KLC PROPERTIES LIMITED

Company Registration Number:
02101515 (England and Wales)

Unaudited abridged accounts for the year ended 31 August 2023

Period of accounts

Start date: 01 September 2022

End date: 31 August 2023

KLC PROPERTIES LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2023

Balance sheet
Notes

KLC PROPERTIES LIMITED

Balance sheet

As at 31 August 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,200,000 1,200,000
Total fixed assets: 1,200,000 1,200,000
Current assets
Debtors:   3,938 0
Cash at bank and in hand: 37,767 70,397
Investments:   1,483,568 1,305,277
Total current assets: 1,525,273 1,375,674
Creditors: amounts falling due within one year:   (27,380) (24,446)
Net current assets (liabilities): 1,497,893 1,351,228
Total assets less current liabilities: 2,697,893 2,551,228
Provision for liabilities: (102,507) (102,507)
Total net assets (liabilities): 2,595,386 2,448,721
Capital and reserves
Called up share capital: 50,000 50,000
Other reserves: 751,928 751,928
Profit and loss account: 1,793,458 1,646,793
Shareholders funds: 2,595,386 2,448,721

The notes form part of these financial statements

KLC PROPERTIES LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 14 November 2023
and signed on behalf of the board by:

Name: Mr J W B Gibbs
Status: Director

The notes form part of these financial statements

KLC PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration receivable for rent.

Valuation and information policy

Investment propertyInvestment property, which is a property held to earn rentals and/or for capital appreciation, is initiallyrecognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequentlyit is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit or lossaccount.InvestmentsInvestments classified as current assets are initially measured at transaction price and subsequentlymeasured at fair value at each reporting date. Changes in fair value are recognised in the profit and lossaccount.

Other accounting policies

Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party tothe contractual provisions of the instrument.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using the effectiveinterest method unless the arrangement constitutes a financing transaction, where the transaction ismeasured at the present value of the future receipts discounted at a market rate of interest. Financial assetsclassified as receivable within one year are not amortised.Derecognition of financial assetsFinancial assets are derecognised only when the contractual rights to the cash flows from the asset expire orare settled, or when the company transfers the financial asset and substantially all the risks and rewards ofownership to another entity, or if some significant risks and rewards of ownership are retained but control ofthe asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.Basic financial liabilitiesBasic financial liabilities are initially recognised at transaction price unless the arrangement constitutes afinancing transaction, where the debt instrument is measured at the present value of the future paymentsdiscounted at a market rate of interest. Financial liabilities classified as payable within one year are notamortised.Derecognition of financial liabilitiesFinancial liabilities are derecognised when the company’s contractual obligations expire or are discharged orcancelled.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settledor the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when itrelates to items charged or credited directly to equity, in which case the deferred tax is also dealt with inequity.

KLC PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

2. Employees

2023 2022
Average number of employees during the period 2 2

KLC PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

3. Tangible Assets

Total
Cost £
At 01 September 2022 1,200,000
At 31 August 2023 1,200,000
Net book value
At 31 August 2023 1,200,000
At 31 August 2022 1,200,000

The investment property comprises of a commercial building. The fair value of the investment property hasbeen determined by the directors. The valuation was made on an open market value basis by reference tomarket evidence of transaction prices for similar properties. If investment properties were stated on an historical cost basis rather than a fair value basis, the amountswould have been included as £334,877 (2022 - £334,877).