Company Registration No. 12751686 (England and Wales)
KUDOS REAL ESTATE LTD
Unaudited accounts
for the year ended 31 July 2023
KUDOS REAL ESTATE LTD
Unaudited accounts
Contents
KUDOS REAL ESTATE LTD
Company Information
for the year ended 31 July 2023
Directors
Jaffar Al-Najim Mohammed Ali
Hannan Al-Tahan
Company Number
12751686 (England and Wales)
Registered Office
24 THE PHILLIPERS
WATFORD
WD25 9SP
ENGLAND
KUDOS REAL ESTATE LTD
Statement of financial position
as at 31 July 2023
Investment property
386,262
386,262
Cash at bank and in hand
7,651
2,121
Creditors: amounts falling due within one year
(132,110)
(130,300)
Net current liabilities
(124,059)
(127,979)
Total assets less current liabilities
262,203
258,283
Creditors: amounts falling due after more than one year
(265,283)
(267,625)
Net liabilities
(3,080)
(9,342)
Called up share capital
100
100
Profit and loss account
(3,180)
(9,442)
Shareholders' funds
(3,080)
(9,342)
For the year ending 31 July 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 19 April 2024 and were signed on its behalf by
Jaffar Al-Najim Mohammed Ali
Director
Company Registration No. 12751686
KUDOS REAL ESTATE LTD
Notes to the Accounts
for the year ended 31 July 2023
KUDOS REAL ESTATE LTD is a private company, limited by shares, registered in England and Wales, registration number 12751686. The registered office is 24 THE PHILLIPERS, WATFORD, WD25 9SP, ENGLAND.
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 freehold properties and to include investment properties and certain financial instruments at fair value.
The accounts are presented in £ sterling.
Turnover represents rent receivable on letting of own properties.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered .
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call and banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
KUDOS REAL ESTATE LTD
Notes to the Accounts
for the year ended 31 July 2023
The Director has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern.
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Fair value at 1 August 2022
386,262
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 July 2023 by the Directors. The valuation was made on an open market value basis by reference to rental yields and market conditions.
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Loans from directors
131,360
129,550
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
265,283
267,625
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).