Registered number
06526348
KULLAR ENTERPRISES LTD
Filleted Accounts
28 February 2023
KULLAR ENTERPRISES LTD
Registered number: 06526348
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,796,497 2,793,993
Current assets
Cash at bank and in hand 307,900 272,912
Creditors: amounts falling due within one year 4 (679,301) (855,008)
Net current liabilities (371,401) (582,096)
Total assets less current liabilities 2,425,096 2,211,897
Creditors: amounts falling due after more than one year 5 (2,151,595) (1,941,227)
Net assets 273,501 270,670
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 272,501 269,670
Shareholders' funds 273,501 270,670
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A S Kullar
Director
Approved by the board on 30 April 2024
KULLAR ENTERPRISES LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the amount received for rents charged during the year exclusive of VAT.
Tangible fixed assets
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 investment properties, 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 - 20% per annum on cost
Fixtures, fittings and equipment - 15% per annum on cost
Investments
In accordance with Financial Reporting Standard for Smaller Entities (effective January 2015) no depreciation is provided in respect of freehold properties held as investments. This is a depature from the requirements of the Companies Act 2006 which require all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannnot be seperately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment properties Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 2,791,362 10,932 4,825 2,807,119
Additions 3,250 - - 3,250
At 28 February 2023 2,794,612 10,932 4,825 2,810,369
Depreciation
At 1 March 2022 - 8,302 4,824 13,126
Charge for the year - 746 - 746
At 28 February 2023 - 9,048 4,824 13,872
Net book value
At 28 February 2023 2,794,612 1,884 1 2,796,497
At 28 February 2022 2,791,362 2,630 1 2,793,993
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (secured) 89,640 375,423
Trade creditors 441,057 348,225
Accrued expenses 4,200 6,150
Taxation and social security costs 58,377 56,719
Other creditors 86,027 68,491
679,301 855,008
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans (secured) 897,162 680,726
Shareholders loans 1,254,433 1,260,501
2,151,595 1,941,227
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 559,802 38,645
Secured bank loans 986,802 1,056,149
The bank loan is secured by a charge over the investment properties owned by the
company.
7 Other information
KULLAR ENTERPRISES LTD is a private company limited by shares and incorporated in England. Its registered office is:
128A Evington Road
Leicester
LE2 1HL
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