Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Rachael Clare Hushon 19/11/2016 Rachael Clare Hushon 09/11/2016 Paul Djorjde Karakusevic 28/08/2007 Paul Karakusevic 26 July 2024 The principal activity of the Company during the financial year was the letting of commercial and residential properties. 06354246 2023-12-31 06354246 bus:Director1 2023-12-31 06354246 bus:Director2 2023-12-31 06354246 bus:Director3 2023-12-31 06354246 2022-12-31 06354246 core:CurrentFinancialInstruments 2023-12-31 06354246 core:CurrentFinancialInstruments 2022-12-31 06354246 core:Non-currentFinancialInstruments 2023-12-31 06354246 core:Non-currentFinancialInstruments 2022-12-31 06354246 core:ShareCapital 2023-12-31 06354246 core:ShareCapital 2022-12-31 06354246 core:RetainedEarningsAccumulatedLosses 2023-12-31 06354246 core:RetainedEarningsAccumulatedLosses 2022-12-31 06354246 core:LandBuildings 2022-12-31 06354246 core:OtherPropertyPlantEquipment 2022-12-31 06354246 core:LandBuildings 2023-12-31 06354246 core:OtherPropertyPlantEquipment 2023-12-31 06354246 core:CurrentFinancialInstruments core:Secured 2023-12-31 06354246 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-12-31 06354246 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2022-12-31 06354246 2021-12-31 06354246 bus:OrdinaryShareClass1 2023-12-31 06354246 2023-01-01 2023-12-31 06354246 bus:FilletedAccounts 2023-01-01 2023-12-31 06354246 bus:SmallEntities 2023-01-01 2023-12-31 06354246 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06354246 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06354246 bus:Director1 2023-01-01 2023-12-31 06354246 bus:Director2 2023-01-01 2023-12-31 06354246 bus:Director3 2023-01-01 2023-12-31 06354246 bus:Director4 2023-01-01 2023-12-31 06354246 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 06354246 2022-01-01 2022-12-31 06354246 core:LandBuildings 2023-01-01 2023-12-31 06354246 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06354246 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 06354246 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 06354246 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06354246 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06354246 (England and Wales)

K&C AT THE GYMNASIUM LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

K&C AT THE GYMNASIUM LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

K&C AT THE GYMNASIUM LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
K&C AT THE GYMNASIUM LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Rachael Clare Hushon
Rachael Clare Hushon
Paul Djorjde Karakusevic
SECRETARY Laura Cobb
REGISTERED OFFICE Studio 501 37 Cremer Street
Hackney
London
E2 8HD
England
United Kingdom
COMPANY NUMBER 06354246 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
K&C AT THE GYMNASIUM LIMITED

BALANCE SHEET

As at 31 December 2023
K&C AT THE GYMNASIUM LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 25,000 28,280
Investment property 4 6,225,001 3,230,949
6,250,001 3,259,229
Current assets
Debtors 5 58,428 16,575
Cash at bank and in hand 6 119,285 165,499
177,713 182,074
Creditors: amounts falling due within one year 7 ( 1,191,083) ( 1,224,899)
Net current liabilities (1,013,370) (1,042,825)
Total assets less current liabilities 5,236,631 2,216,404
Creditors: amounts falling due after more than one year 8 ( 780,806) ( 884,464)
Provision for liabilities 9 ( 595,118) 0
Net assets 3,860,707 1,331,940
Capital and reserves
Called-up share capital 10 2 2
Profit and loss account 3,860,705 1,331,938
Total shareholders' funds 3,860,707 1,331,940

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of K&C At The Gymnasium Limited (registered number: 06354246) were approved and authorised for issue by the Board of Directors on 26 July 2024. They were signed on its behalf by:

Paul Karakusevic
Director
K&C AT THE GYMNASIUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
K&C AT THE GYMNASIUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

K&C At The Gymnasium Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Studio 501 37 Cremer Street, Hackney, London, E2 8HD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of rent received or receivable, and is shown net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 25,000 338,858 363,858
At 31 December 2023 25,000 338,858 363,858
Accumulated depreciation
At 01 January 2023 0 335,578 335,578
Charge for the financial year 0 3,280 3,280
At 31 December 2023 0 338,858 338,858
Net book value
At 31 December 2023 25,000 0 25,000
At 31 December 2022 25,000 3,280 28,280

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 3,230,949
Fair value movement 2,994,052
As at 31 December 2023 6,225,001

Valuation

The directors of K&C At The Gymnasium Limited conducted a valuation of an investment property. The directors used the market approach to value the investment properties based on transactions involving comparable properties. The directors believe their knowledge of the property market and specific insights into the company's property portfolio provide a reliable basis for the valuation.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 3,230,949 3,230,949

5. Debtors

2023 2022
£ £
Trade debtors 48,600 0
Other debtors 9,828 16,575
58,428 16,575

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 119,285 165,499

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 107,977 107,060
Trade creditors 0 25
Amounts owed to connected persons 949,359 901,905
Corporation tax 41,021 33,732
Other taxation and social security 8,020 7,394
Other creditors 84,706 174,783
1,191,083 1,224,899

The company's bank loans are secured by way of mortgages over the company's leasehold and freehold properties.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 780,806 884,464

The company's bank loans are secured by way of mortgages over the company's leasehold and freehold properties.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 595,118) 0
At the end of financial year ( 595,118) 0

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to entities under the control of a director (867,360) (901,906)
Amounts owed to the directors (228) (82,228)

The balances are interest free and repayable on demand.