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REGISTERED NUMBER: 10955014 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Klas Homes & Lettings Limited

Klas Homes & Lettings Limited (Registered number: 10955014)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Klas Homes & Lettings Limited (Registered number: 10955014)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Investment property 4 925,000 1,255,000

CURRENT ASSETS
Debtors 5 100 100
Cash at bank 19,170 11,969
19,270 12,069
CREDITORS
Amounts falling due within one year 6 (283,552 ) (361,482 )
NET CURRENT LIABILITIES (264,282 ) (349,413 )
TOTAL ASSETS LESS CURRENT LIABILITIES 660,718 905,587

CREDITORS
Amounts falling due after more than one
year

7

(585,582

)

(826,050

)

PROVISIONS FOR LIABILITIES (34,294 ) (29,155 )
NET ASSETS 40,842 50,382

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 102,882 116,622
Retained earnings (62,140 ) (66,340 )
SHAREHOLDERS' FUNDS 40,842 50,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Klas Homes & Lettings Limited (Registered number: 10955014)

Balance Sheet - continued
31 May 2024


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

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 18 September 2024 and were signed on its behalf by:





Mr A S Darke - Director


Klas Homes & Lettings Limited (Registered number: 10955014)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Klas Homes & Lettings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10955014

Registered office: Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current 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 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 2 (2023 - 2 ) .

Klas Homes & Lettings Limited (Registered number: 10955014)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 1,255,000
Disposals (321,399 )
Revaluations (8,601 )
At 31 May 2024 925,000
NET BOOK VALUE
At 31 May 2024 925,000
At 31 May 2023 1,255,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2021 36,266
Valuation in 2023 109,511
Valuation in 2024 (8,601 )
Cost 787,824
925,000

Investment Property was valued on an open market basis on 31 May 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 100 100

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Taxation and social security 3,314 -
Other creditors 280,238 361,482
283,552 361,482

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 585,582 826,050

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years non instalment 585,582 826,050

Klas Homes & Lettings Limited (Registered number: 10955014)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. RESERVES
Fair
value
reserve
£   
At 1 June 2023 116,622
Revaluation (13,740 )

At 31 May 2024 102,882