2022-10-012023-09-302023-09-30false12227569KASSEM PROPERTIES 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KASSEM PROPERTIES LTD

Registered Number
12227569
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

KASSEM PROPERTIES LTD
Company Information
for the year from 1 October 2022 to 30 September 2023

Director

KASSEM, Ahmad Hossam, Dr

Registered Address

25 Frank Large Walk
Northampton
NN5 4UP

Registered Number

12227569 (England and Wales)
KASSEM PROPERTIES LTD
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets68671,445
Investment property7688,000499,000
688,867500,445
Current assets
Debtors88901,282
Cash at bank and on hand58,16718,066
59,05719,348
Creditors amounts falling due within one year9(607,731)(443,324)
Net current assets (liabilities)(548,674)(423,976)
Total assets less current liabilities140,19376,469
Provisions for liabilities10(25,490)(15,131)
Net assets114,70361,338
Capital and reserves
Called up share capital125125
Other reserves133,28478,191
Profit and loss account(18,706)(16,978)
Shareholders' funds114,70361,338
The financial statements were approved and authorised for issue by the Director on 29 January 2024, and are signed on its behalf by:
KASSEM, Ahmad Hossam, Dr
Director
Registered Company No. 12227569
KASSEM PROPERTIES LTD
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is Property Investment.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Investment property policy
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external 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.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
5.Employee information

20232022
Average number of employees during the year11
6.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 October 223901,3441,734
At 30 September 233901,3441,734
Depreciation and impairment
At 01 October 22186103289
Charge for year130448578
At 30 September 23316551867
Net book value
At 30 September 2374793867
At 30 September 222041,2411,445
7.Investment property

£
Fair value at 01 October 22499,000
Additions165,000
Fair value adjustments24,000
At 30 September 23688,000
8.Debtors

2023

2022

££
Trade debtors / trade receivables90-
Prepayments and accrued income8001,282
Total8901,282
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.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables-726
Bank borrowings and overdrafts395,275290,239
Taxation and social security2,160-
Other creditors208,736150,939
Accrued liabilities and deferred income1,5601,420
Total607,731443,324
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.
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)25,49015,131
Total25,49015,131