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Company No: 07863900 (England and Wales)

KEMPNER CORPORATION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

KEMPNER CORPORATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

KEMPNER CORPORATION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
KEMPNER CORPORATION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 218,914 220,514
Investment property 4 250,000 250,000
Investments 5 516,386 460,621
985,300 931,135
Current assets
Debtors
- due within one year 6 4,205,701 2,811,696
- due after more than one year 6 0 1,157,574
Cash at bank and in hand 279,269 191,905
4,484,970 4,161,175
Creditors: amounts falling due within one year 7 ( 590,255) ( 194,353)
Net current assets 3,894,715 3,966,822
Total assets less current liabilities 4,880,015 4,897,957
Creditors: amounts falling due after more than one year 8 ( 840,000) ( 1,027,397)
Provision for liabilities 9 ( 17,993) ( 3,106)
Net assets 4,022,022 3,867,454
Capital and reserves
Called-up share capital 10 120 120
Revaluation reserve 54,451 9,791
Other reserves ( 30,663 ) ( 30,663 )
Profit and loss account 3,998,114 3,888,206
Total shareholders' funds 4,022,022 3,867,454

For the financial 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.

Directors' responsibilities:

The financial statements of Kempner Corporation Limited (registered number: 07863900) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R L Jankel
Director

23 September 2024

KEMPNER CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
KEMPNER CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kempner Corporation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

In the current year, the principal activity of the company was changed from the investment in property and securities to the lending of money and investments.
Subsequently, interest received on loans have been reclassified from interest receivable to turnover and rent receivable has been reclassified from turnover to other operating income.
This reclassification was applied to the 2022 comparative figures and affects the presentation of the Statement of Comprehensive Income without any changes to the overall profit for the period.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 January 2023 277,714 277,714
At 31 December 2023 277,714 277,714
Accumulated depreciation
At 01 January 2023 57,200 57,200
Charge for the financial year 1,600 1,600
At 31 December 2023 58,800 58,800
Net book value
At 31 December 2023 218,914 218,914
At 31 December 2022 220,514 220,514

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 250,000
As at 31 December 2023 250,000

Valuation

The 2023 valuations were made by the directors, on an open market value for existing use basis.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 460,621 460,621
Additions 66,862 66,862
Disposals ( 70,644) ( 70,644)
Movement in fair value 59,547 59,547
At 31 December 2023 516,386 516,386
Carrying value at 31 December 2023 516,386 516,386
Carrying value at 31 December 2022 460,621 460,621

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Other debtors 4,205,701 2,811,696
Debtors: amounts falling due after more than one year
Other debtors 0 1,157,574

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 130,175
Other loans (secured) 259,659 0
Accruals and deferred income 25,565 23,651
Taxation and social security 35,397 40,527
Other creditors 269,634 0
590,255 194,353

Included within other loans is a loan secured in the form of a first charge on the property held by the company under fixed assets.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 1,027,397
Other loans (secured) 840,000 0
840,000 1,027,397

Included within other loans is a loan secured in the form of a first charge on the property held by the company under fixed assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 0 467,388

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,106) ( 15,491)
(Charged)/credited to the Profit and Loss Account ( 14,887) 12,385
At the end of financial year ( 17,993) ( 3,106)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Revaluation of tangible assets ( 17,993) ( 3,106)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
120 Ordinary shares of £ 1.00 each 120 120

11. Related party transactions

Other related party transactions

2023 2022
£ £
Included in other debtors is a balance owed from a company under common control. This balance is unsecured and interest free with no fixed repayment terms. 0 777,263
Included in other creditors is a balance owed to a company under common control. This balance is unsecured and interest free with no fixed repayment terms. 269,634 0