10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,000 4,999 1 1 xbrli:pure xbrli:shares iso4217:GBP 03972772 2023-01-01 2023-12-31 03972772 2023-12-31 03972772 2022-12-31 03972772 2022-01-01 2022-12-31 03972772 2022-12-31 03972772 2021-12-31 03972772 core:PlantMachinery 2023-01-01 2023-12-31 03972772 core:MotorVehicles 2023-01-01 2023-12-31 03972772 core:NetGoodwill 2023-01-01 2023-12-31 03972772 bus:Director3 2023-01-01 2023-12-31 03972772 core:WithinOneYear 2023-12-31 03972772 core:WithinOneYear 2022-12-31 03972772 core:NetGoodwill 2023-12-31 03972772 core:LandBuildings 2022-12-31 03972772 core:PlantMachinery 2022-12-31 03972772 core:MotorVehicles 2022-12-31 03972772 core:LandBuildings 2023-12-31 03972772 core:PlantMachinery 2023-12-31 03972772 core:MotorVehicles 2023-12-31 03972772 core:LandBuildings 2023-01-01 2023-12-31 03972772 core:AfterOneYear 2023-12-31 03972772 core:AfterOneYear 2022-12-31 03972772 core:ShareCapital 2023-12-31 03972772 core:ShareCapital 2022-12-31 03972772 core:RetainedEarningsAccumulatedLosses 2023-12-31 03972772 core:RetainedEarningsAccumulatedLosses 2022-12-31 03972772 core:NetGoodwill 2022-12-31 03972772 core:LandBuildings 2022-12-31 03972772 core:PlantMachinery 2022-12-31 03972772 core:MotorVehicles 2022-12-31 03972772 bus:SmallEntities 2023-01-01 2023-12-31 03972772 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03972772 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03972772 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03972772 bus:FullAccounts 2023-01-01 2023-12-31 03972772 core:ComputerEquipment 2023-01-01 2023-12-31 03972772 core:ComputerEquipment 2022-12-31 03972772 core:ComputerEquipment 2023-12-31 03972772 core:AfterOneYear 2023-01-01 2023-12-31 03972772 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03972772 core:AllSubsidiaries 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03972772
KJS Properties Limited
Unaudited financial statements
31 December 2023
KJS Properties Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
1,350,675
1,429,671
-----------
-----------
1,350,676
1,429,672
Current assets
Stocks
81,740
130,924
Debtors
7
149,391
133,801
Cash at bank and in hand
23,081
44,628
---------
---------
254,212
309,353
Creditors: Amounts falling due within one year
8
( 62,670)
( 72,427)
---------
---------
Net current assets
191,542
236,926
-----------
-----------
Total assets less current liabilities
1,542,218
1,666,598
Creditors: Amounts falling due after more than one year
9
( 264,633)
( 378,673)
Provisions
Taxation including deferred tax
( 16,330)
( 17,050)
-----------
-----------
Net assets
1,261,255
1,270,875
-----------
-----------
Capital and reserves
Called up share capital
3
3
Profit and loss account
10
1,261,252
1,270,872
-----------
-----------
Shareholders funds
1,261,255
1,270,875
-----------
-----------
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 income statement has not been delivered.
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 members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KJS Properties Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr S Phillips
Director
Company registration number: 03972772
KJS Properties Limited
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 and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The company's place of business is 56 Regent Road, Great Yarmouth Norfolk NR30 2AL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Judgements and key sources of estimation uncertainty
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are as follows: (i) Freehold investment properties Management judgements are required to ascertain the fair value of the freehold investment properties as at the reporting date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over five years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 10 (2022: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
5,000
------
Amortisation
At 1 January 2023 and 31 December 2023
4,999
------
Carrying amount
At 31 December 2023
1
------
At 31 December 2022
1
------
6. Tangible assets
Freehold Investment Properties
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,365,000
51,897
23,600
25,498
1,465,995
Additions
998
4,200
2,282
7,480
Disposals
( 75,000)
( 75,000)
Transfers
945
( 945)
-----------
-------
-------
-------
-----------
At 31 December 2023
1,290,000
53,840
27,800
26,835
1,398,475
-----------
-------
-------
-------
-----------
Depreciation
At 1 January 2023
12,973
11,431
11,920
36,324
Charge for the year
6,117
3,304
2,055
11,476
-----------
-------
-------
-------
-----------
At 31 December 2023
19,090
14,735
13,975
47,800
-----------
-------
-------
-------
-----------
Carrying amount
At 31 December 2023
1,290,000
34,750
13,065
12,860
1,350,675
-----------
-------
-------
-------
-----------
At 31 December 2022
1,365,000
38,924
12,169
13,578
1,429,671
-----------
-------
-------
-------
-----------
Tangible assets held at valuation
The directors revalued the freehold investment properties at 31 December 2023 by considering each individual property and estimating their market values based on the asking prices of similar properties for sale at the year end in the immediate vicinity of the freehold investment properties. If freehold investment properties had not been revalued they would have been included in the following amounts: 2023 2022 £ £
Cost 730,934 783,374
--------- ---------
7. Debtors
2023
2022
£
£
Trade debtors
14
Prepayments and accrued income
11,662
10,558
Other debtors
137,729
123,229
---------
---------
149,391
133,801
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,387
29,203
Trade creditors
8,703
20,662
Accruals and deferred income
2,650
2,650
Corporation tax
7,762
8,254
Social security and other taxes
3,196
2,686
Director loan accounts
8,972
8,972
-------
-------
62,670
72,427
-------
-------
Bank loans and overdrafts are secured on the assets concerned.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
264,633
378,673
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £140,000 (2022: £235,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans and overdrafts are secured on the assets concerned.
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Within this reserve are cumulative unrealised gains on the company's freehold investment properties shown at market value of £559,066 (2022: £581,626).
11. Related party transactions
At the year end SP & KAP Holdings Limited owed £133,046 (2022: £119,546) to the company. SP & KAP Holdings Limited is the parent company.