Company Registration No. 12040553 (England and Wales)
Kiano Spaces Limited
Unaudited accounts
for the year ended 31 March 2024
Kiano Spaces Limited
Unaudited accounts
Contents
Kiano Spaces Limited
Company Information
for the year ended 31 March 2024
Directors
Yannis Marcou
Sarah Marcou
Company Number
12040553 (England and Wales)
Registered Office
28 Farnaby Road
Bromley
BR1 4BJ
United Kingdom
Accountants
Anumerate Limited
Office 2.05, Clockwise
Old Town Hall
30 Tweedy Road
Bromley
BR13FE
Kiano Spaces Limited
Statement of financial position
as at 31 March 2024
Investment property
700,000
700,000
Cash at bank and in hand
33,448
-
Creditors: amounts falling due within one year
(316,920)
(316,350)
Net current liabilities
(212,169)
(225,370)
Total assets less current liabilities
487,831
474,630
Creditors: amounts falling due after more than one year
(504,861)
(504,842)
Net liabilities
(17,030)
(30,212)
Called up share capital
2
2
Profit and loss account
(17,032)
(30,214)
Shareholders' funds
(17,030)
(30,212)
For the year ending 31 March 2024 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 31 July 2024 and were signed on its behalf by
Yannis Marcou
Director
Company Registration No. 12040553
Kiano Spaces Limited
Notes to the Accounts
for the year ended 31 March 2024
Kiano Spaces Limited is a private company, limited by shares, registered in England and Wales, registration number 12040553. The registered office is 28 Farnaby Road, Bromley, BR1 4BJ, United Kingdom.
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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company?s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Kiano Spaces Limited
Notes to the Accounts
for the year ended 31 March 2024
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fair value at 1 April 2023
700,000
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
The Directors are of the view that the current carrying value reflects fair market value as follows:
- Deansgate - £260,000
- Sherwood - £120,000
- Kenyon Lane - £100,000
- Green Quarter - £130,000
- Clock Tower - £90,000
Amounts falling due within one year
Other debtors
71,303
90,980
6
Creditors: amounts falling due within one year
2024
2023
Other creditors
113,151
112,966
Loans from directors
201,979
201,355
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
504,861
504,842
Creditors falling due after one year relate to mortgages held over properties purchased at Deansgate, Sherwood, Kenyon Lane, Green Quarter and Clock Tower. The balance represents the mortgage capital liability relating to the 5 properties and the remaining mortgage loan term is 23 years for Deansgate, Sherwood and Kenyon Lane, 28.5 years for Green Quarter and 28 years and 8 months for Clock Tower. The loans are secured against the properties and are repaid on an interest-only basis. Interest is paid monthly.
Kiano Spaces Limited
Notes to the Accounts
for the year ended 31 March 2024
Allotted, called up and fully paid:
1 A Ordinary shares of £1 each
1
1
1 B Ordinary shares of £1 each
1
1
9
Transactions with related parties
UXGateway Limited is a related party by virtue of having a Director in common. At 31 March 2024, the amount owed to UXGateway Limited was £112,966 (2023: £112,966). The loan is unsecured, interest-free and has no fixed terms of repayment.
At 31 March 2024 the Company owed the Directors £201,979 (2023: £201,355) in equal parts. Loans with the Director are unsecured, interest-free and carry no fixed terms of repayment.
Cyan Spaces Limited is a related party by virtue of having Directors in common. At 31 March 2024, Cyan Spaces Limited owed Kiano Spaces Limited £71,303 (2023: £71,303). The loan is unsecured, interest-free and has no fixed terms of repayment. The amount owed by Cyan Spaces Limited is reflected within Other Debtors above.
All transactions between related parties relate to the provision of cash for use in operational activity and acquisition of investments.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).