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Registration number: 04489713

KB Real Estate UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

KB Real Estate UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

KB Real Estate UK Limited

Company Information

Directors

Mr Jamie Wood

Mr Adrianus Cornelis Johannes Maria Kuijken

Mr Cornelis Sylvester Adrianus Maria Kuijken

Company secretary

Mr Jamie Wood

Registered office

Low Moor Business Park
Common Road
Low Moor
Bradford
West Yorkshire
BD12 0TL

Accountants

Smith Butler
Accountants & Business Advisors
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

KB Real Estate UK Limited

(Registration number: 04489713)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,784

2,379

Investment property

5

620,000

620,000

 

621,784

622,379

Current assets

 

Debtors

6

1,028,225

1,051,738

Cash at bank and in hand

 

236,852

205,761

 

1,265,077

1,257,499

Creditors: Amounts falling due within one year

7

(19,872)

(31,233)

Net current assets

 

1,245,205

1,226,266

Total assets less current liabilities

 

1,866,989

1,848,645

Provisions for liabilities

(36,439)

(36,854)

Net assets

 

1,830,550

1,811,791

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

153,900

153,900

Retained earnings

1,676,550

1,657,791

Shareholders' funds

 

1,830,550

1,811,791

 

KB Real Estate UK Limited

(Registration number: 04489713)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 January 2024 and signed on its behalf by:
 

.........................................
Mr Jamie Wood
Company secretary and director

 

KB Real Estate UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 and principal place of business is:
Low Moor Business Park
Common Road
Low Moor
Bradford
West Yorkshire
BD12 0TL

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 (2018) - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of investment property. Turnover is shown net of value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailling at the date of the transaction. Monetary assets and liabilities denominated in foregin currencies are retranslated into the resepctive functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

KB Real Estate UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Reducing balance - 25%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

KB Real Estate UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

KB Real Estate UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

24,366

24,366

At 31 December 2023

24,366

24,366

Depreciation

At 1 January 2023

21,987

21,987

Charge for the year

595

595

At 31 December 2023

22,582

22,582

Carrying amount

At 31 December 2023

1,784

1,784

At 31 December 2022

2,379

2,379

5

Investment properties

2023
£

At 1 January 2023 and 31 December 2023

620,000

The investment property held by the company was professionally valued on 6 April 2017 by Eddisons Taylors, an RICS approved surveyor. The directors are of the opinion that the current value of the investment property is not materially different to the value included in the balance sheet. The comparable historical cost value of the investment property held was £530,922.

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

1,027,813

1,051,344

Prepayments

 

412

394

   

1,028,225

1,051,738

 

KB Real Estate UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12,500

12,500

Taxation and social security

 

7,372

18,733

 

19,872

31,233

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Parent undertaking

The company's immediate parent is SE Logistics Holding BV, Abel Tasmanstraat 33, Rotterdam-Albandswaard, 3165 AM, Netherlands.

 The ultimate controlling party is Sinotrans (HK) Logistics Limited, 138 Hong Wan Road, Tsing Yi, Hong Kong.