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REGISTERED NUMBER: 13233405 (England and Wales)















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: P R Kay
F Kay





REGISTERED OFFICE: 15 The Quad
Atherleigh Business Park
Atherton
Manchester
Lancashire
M46 0SY





REGISTERED NUMBER: 13233405 (England and Wales)





ACCOUNTANTS: Percy Westhead & Company
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 4 267,613 267,613

CURRENT ASSETS
Debtors 5 878 -
Cash at bank 57,811 60,390
58,689 60,390
CREDITORS
Amounts falling due within one year 6 161,800 161,762
NET CURRENT LIABILITIES (103,111 ) (101,372 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,502

166,241

CREDITORS
Amounts falling due after more than one
year

7

151,291

161,371
NET ASSETS 13,211 4,870

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 13,111 4,770
13,211 4,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

P & F KAY PROPERTIES LIMITED (REGISTERED NUMBER: 13233405)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 17th September 2024 and were signed on its behalf by:





P R Kay - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 2 (2022 - 2 ) .

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 267,613
NET BOOK VALUE
At 31st December 2023 267,613
At 31st December 2022 267,613

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 878 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,080 9,618
Tax 1,957 1,119
VAT 13 1,320
Other creditors 147,156 147,155
Directors' current accounts 944 900
Accrued expenses 1,650 1,650
161,800 161,762

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,487 10,080
Bank loans - 2-5 years 34,185 32,797
Bank loans 106,619 118,494
151,291 161,371

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 161,371 170,989

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).