KMLP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
KMLP LIMITED
COMPANY INFORMATION
Directors
Mrs K.M.Titley
Ms. L. Titley
(Appointed 1 June 2022)
Ms. M.Titley
(Appointed 1 June 2022)
Company number
12668532 (England and Wales)
Registered office
Unit 2, Second Avenue
Poynton Industrial Estate
Poynton
Cheshire
SK12 1ND
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
KMLP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KMLP LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,811,934
3,811,934
Current assets
Debtors
4
59,805
69,360
Cash at bank and in hand
694,116
652,387
753,921
721,747
Creditors: amounts falling due within one year
5
(19,541)
(17,410)
Net current assets
734,380
704,337
Net assets
4,546,314
4,516,271
Capital and reserves
Called up share capital
6
4,500,102
4,500,102
Profit and loss reserves
46,212
16,169
Total equity
4,546,314
4,516,271
The notes on pages 2 - 4 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 January 2024 and are signed on its behalf by:
Mrs K.M.Titley
Director
Company Registration No. 12668532
KMLP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
KMLP Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Second Avenue, Poynton Industrial Estate, Poynton, Cheshire, SK12 1ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income from the letting of properties.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or 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 account date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
KMLP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
1
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
3,811,934
The directors have valued the company's investment properties at 31st May 2023 on an open market value basis by reference to market evidence of transaction prices for similar properties.
KMLP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,589
14,023
Amounts due from related parties
41,206
46,679
Prepayments and accrued income
4,010
8,658
59,805
69,360
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
7,448
10,085
Other taxation and social security
800
Accruals and deferred income
11,293
7,325
19,541
17,410
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
K Ordinary shares of £1 each
4,500,102
4,500,102
4,500,102
4,500,102