Registered number
03846959
K.C.Y. Limited
Filleted Accounts
28 February 2023
K.C.Y. Limited
Registered number: 03846959
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 20,438 5,323
Investment property 4 11,209,230 11,209,230
11,229,668 11,214,553
Current assets
Debtors 5 80,802 2,950
Cash at bank and in hand 845,439 679,826
926,241 682,776
Creditors: amounts falling due within one year 6 (369,059) (325,255)
Net current assets 557,182 357,521
Total assets less current liabilities 11,786,850 11,572,074
Creditors: amounts falling due after more than one year 7 (4,100,000) (4,100,000)
Provisions for liabilities (951,501) (951,501)
Net assets 6,735,349 6,520,573
Capital and reserves
Called up share capital 100 100
Share premium 967 967
Fair value reserve 9 3,806,006 3,806,006
Profit and loss account 2,928,276 2,713,500
Shareholder's funds 6,735,349 6,520,573
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Yiannakis
Director
Approved by the board on 23 November 2023
K.C.Y. Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents net rent receivable for the year excluding value added tax, except in respect of rent receivable where turnover is recognised when the company obtains right to consideration.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on reducing balance
Investment property
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to fair value reserve.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 69,762 44,535 114,297
Additions 21,928 - 21,928
At 28 February 2023 91,690 44,535 136,225
Depreciation
At 1 March 2022 65,247 43,727 108,974
Charge for the year 6,611 202 6,813
At 28 February 2023 71,858 43,929 115,787
Net book value
At 28 February 2023 19,832 606 20,438
At 28 February 2022 4,515 808 5,323
4 Investment property Total
£
Fair value
At 1 March 2022 11,209,230
Additions -
Revaluations -
Disposals -
At 28 February 2023 11,209,230
Net book value
At 28 February 2023 11,209,230
At 28 February 2022 11,209,230
Investment properties were valued at fair value basis in February 2020 by Christian Glazier, MRICS of BNP Paribas. The directors stated that value of the properties as at the balance sheet date would not be materially different from this valuation.
5 Debtors 2023 2022
£ £
Trade debtors 4,050 -
Amounts owed by related undertakings 51,824 2,950
Other debtors 24,928 -
80,802 2,950
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,494 1,403
Director's current account 306,845 259,985
Taxation and social security costs 54,040 61,160
VAT liability - 1,037
Net wages payable 6,680 1,670
369,059 325,255
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,100,000 4,100,000
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 4,100,000 4,100,000
The company’s banking facilities are secured by a mortgage debenture incorporating fixed and floating charge over all current and future assets of the company and by mortgage over properties.
9 Fair value reserve 2023 2022
£ £
At 1 March 2022 3,806,006 3,806,006
At 28 February 2023 3,806,006 3,806,006
10 Related party transactions
Dividends in the sum of £32,000 (2022: £33,000) were declared in favour of Mr C Yiannakis who is a shareholding director of the company.
Included within the debtors is an amount of £4,535 (2022: £2,950) owed from PPM Estates Limited, a related company in which Mr C Yiannakis is a director and shareholder.
Included within the debtors is an amount of £47,289 owed from K.C.Y. Catering Limited, a related company in which Mr C Yiannakis is a director and shareholder.
11 Controlling party
The ultimate controlling party is Mr C Yiannakis. His control comes by virtue of shareholding, directorship and day to day running of the business.
12 Other information
K.C.Y. Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Long Drive
South Ruislip
Middlesex
HA4 0HG
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