Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-30false2022-12-01falseNo description of principal activity32trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07705750 2022-12-01 2023-11-30 07705750 2021-12-01 2022-11-30 07705750 2023-11-30 07705750 2022-11-30 07705750 c:Director1 2022-12-01 2023-11-30 07705750 d:MotorVehicles 2022-12-01 2023-11-30 07705750 d:MotorVehicles 2023-11-30 07705750 d:MotorVehicles 2022-11-30 07705750 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07705750 d:OfficeEquipment 2022-12-01 2023-11-30 07705750 d:OfficeEquipment 2023-11-30 07705750 d:OfficeEquipment 2022-11-30 07705750 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07705750 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07705750 d:FreeholdInvestmentProperty 2023-11-30 07705750 d:FreeholdInvestmentProperty 2022-11-30 07705750 d:CurrentFinancialInstruments 2023-11-30 07705750 d:CurrentFinancialInstruments 2022-11-30 07705750 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07705750 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07705750 d:ShareCapital 2023-11-30 07705750 d:ShareCapital 2022-11-30 07705750 d:OtherMiscellaneousReserve 2023-11-30 07705750 d:OtherMiscellaneousReserve 2022-11-30 07705750 d:RetainedEarningsAccumulatedLosses 2023-11-30 07705750 d:RetainedEarningsAccumulatedLosses 2022-11-30 07705750 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 07705750 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 07705750 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 07705750 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 07705750 d:RetirementBenefitObligationsDeferredTax 2023-11-30 07705750 d:RetirementBenefitObligationsDeferredTax 2022-11-30 07705750 c:FRS102 2022-12-01 2023-11-30 07705750 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 07705750 c:FullAccounts 2022-12-01 2023-11-30 07705750 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07705750 2 2022-12-01 2023-11-30 07705750 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 07705750









K L TECHNOLOGIES (PROPERTIES) LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
K L TECHNOLOGIES (PROPERTIES) LTD
REGISTERED NUMBER: 07705750

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,079
56,702

Investment property
 5 
3,915,000
3,915,000

  
3,955,079
3,971,702

Current assets
  

Stocks
  
3,748,626
2,624,394

Debtors: amounts falling due within one year
 6 
32,773
44,138

Cash at bank and in hand
  
30,464
564,416

  
3,811,863
3,232,948

Creditors: amounts falling due within one year
 7 
(3,499,880)
(2,897,123)

Net current assets
  
 
 
311,983
 
 
335,825

Total assets less current liabilities
  
4,267,062
4,307,527

Provisions for liabilities
  

Deferred tax
 8 
(77,910)
(61,061)

Net assets
  
4,189,152
4,246,466


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
321,628
430,569

Profit and loss account
  
3,867,424
3,815,797

  
4,189,152
4,246,466


Page 1

 
K L TECHNOLOGIES (PROPERTIES) LTD
REGISTERED NUMBER: 07705750

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2024.




M Littlewood
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

K L Technologies (Properties) Ltd is a private company limited by shares, incorporated in England and Wales, with a company registration number of 07705750. The address of the registered office is Lodge Barn, 43 Low Road, Roydon, King's Lynn, Norfolk, PE32 1AN.
The financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are continually assessing the impact of the current economic climate. The company made a loss in the year, however it is not expected that this performance will continue in the future, and results are expected to improve going forwards. Therefore, the directors deem it appropriate to prepare the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue arises from rental income earned from the Company's property portfolio and is recognised when earned on the accruals basis.
Revenue arising from the sale of property is recognised on the completion of the sales contract.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20-25%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Stocks

Stocks represent properties under construction and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
78,130
5,586
83,716



At 30 November 2023

78,130
5,586
83,716



Depreciation


At 1 December 2022
21,428
5,586
27,014


Charge for the year on owned assets
16,623
-
16,623



At 30 November 2023

38,051
5,586
43,637



Net book value



At 30 November 2023
40,079
-
40,079



At 30 November 2022
56,702
-
56,702

Page 6

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
3,915,000



At 30 November 2023
3,915,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
3,525,432
3,525,432

Page 7

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
17,716
38,536

Prepayments and accrued income
15,057
5,602

32,773
44,138



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
68,377
87,109

Corporation tax
2,338
25,616

Other taxation and social security
1,558
5,621

Other creditors
3,424,307
2,775,537

Accruals and deferred income
3,300
3,240

3,499,880
2,897,123



8.


Deferred taxation




2023


£






At beginning of year
61,061


Charged to profit or loss
16,849



At end of year
77,910

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,020
10,773

Potential capital gains
67,940
51,635

Short term timing differences
(50)
(1,347)

77,910
61,061

Page 8

 
K L TECHNOLOGIES (PROPERTIES) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,219 (2022 - £4,445). In the year, £307 of contributions were payable to the fund at the Balance Sheet date (2022 - £539).


10.


Related party transactions

During the year N Littlewood, a director, received £3,800 (2022 - £1,940) for the provision of repairs and maintenance services.
At 1 December 2022, £2,775,000 was outstanding from a director. During the year additional loans of £625,000 were made, leaving £3,400,000 outstanding and included within other creditors as at 30 November 2023. The loan is interest free and repayable on demand.


11.


Controlling party

The ultimate parent undertaking is KLT Properties Holdings Limited by virtue of its shareholding in the Company.
By virtue of his direct shareholding and those held by his close family, the directors deem M Littlewood to be the ultimate controlling party.


Page 9