Company Registration No. 13303808 (England and Wales)
KEN RILEY PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
KEN RILEY PROPERTY LTD
COMPANY INFORMATION
Directors
Mr K J Riley
Mrs H Riley
Company number
13303808
Registered office
10 Howard Street
Strensall
York
Yorkshire
YO32 5SS
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Tide Platform Limited
5th Floor
1 Appold St
London
EC2A 2UT
KEN RILEY PROPERTY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
KEN RILEY PROPERTY LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KEN RILEY PROPERTY LTD FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ken Riley Property Ltd for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ken Riley Property Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ken Riley Property Ltd and state those matters that we have agreed to state to the Board of Directors of Ken Riley Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ken Riley Property Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Ken Riley Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ken Riley Property Ltd. You consider that Ken Riley Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ken Riley Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Property Tax People Limited
30 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
KEN RILEY PROPERTY LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,348
-
0
Investment properties
4
285,000
156,659
291,348
156,659
Current assets
Debtors
5
2,630
1,685
Cash at bank and in hand
65,242
52,948
67,872
54,633
Creditors: amounts falling due within one year
6
(104,539)
(96,432)
Net current liabilities
(36,667)
(41,799)
Total assets less current liabilities
254,681
114,860
Creditors: amounts falling due after more than one year
7
(239,231)
(135,000)
Provisions for liabilities
9
(4,512)
-
0
Net assets/(liabilities)
10,938
(20,140)
Capital and reserves
Called up share capital
10
100
100
Non-distributable profits reserve
11
34,032
-
0
Distributable profit and loss reserves
(23,194)
(20,240)
Total equity
10,938
(20,140)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

KEN RILEY PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2024 and are signed on its behalf by:
Mr K J Riley
Director
Company Registration No. 13303808
KEN RILEY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Ken Riley Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Howard Street, Strensall, York, Yorkshire, YO32 5SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

KEN RILEY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

3
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
-
0
-
0
-
0
Additions
349
6,650
6,999
At 31 March 2023
349
6,650
6,999
Depreciation and impairment
At 1 April 2022
-
0
-
0
-
0
Depreciation charged in the year
97
554
651
At 31 March 2023
97
554
651
Carrying amount
At 31 March 2023
252
6,096
6,348
At 31 March 2022
-
0
-
0
-
0
KEN RILEY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 April 2022
156,659
Additions
86,326
Revaluations
42,015
At 31 March 2023
285,000

The directors consider the revaluation as reflective of the market value at the year end.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,630
1,685
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
104,539
96,432
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
194,231
135,000
Other creditors
45,000
-
0
239,231
135,000
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
194,231
135,000
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
KEN RILEY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
4,512
-
0
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
34,032
-
At the end of the year
34,032
-
12
Ultimate controlling party

There is no ultimate controlling party.

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