS
Stocks 476 84
Debtors 5 84,230 46,440
Cash at bank and in hand 389,055 178,201
473,761 224,725
CREDITORS
Amounts falling due within one year 6 611,992 420,708
NET CURRENT LIABILITIES (138,231 ) (195,983 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,071,756

12,031,577

CREDITORS
Amounts falling due after more than one
year

7

(3,445,000

)

(4,345,000

)

PROVISIONS FOR LIABILITIES 8 (720,116 ) (664,422 )
NET ASSETS 7,906,640 7,022,155

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Share premium 4,069,510 4,069,510
Fair value reserve 2,111,335 2,313,528
Retained earnings 1,724,695 638,017
SHAREHOLDERS' FUNDS 7,906,640 7,022,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:



K Bhimji - Director


KAZ HOTELS KENSINGTON LIMITED (REGISTERED NUMBER: 10392312)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

KAZ Hotels Kensington Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and principal place of business can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 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.

Going concern
The company is financed by loans from a group company. The forecast cash flow of the company support that liabilities can be met as they fall due.

The directors of the company providing finance have committed that the funds currently made available to the company will remain in place for the foreseeable future and that additional funds will be made available if required.

It is on this basis that the directors have concluded that the company is a going concern. As a result, these financial statements are prepared on a going concern basis.

Turnover
Turnover is recognised when satisfying performance obligations of hotel services, and when control is transferred in respect of goods connected to hotel services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

With the exception of freehold property, tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property is carried at revalued amount, being fair value at the date of valuation. Revaluations are performed with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.

Any revaluation increase in the carrying amount of freehold property is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss.

Freehold property is not depreciated as the residual value is deemed to be materially the same as the current valuation.

Improvements to property has been combined with freehold property as part of this initial revaluation. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

KAZ HOTELS KENSINGTON LIMITED (REGISTERED NUMBER: 10392312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 12,100,000 155,458 80,426 12,335,884
Additions - 21,354 - 21,354
At 31 March 2023 12,100,000 176,812 80,426 12,357,238
DEPRECIATION
At 1 April 2022 - 51,341 56,983 108,324
Charge for year - 18,823 20,104 38,927
At 31 March 2023 - 70,164 77,087 147,251
NET BOOK VALUE
At 31 March 2023 12,100,000 106,648 3,339 12,209,987
At 31 March 2022 12,100,000 104,117 23,443 12,227,560


KAZ HOTELS KENSINGTON LIMITED (REGISTERED NUMBER: 10392312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 22,518 -
Other debtors 30,951 15,957
VAT - 16,671
Prepayments and accrued income 30,761 13,812
84,230 46,440

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 22,153 16,100
Amounts owed to group undertakings 370,661 -
Taxation and social security 68,433 1,441
Other creditors 150,745 403,167
611,992 420,708

Included within other creditors due within one year is £Nil (2022 : £301,930) due to companies under common control due to changes in shareholdings in the year.

Included within other creditors due after more than one year is £Nil (2022: £4,345,000) due to companies under common control due to changes in shareholdings in the year.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 3,445,000 -
Other creditors - 4,345,000
3,445,000 4,345,000

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 720,116 664,422

Deferred
tax
£   
Balance at 1 April 2022 664,422
Accelerated capital allowances 24,858
Freehold property revaluation 30,836
Balance at 31 March 2023 720,116