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Registered Number: 06168640
England and Wales

 

 

 

KR PROPERTY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Mr K J Buddell
Mr R J Pillar
Registered Number 06168640
Registered Office C3 Apollo Court
Neptune Park
Plymouth
PL4 0SJ
Accountants FUEL Accountancy Services Ltd
Chartered Certified Accountants
C3 Apollo Court
Neptune Park
Plymouth
PL4 0SJ
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 600,064    600,130 
600,064    600,130 
Current assets      
Debtors: amounts falling due within one year 4 397,162    397,256 
Cash at bank and in hand 893    18,949 
398,055    416,205 
Creditors: amount falling due within one year 5 (465,386)   (465,281)
Net current liabilities (67,331)   (49,076)
 
Total assets less current liabilities 532,733    551,054 
Creditors: amount falling due after more than one year 6 (101,837)   (109,295)
Provisions for liabilities 7 5,059    5,059 
Net assets 435,955    446,818 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 8 244,264    244,264 
Profit and loss account 191,591    202,454 
Shareholder's funds 435,955    446,818 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 November 2023 and were signed on its behalf by:


-------------------------------
Mr K J Buddell
Director
2
General Information
KR PROPERTY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06168640, registration address C3 Apollo Court, Neptune Park, Plymouth, PL4 0SJ.

The presentation currency is £ sterling.
1.

Accounting policies

Basis of preparation
These financial statements have been prepared in accordance with the provisions of Section 1A "Small
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 
Revenue from the sale of goods is recognised when the significant risks and rewards off ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. 
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property - 10% straight line
Plant & Machinery - 10% straight line
Fixtures & Fittings - 25% straight line
Motor Vehicles - 20% reducing balance
Computer Equipment - 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. 
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Land and buildings   Plant and machinery etc   Total
  £   £   £
At 01 April 2022 600,000    63,382    663,382 
Additions    
Disposals    
At 31 March 2023 600,000    63,382    663,382 
Depreciation
At 01 April 2022   63,252    63,252 
Charge for year   66    66 
On disposals    
At 31 March 2023   63,318    63,318 
Net book values
Closing balance as at 31 March 2023 600,000    64    600,064 
Opening balance as at 01 April 2022 600,000    130    600,130 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 2,122    2,122 
Other Debtors 395,040    395,134 
397,162    397,256 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 35,442    35,442 
Bank Loans & Overdrafts 8,168    9,382 
Other Creditors 421,776    420,457 
465,386    465,281 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 101,837    109,295 
101,837    109,295 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax (5,059)   (5,059)
(5,059)   (5,059)

8.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 244,264    244,264 
244,264    244,264 

9.

Related party transactions

The company was under the control of its directors throughout the year under review. Each of them has a 50% stake in the company. At the year end, included within other creditors due within one year are amounts owed to the directors, Mr K Buddell £188,717 (2022: £184,780) and Mr R Pillar £94,150 (2022: £94,150). 
Pillar Land Securities Ltd, a company controlled by Mr R J Pillar, has also made a loan to the company. At 31 March 2023, this loan amounted to £114,953 (2022: £114,953). This loan was on an interest free basis during the year under review. 

3