Company registration number 10400052 (England and Wales)
K1 ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
K1 ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
K1 ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
569
Investment properties
4
932,223
932,223
932,223
932,792
Current assets
Debtors
4,305
4,305
Creditors: amounts falling due within one year
5
(624,137)
(664,137)
Net current liabilities
(619,832)
(659,832)
Net assets
312,391
272,960
Capital and reserves
Called up share capital
6
3
3
Revaluation reserve
7
86,186
86,186
Profit and loss reserves
226,202
186,771
Total equity
312,391
272,960

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr K A Evans
Director
Company Registration No. 10400052
K1 ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

K1 Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Llantrisant Business Park, Llantrisant, Pontyclun, CF72 8LF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from residential lettings is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for services provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight line
1.4
Investment properties

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 at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

K1 ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023 and 31 March 2024
5,460
Depreciation and impairment
At 1 April 2023
4,891
Depreciation charged in the year
569
At 31 March 2024
5,460
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
569
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
932,223

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors as at 31 March 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
624,137
664,137
K1 ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
300
300
3
3
7
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
86,186
86,186
8
Related party transactions

The company has an existing loan with K1 Logistics Limited. At the year end the amount owed to K1 Logistics Limited was £624,137 (2023 - £664,137), this amount is included in creditors: amounts falling due within one year. Mr K Evans, Mrs S Evans and Mr S Jones are directors of both K1 Logistics Limited and K1 Estates Limited.

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