Company registration number: 07962285
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
28 FEBRUARY 2023
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KATANA RESIDENTIAL LIMITED
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KATANA RESIDENTIAL LIMITED
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COMPANY INFORMATION
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KATANA RESIDENTIAL LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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KATANA RESIDENTIAL LIMITED
REGISTERED NUMBER:07962285
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STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 5 form part of these financial statements.
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KATANA RESIDENTIAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Katana Residential Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and trading address are provided in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied to all years presented unless otherwise stated.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The turnover shown in the Profit and Loss Account represents amounts receivable for rent during the year in the normal course of business.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Investment property is carried at fair value determined annually by its directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
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KATANA RESIDENTIAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Freehold investment property
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The directors do not consider that the investment properties have changed in value since 29 February 2021. In forming their opinion the directors have considered their own knowledge and experience of the market.
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KATANA RESIDENTIAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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Prepayments and accrued income
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Current asset investments
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The bank loans are secured by way of a legal charge on the company's investment properties and a £200,000 personal guarantee from A S B Dyball, a director of the company.
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Creditors: Amounts falling due after more than one year
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The bank loans are secured by way of a legal charge on the company's investment properties and a £200,000 personal guarantee from A S B Dyball, a director of the company.
The other creditor is secured on one of the company's investment properties.
Included within creditors falling due after more than one year is an amount of £216,187 (2022: £233,485) in respect
of liabilities which fall due for payment after more than five years from the balance sheet date.
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KATANA RESIDENTIAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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Related party transactions
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As at 28 February 2023, the company owed A S B Dyball and C E Dyball, directors of the company, £2,557,167 (2022: £2,257,167). The loan is interest free.
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