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Registered number: 11594101









KH PROPERTIES (CAMBRIDGE) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KH PROPERTIES (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 11594101

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
10,034
9,680

Investment property
 5 
5,901,691
5,866,961

  
5,911,725
5,876,641

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
4,225
10,179

Cash at bank and in hand
  
29,242
38,661

  
33,467
48,840

Creditors: amounts falling due within one year
 7 
(605,330)
(586,449)

NET CURRENT LIABILITIES
  
 
 
(571,863)
 
 
(537,609)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,339,862
5,339,032

Creditors: amounts falling due after more than one year
 8 
(2,071,315)
(2,179,595)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 9 
(288,492)
(287,625)

  
 
 
(288,492)
 
 
(287,625)

NET ASSETS
  
2,980,055
2,871,812


CAPITAL AND RESERVES
  

Called up share capital 
 10 
300
300

Share premium account
  
1,944,644
1,944,644

Investment property revaluation reserve
  
676,972
676,972

Profit and loss account
  
358,139
249,896

  
2,980,055
2,871,812


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.

Page 1

 
KH PROPERTIES (CAMBRIDGE) LIMITED
REGISTERED NUMBER: 11594101
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 by: 




I K Kingsley
Director

Date: 5 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
KH PROPERTIES (CAMBRIDGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

KH Properties (Cambridge) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 31 Godwin Way, Cambridge, United Kingdom, CB1 8QW.
The Company's functional and presentational currency is GBP.

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

TURNOVER

Turonver comprises rental income recognised by the Company during the period, exclsuive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised over the period to which the rental income relates.

 
2.3

INTEREST INCOME

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

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
KH PROPERTIES (CAMBRIDGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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 income 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.

 
2.7

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:

Fixtures and fittings
-
5 years

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.

Page 4

 
KH PROPERTIES (CAMBRIDGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and based on professional advice received 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 the Profit and Loss Account.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

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.

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

DIVIDENDS

Equity dividends are recognised when they become legally payable.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 5

 
KH PROPERTIES (CAMBRIDGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



COST


At 1 January 2023
12,100


Additions
3,467



At 31 December 2023

15,567



DEPRECIATION


At 1 January 2023
2,420


Charge for the year on owned assets
3,113



At 31 December 2023

5,533



NET BOOK VALUE



At 31 December 2023
10,034



At 31 December 2022
9,680


5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 January 2023
5,866,961


Additions at cost
34,730



AT 31 DECEMBER 2023
5,901,691

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




Page 6

 
KH PROPERTIES (CAMBRIDGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


DEBTORS

2023
2022
£
£


Prepayments and accrued income
4,225
10,179



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
8,580
8,580

Corporation tax
32,362
12,395

Other creditors
534,063
43,563

Accruals and deferred income
30,325
521,911

605,330
586,449


Bank loans due within one year are as follows:
- £8,580 (2022 - £8,580) from the Bounce Back Loan Scheme, which was taken out in September 2020. The loan is guaranteed by the Government and interest is charged at 2.5%.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
2,071,315
2,179,595


Bank loans due after more than one year are split as follows:
- £2,056,300 (2022 - £2,156,000) secured by legal mortgages on the Company's investment properties.
- £15,015 (2022 - £23,595) from the Bounce Back Loan Scheme, which was taken out in September 2020. The loan is guaranteed by the Government and interest is charged at 2.5%.

Page 7

 
KH PROPERTIES (CAMBRIDGE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(287,625)
(46,476)


Charged to profit or loss
(867)
(241,149)



AT END OF YEAR
(288,492)
(287,625)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(288,492)
(287,625)

(288,492)
(287,625)


10.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



200 (2022 - 200) Ordinary shares of £1.00 each
200
200
100 (2022 - 100) Ordinary A shares of £1.00 each
100
100

300

300


 
Page 8