Company Registration No. 10914899 (England and Wales)
KJ & CJ Properties Limited
Unaudited accounts
for the year ended 31 March 2023
KJ & CJ Properties Limited
Unaudited accounts
Contents
KJ & CJ Properties Limited
Company Information
for the year ended 31 March 2023
Directors
Mr Kevin Williams
Mrs Janice Williams
Company Number
10914899 (England and Wales)
Registered Office
314 Main Road
Parson Drove
Wisbech
Cambridgeshire
PE13 4LF
Accountants
ABLM Associates
1 Werrington Mews
Church Street, Werrington
Peterborough
Cambridgeshire
PE4 6GJ
KJ & CJ Properties Limited
Statement of financial position
as at 31 March 2023
Tangible assets
5,706
11,181
Investment property
1,413,502
1,413,502
Cash at bank and in hand
3,856
1,745
Creditors: amounts falling due within one year
(58,569)
(58,850)
Net current liabilities
(50,009)
(52,788)
Total assets less current liabilities
1,369,199
1,371,895
Creditors: amounts falling due after more than one year
(383,928)
(387,618)
Net assets
985,271
984,277
Called up share capital
968,018
968,018
Profit and loss account
17,253
16,259
Shareholders' funds
985,271
984,277
For the year ending 31 March 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 23 December 2023 and were signed on its behalf by
Mr Kevin Williams
Director
Company Registration No. 10914899
KJ & CJ Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
KJ & CJ Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 10914899. The registered office is 314 Main Road, Parson Drove, Wisbech, Cambridgeshire, PE13 4LF.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 the Statement of comprehensive income.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles
25% reducing balance
Computer equipment
25% straight line
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
KJ & CJ Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Contributions to defined contribution plans are expensed in the period to which they relate.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
19,049
2,912
21,961
At 31 March 2023
19,049
2,912
21,961
At 1 April 2022
9,524
1,256
10,780
Charge for the year
4,763
712
5,475
At 31 March 2023
14,287
1,968
16,255
At 31 March 2023
4,762
944
5,706
At 31 March 2022
9,525
1,656
11,181
Fair value at 1 April 2022
1,413,502
At 31 March 2023
1,413,502
The 2022 valuations were made by the directors, on an open market value for existing use basis.
Amounts falling due within one year
Accrued income and prepayments
2,280
2,162
KJ & CJ Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
4,810
Taxes and social security
2,561
2,485
Other creditors
1,875
1,463
Loans from directors
54,133
50,092
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans
383,928
387,618
Bank loans falling due after more than one year totalling £387,598 (2021: £392,449) are secured by the company.
9
Transactions with related parties
During the year, transactions took place with a director. At the year end £54,133 (2022: £50,092) was owed to the director. This amount is shown within other creditors. The loan is interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).