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Company registration number: 09917940
KMT Properties Ltd
Unaudited filleted financial statements
31 December 2023
KMT Properties Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
KMT Properties Ltd
Directors and other information
Director K Masterton-Taylor
Secretary K Masterton-Taylor
Company number 09917940
Registered office 76 Lord Street
Fleetwood
Lancashire
FY7 6UN
Business address 76 Lord Street
Fleetwood
Lancashire
FY7 6UN
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancashire
PR1 1LD
KMT Properties Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of KMT Properties Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KMT Properties Ltd for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of KMT Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of KMT Properties Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KMT Properties Ltd and its director as a body for our work or for this report.
It is your duty to ensure that KMT Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KMT Properties Ltd. You consider that KMT Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KMT Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancashire
PR1 1LD
KMT Properties Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 618,754 619,759
_______ _______
618,754 619,759
Current assets
Debtors 6 53,980 -
Cash at bank and in hand 1,080 -
_______ _______
55,060 -
Creditors: amounts falling due
within one year 7 ( 108,348) ( 157,711)
_______ _______
Net current liabilities ( 53,288) ( 157,711)
_______ _______
Total assets less current liabilities 565,466 462,048
Creditors: amounts falling due
after more than one year 8 ( 386,951) ( 297,305)
Provisions for liabilities ( 45,902) ( 42,094)
_______ _______
Net assets 132,613 122,649
_______ _______
Capital and reserves
Called up share capital 1 1
Fair value reserve 138,336 138,336
Profit and loss account ( 5,724) ( 15,688)
_______ _______
Shareholder funds 132,613 122,649
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
K Masterton-Taylor
Director
Company registration number: 09917940
KMT Properties Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 76 Lord Street, Fleetwood, Lancashire, FY7 6UN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the rents receivable for the period, net of any discounts. Income is recognised at the point the company becomes legally entitled to receive it.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets (excluding investment property)
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.The director has deemed there to be no significant change in value in the current period and as such no adjustments have been made.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 and 31 December 2023 615,000 12,106 1,900 629,006
_______ _______ _______ _______
Depreciation
At 1 January 2023 - 8,416 831 9,247
Charge for the year - 738 267 1,005
_______ _______ _______ _______
At 31 December 2023 - 9,154 1,098 10,252
_______ _______ _______ _______
Carrying amount
At 31 December 2023 615,000 2,952 802 618,754
_______ _______ _______ _______
At 31 December 2022 615,000 3,690 1,069 619,759
_______ _______ _______ _______
Investment property include net cumulative revaluations of £184,449 which, after being posted in total comprehensive income, are now recorded in the fair value reserve. The fair value reserve balance is net of the deferred tax on the revaluations.
6. Debtors
2023 2022
£ £
Trade debtors 135 -
Other debtors 53,845 -
_______ _______
53,980 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 19,126 25,439
Other creditors 89,222 132,272
_______ _______
108,348 157,711
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 386,951 297,305
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
K Masterton-Taylor ( 130,492) 44,100 ( 1,000) ( 87,392)
_______ _______ _______ _______
These loans were interest free and repayable on demand.