Company Registration No. 12934949 (England and Wales)
Kuteera Properties Ltd
Unaudited accounts
for the year ended 31 October 2023
Kuteera Properties Ltd
Unaudited accounts
Contents
Kuteera Properties Ltd
Statement of financial position
as at 31 October 2023
Investment property
566,000
326,000
Cash at bank and in hand
3,652
12,074
Creditors: amounts falling due within one year
(28,240)
(46,059)
Net current liabilities
(24,588)
(33,985)
Total assets less current liabilities
541,412
292,015
Creditors: amounts falling due after more than one year
(454,393)
(270,702)
Provisions for liabilities
Deferred tax
(37,893)
(19,753)
Called up share capital
2
2
Profit and loss account
49,124
1,558
Shareholders' funds
49,126
1,560
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2024 and were signed on its behalf by
Gururaj Kulkarni
Director
Company Registration No. 12934949
Kuteera Properties Ltd
Notes to the Accounts
for the year ended 31 October 2023
Kuteera Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 12934949. The registered office is 7 Molescroft, London, SE9 3JU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property, which is property held to earn rentals and 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 gain or loss on revaluation is recognised in the profit and loss account.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover represents rental income arising from the investment property.
Fair value at 1 November 2022
326,000
Net gain from fair value adjustments
82,455
At 31 October 2023
566,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to rental income and rental yields.
Kuteera Properties Ltd
Notes to the Accounts
for the year ended 31 October 2023
5
Creditors: amounts falling due within one year
2023
2022
Other creditors
15,940
7,360
Loans from directors
11,100
37,499
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
204,393
157,162
Loans from directors
250,000
-
7
Average number of employees
During the year the average number of employees was 2 (2022: 1).