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Registration number: 10428078

Kosmos Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Kosmos Properties Limited

Contents

Accountants' Report

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kosmos Properties Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kosmos Properties Limited for the year ended 31 October 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.html

This report is made solely to the Board of Directors of Kosmos Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Kosmos Properties Limited and state those matters that we have agreed to state to the Board of Directors of Kosmos Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.comfactsheet163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kosmos Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kosmos Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Kosmos Properties Limited. You consider that Kosmos Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kosmos Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Graham Sunley & Co Limited
Chartered Certified Accountants
52 Front Street
Acomb
York
YO24 3BX

16 April 2024

 

Kosmos Properties Limited

(Registration number: 10428078)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

189,291

189,508

Investment property

5

-

163,000

 

189,291

352,508

Current assets

 

Debtors

6

-

15,167

Cash at bank and in hand

 

111,729

24,504

 

111,729

39,671

Creditors: Amounts falling due within one year

7

(165,787)

(156,965)

Net current liabilities

 

(54,058)

(117,294)

Total assets less current liabilities

 

135,233

235,214

Creditors: Amounts falling due after more than one year

7

(81,121)

(170,191)

Provisions for liabilities

-

(9,859)

Net assets

 

54,112

55,164

Capital and reserves

 

Called up share capital

8

1,000

1,000

Other reserves - non-distributable

-

34,699

Retained earnings - distributable

53,112

19,465

Shareholders' funds

 

54,112

55,164

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

 

Kosmos Properties Limited

(Registration number: 10428078)
Balance Sheet as at 31 October 2023

.........................................
Mr K M Johnson
Director

.........................................
Mrs J E Johnson
Director

 

Kosmos Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ash View
Husthwaite Road
Easingwold
York
North Yorkshire
YO61 3QF

These financial statements were authorised for issue by the Board on 16 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Kosmos Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

0% straight line

Fixutes and Fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Kosmos Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 November 2022

188,643

3,541

192,184

At 31 October 2023

188,643

3,541

192,184

Depreciation

At 1 November 2022

-

2,676

2,676

Charge for the year

-

217

217

At 31 October 2023

-

2,893

2,893

Carrying amount

At 31 October 2023

188,643

648

189,291

At 31 October 2022

188,643

865

189,508

Included within the net book value of land and buildings above is £188,643 (2022 - £188,643) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 November

163,000

Disposals

(163,000)

At 31 October

-

The investment property was sold during the year.

 

Kosmos Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Prepayments

-

15,167

 

-

15,167

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,351

7,547

Taxation and social security

 

10,057

561

Accruals and deferred income

 

800

763

Other creditors

 

148,579

148,094

 

165,787

156,965

Where security has been given to a lender, the security is on the properties held by the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

81,121

170,191

Creditors include bank loans and overdrafts which are secured of £81,121 (2022 - £170,191).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       
 

Kosmos Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(34,699)

(34,699)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(7,000)

(7,000)

Investments
2023
£

Total amount of revalued assets

163,000

Amount of revaluation brought forward

34,699

Amount of revaluation for the year

(34,699)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

81,121

170,191

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,351

7,547

11

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £Nil (2022 - £12,017). In the prior year, the company had incurred costs in relation to a deposit and legal fees on a new build that as at the year end was in the process of being built. The deposit was non refundable if the building was completed on time, however there was an opt out clause if there were delays on the completion. The company opted out in the current year and was refunded the deposit and legal fees.