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REGISTERED NUMBER: 11220876 (England and Wales)









KIRN PROPERTY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


KIRN PROPERTY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: H Preston





REGISTERED OFFICE: 31 Compass House
Mariners Court
Plymouth
Devon
PL4 0BT





REGISTERED NUMBER: 11220876 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876)

ABRIDGED BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 662,661 511,821
662,661 511,821

CURRENT ASSETS
Debtors 679 643
Cash at bank 22,778 17,014
23,457 17,657
CREDITORS
Amounts falling due within one year 527,452 529,310
NET CURRENT LIABILITIES (503,995 ) (511,653 )
TOTAL ASSETS LESS CURRENT LIABILITIES 158,666 168

PROVISIONS FOR LIABILITIES 29,000 -
NET ASSETS 129,666 168

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 129,566 68
129,666 168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 21 November 2023 and were signed by:




H Preston - Director


KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Kirn Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below:

1. Valuation of Investment Property
As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation of the director. Although this has not been formally valued by a third party, this valuation has been verified by an industry expert. The director used observable market prices adjusted as necessary for any difference in the future plans for or condition of the specific asset. This has been reassessed and due to the improvement in the property market over the last few years, this as seen an increase in the property values.

Turnover
Turnover represents rents received from property rentals. This is recognised in accordance with the rental agreements for each property.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Creditors
Short term creditors are measured at the transaction price.

KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued

Investment property
In accordance with FRS 102, Investment properties are included in the financial statements initially at cost, and are subsequently reviewed at each reporting date to ensure they are carried at fair value in the financial statements.

The fair value of the properties were confirmed by annual reviews performed by the directors at each reporting date.

The directors consider the value of other similar properties on the market at the reporting date, together with a consideration of general market trends when reviewing the value of investment property.

These values are considered approximate to the fair value of the investment properties.

Any movements in the fair value of investment properties at each reporting date are recognised in the profit and loss account.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022
and 28 February 2023 1,729
DEPRECIATION
At 1 March 2022
and 28 February 2023 1,729
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 March 2022 511,821
Revaluations 150,840
At 28 February 2023 662,661
NET BOOK VALUE
At 28 February 2023 662,661
At 28 February 2022 511,821

These properties are held on a leasehold with two of the properties having 987 years remaining and the other property having 176 year remaining on the lease.

The directors have reviewed the market value of the property portfolio for the year ended 28 February 2023 and agree that a suitable value would be £662,661.

The original cost of the property portfolio was £511,821.

Cost or valuation at 28 February 2023 is represented by:
£   
Valuation in 2023 150,840
Cost 511,821
662,661