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Company registration number: 09442809
K W Properties Limited
Unaudited filleted financial statements
30 June 2023
K W Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
K W Properties Limited
Directors and other information
Directors Mr Simon Beadle
Mr Daniel Beadle
Company number 09442809
Registered office Hutton Moor Farm
Hutton Conyers
Ripon
North Yorkshire
HG4 5LZ
Business address Hutton Moor Farm
Hutton Conyers
Ripon
North Yorkshire
HG4 5LZ
Accountants The Barker Partnership Ltd
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
K W Properties Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 959,942 880,684
_______ _______
959,942 880,684
Current assets
Debtors 6 1,418 1,091
Cash at bank and in hand 71,941 70,647
_______ _______
73,359 71,738
Creditors: amounts falling due
within one year 7 ( 752,580) ( 824,214)
_______ _______
Net current liabilities ( 679,221) ( 752,476)
_______ _______
Total assets less current liabilities 280,721 128,208
Creditors: amounts falling due
after more than one year 8 ( 155,625) -
_______ _______
Net assets 125,096 128,208
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 2,970 2,970
Profit and loss account 122,026 125,138
_______ _______
Shareholders funds 125,096 128,208
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:
Mr Simon Beadle
Director
Company registration number: 09442809
K W Properties Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is K W Properties Limited, Hutton Moor Farm, Hutton Conyers, Ripon, North Yorkshire, HG4 5LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
The average monthly number of persons (including directors) employed by the company during the yearwas
5. Investments
Investment properties Total
£ £
Cost
At 1 July 2022 880,684 880,684
Additions 79,258 79,258
_______ _______
At 30 June 2023 959,942 959,942
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 959,942 959,942
_______ _______
At 30 June 2022 880,684 880,684
_______ _______
The investment property was valued at 30 June 2023 by the directors who have experience in the location and category of the investment property being valued.
6. Debtors
2023 2022
£ £
Trade debtors 995 995
Other debtors 423 96
_______ _______
1,418 1,091
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,971 -
Corporation tax - 5,786
Other creditors 748,609 818,428
_______ _______
752,580 824,214
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 155,625 -
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Kitchen Warehouse UK Ltd 77,856 ( 325,134) ( 708,772) ( 786,628)
_______ _______ _______ _______
Kitchen Warehouse UK Ltd & K W Properties Ltd are associated companies as they are both under the control of Mr. S & Mr. D Beadle. During the year ended 30th June 2023, K W Properties repaid £77,856 of the outstanding loan to Kitchen Warehouse UK Ltd. The balances are included within Other Creditors in note 7 of the accounts.