REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
P & F KAY PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
P & F KAY PROPERTIES LIMITED |
P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
P & F KAY PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Hanover House |
30-32 Charlotte Street |
Manchester |
M1 4FD |
P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
P & F Kay Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of value added tax and other sales taxes. |
Rental income from investment property is included in the income statement in the period in which it arises under the relevant tenancy agreement. |
Investment property |
Investment property is measured at fair value at each reporting date with changes in fair value recognised in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Investment property acquired is included at cost, which, in the opinion of the directors, fairly represents the estimated market value of the property at 31st December 2023. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Tax |
VAT | 13 | 1,320 |
Other creditors |
Directors' current accounts | 944 | 900 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 106,619 | 118,494 |
P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by a first legal charge over the relevant investment property dated 16th June 2021, a debenture over the property and assets of the company dated 5th July 2021 and an omnibus guarantee and set off agreement between Cover-Rule Limited, P & F Kay Properties Limited and Lloyds Bank Plc dated 16th June 2021. |
9. | RELATED PARTY DISCLOSURES |
During the period the company received an interest-free loan from Cover-Rule Limited, a company under the same control as P & F Kay Properties Limited. The amount due to Cover-Rule Limited at 31st December 2023 was £147,155 (2022 £147,155). |