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REGISTERED NUMBER: 08548729 (England and Wales)











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: Ms V I Karamali





REGISTERED OFFICE: 869 High Road
North Finchley
London
N12 8QA





REGISTERED NUMBER: 08548729 (England and Wales)






K2 KAYSQUARE LIMITED (REGISTERED NUMBER: 08548729)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 75
Investment property 5 864,632 864,632
864,632 864,707

CURRENT ASSETS
Debtors 6 6,961 9,685
Cash at bank 15,825 1,219
22,786 10,904
CREDITORS
Amounts falling due within one year 7 10,500 553,340
NET CURRENT ASSETS/(LIABILITIES) 12,286 (542,436 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

876,918

322,271

CREDITORS
Amounts falling due after more than one year 8 (1,029,235 ) (463,235 )

PROVISIONS FOR LIABILITIES (16,300 ) (16,300 )
NET LIABILITIES (168,617 ) (157,264 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Non distributable reserves 10 65,318 65,318
Retained earnings (243,935 ) (232,582 )
SHAREHOLDERS' FUNDS (168,617 ) (157,264 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 3 April 2024 and were signed by:





Ms V I Karamali - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% straight line method

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 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2022
and 31 May 2023 2,687
DEPRECIATION
At 1 June 2022 2,612
Charge for year 75
At 31 May 2023 2,687
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 75

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 864,632
NET BOOK VALUE
At 31 May 2023 864,632
At 31 May 2022 864,632

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 - 5,805
Other debtors 6,961 3,880
6,961 9,685

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,643 24,260
Taxation and social security 102 851
Other creditors 4,755 528,229
10,500 553,340

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 1,029,235 463,235

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 65,318

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.