REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
K2 KAYSQUARE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
K2 KAYSQUARE LIMITED |
K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
K2 KAYSQUARE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserves | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
K2 Kaysquare Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
TURNOVER |
Turnover represents rent receivable excluding value added tax. |
TANGIBLE FIXED ASSETS |
Computer equipment | - |
INVESTMENT PROPERTY |
Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement.Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2023 | 864,632 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 864,632 | 864,632 |
Investment property was valued on a fair value basis basis on 31 May 2023 by the director . |
K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
The bank loan providers have a fixed and floating charge over the investment properties of the company. |
10. | RESERVES |
Non |
distributable |
reserves |
£ |
At 1 June 2022 |
and 31 May 2023 |
11. | RELATED PARTY DISCLOSURES |
Included in creditors, amounts falling due within one year, is an interest free amount of £755 (2022: £521,101) owed to Levante Design and Management Limited. The companies are connected by the fact that Mr M Karamalis, who is a director of K2 kaysquare Limited is also a shareholder of Levante Design and Management Limited. |
Included in creditors amount falling due after more than one year is a loan of £1,029,235 (2022: £463,235) owed to the company's shareholders. Interest amounting to £3,796 (2022: £9,655) has been charged in the company's accounts in respect of this loan. |
12. | ULTIMATE CONTROLLING PARTY |
During the year under review, the company was under the common control of G Karamalis and K Karamalis. |