Registered number
03337400
Kanbi & Sons Limited
Filleted Accounts
30 June 2024
Kanbi & Sons Limited
Registered number: 03337400
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,511,128 5,511,128
Current assets
Debtors 4 1,097,950 1,100,000
Cash at bank and in hand 173,059 177,134
1,271,009 1,277,134
Creditors: amounts falling due within one year 5 (635,659) (631,308)
Net current assets 635,350 645,826
Total assets less current liabilities 6,146,478 6,156,954
Creditors: amounts falling due after more than one year 6 (2,611,207) (2,661,650)
Provisions for liabilities (361,438) (361,438)
Net assets 3,173,833 3,133,866
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 2,227,063 2,227,063
Profit and loss account 946,670 906,703
Shareholders' funds 3,173,833 3,133,866
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.
Mr L J Kanbi
Director
Approved by the board on 9 September 2024
Kanbi & Sons Limited
Notes to the Accounts
for the year ended 30 June 2024
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 sales made by the company as property dealing transactions
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 freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% per annum of cost
Investment Properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation , are measured initially at cost (purchase price and directly attributable expenditure) and subsequently are measured using the fair value model and stated at their fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors, these properties are held primarily for their investment potential and so their fair value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS 102 Section 16 "Investment Property" have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation . The amount of depreciation cannot reasonably be quantified and the amount which might otherwise has been shown cannot be separately identified or quantified.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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 initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 5,511,128 3,542 5,514,670
At 30 June 2024 5,511,128 3,542 5,514,670
Depreciation
At 1 July 2023 - 3,542 3,542
At 30 June 2024 - 3,542 3,542
Net book value
At 30 June 2024 5,511,128 - 5,511,128
At 30 June 2023 5,511,128 - 5,511,128
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,483,688 2,483,688
Cumulative depreciation based on historical cost - -
2,483,688 2,483,688
The fair value of the investment properties have been arrived at on the basis of valuations carried out on 31 March 2017 by Anderson Wilde & Harris, a firm of chartered surveyors. The valuations were made on an open market value basis by reference to the rentals receivable under the underlying lease agreements that were in place and the market rates.

The director, by taking into consideration the market conditions and the fact that the properties are leased out under a long term lease agreements, believes that the fair value of the properties as at the year end was not materially different by comparison to the above valuation. The director also consider the valuation at 30 June 2024 does not materially differ from the amount previously disclosed in the financial statements .

If investment properties were stated on an historical cost basis rather than a fair value basis, the carrying amounts would have been £2,483,688
4 Debtors 2024 2023
£ £
Other debtors 1,097,950 1,100,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 233,229 232,386
Taxation and social security costs 12,637 8,983
Other creditors 389,793 389,939
635,659 631,308
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,611,207 2,661,650
7 Revaluation reserve 2024 2023
£ £
At 1 July 2023 2,227,063 2,227,063
At 30 June 2024 2,227,063 2,227,063
8 Controlling party
The company is a wholly owned subsidiary of Kanbi Holdings Ltd, a company registered in England and Wales.
9 Other information
Kanbi & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Phillimore Gardens
London
NW10 3LL
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