Registration number:
Report of the Director and
for the
Year Ended 31 March 2023
for
KJL Property Management Limited
KJL Property Management Limited
Contents of the Financial Statements
for the Year Ended 31 March 2023
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
KJL Property Management Limited
Company Information
for the Year Ended 31 March 2023
Directors: |
J Liu K Peng C S Staley N M Miller |
Registered office: |
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Registered number: |
12324875 |
Accountants: |
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KJL Property Management Limited
(Registration number: 12324875)
Balance Sheet as at 31 March 2023
Note |
31.03.23 |
31.03.22 |
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£ |
£ |
£ |
£ |
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FIXED ASSETS |
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Investment property |
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CURRENT ASSETS |
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Debtors |
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- |
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Cash at bank and in hand |
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CREDITORS |
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Creditors within 1yr |
426,100 |
433,474 |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors
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PROVISIONS FOR LIABILITES |
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Net assets |
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CAPITAL AND RESERVES |
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Called up share capital |
100 |
100 |
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Investment property reserve |
151,200 |
150,000 |
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Profit and loss account |
19,381 |
10,127 |
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Shareholders' funds |
170,681 |
160,227 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
KJL Property Management Limited
(Registration number: 12324875)
Balance Sheet as at 31 March 2023 (continued)
......................................... |
KJL Property Management Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
1. |
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
2. |
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Taxation for the period 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 orsubstantively enacted by the balance sheet date.
KJL Property Management Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
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 period 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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Investment property
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
3. |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
KJL Property Management Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
4. |
INVESTMENT PROPERTY |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Fair value at 31 March 2023 is represented by:
£ |
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Cost |
465,681 |
Valuation in 2022 |
200,000 |
665,681 |
At the year end, the investment property was valued on an open market basis by the directors.
5. |
Creditors |
Creditors: amounts falling due within one year
Note |
31.03.23 |
31.03.22 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Included in other creditors is amount owed to the directors on which no interest or repayment terms have been set.
KJL Property Management Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
5 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
31.03.23 |
31.03.22 |
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Due after one year |
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Loans and borrowings |
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6. |
SECURED DEBTS |
The following secured debts are included within creditors:
31.03.23 |
31.03.22 |
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Other loans |
20,000 |
20,000 |
These are secured by a charge over the freehold property.
7. |
LOANS |
An analysis of the maturity of loans is given below:
31.03.23 |
31.03.22 |
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Amounts falling due within one year or on demand: |
4,000 |
4,000 |
Amounts falling due between one and two years: |
4,000 |
4,000 |
Amounts falling due between two and five years: |
12,000 |
12,000 |
Amounts falling due over five years: |
12,000 |
16,000 |