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Registered number: 13089603










KAMARU PROPERTY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
KAMARU PROPERTY LIMITED
REGISTERED NUMBER: 13089603

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,933
1,471

Investment property
 5 
632,749
632,749

  
634,682
634,220

Current assets
  

Debtors: amounts falling due after more than one year
 6 
500
500

Debtors: amounts falling due within one year
 6 
603
1,566

Cash at bank and in hand
 7 
30,431
2,269

  
31,534
4,335

Creditors: amounts falling due within one year
 8 
(9,405)
(9,204)

Net current assets/(liabilities)
  
 
 
22,129
 
 
(4,869)

Total assets less current liabilities
  
656,811
629,351

Creditors: amounts falling due after more than one year
 9 
(593,955)
(570,050)

Provisions for liabilities
  

Deferred tax
 11 
(12,662)
(11,776)

  
 
 
(12,662)
 
 
(11,776)

Net assets
  
50,194
47,525


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 12 
50,094
47,425

  
50,194
47,525


Page 1

 
KAMARU PROPERTY LIMITED
REGISTERED NUMBER: 13089603

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




K Patel
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

 Kamaru Property Limited is a limited company incorporated in England and Wales. The registered office is Kingsridge House, 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the period was 2 (2022 - 2).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
2,079


Additions
1,362



At 31 December 2023

3,441



Depreciation


At 1 January 2023
608


Charge for the period on owned assets
900



At 31 December 2023

1,508



Net book value



At 31 December 2023
1,933

Page 6

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
632,749



At 31 December 2023
632,749

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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
572,749
572,749

572,749
572,749


6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
500
500

500
500


2023
2022
£
£

Due within one year

Other debtors
-
175

Prepayments and accrued income
603
1,391

603
1,566


Page 7

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
30,431
2,269

30,431
2,269



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
7,000
7,000

Trade creditors
50
-

Corporation tax
49
-

Accruals and deferred income
2,306
2,204

9,405
9,204



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
436,050
436,050

Other loans
157,905
134,000

593,955
570,050


The following liabilities were secured:

2023
2022
£
£



Bank loans
436,050
436,050

436,050
436,050

Details of security provided:

Bank loans are secured by way of legal charge over the company's investment property.

Page 8

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
7,000
7,000


7,000
7,000


Amounts falling due 2-5 years

Other loans
46,800
28,000


46,800
28,000

Amounts falling due after more than 5 years

Bank loans
436,050
436,050

Other loans
111,105
106,000

547,155
542,050

600,955
577,050



11.


Deferred taxation




2023


£






At beginning of year
(11,776)


Charged to profit or loss
(886)



At end of year
(12,662)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(512)
374

Fair value movement
(12,150)
(12,150)

(12,662)
(11,776)

Page 9

 
KAMARU PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits and losses of the company, of which £47,850
(2022 : £47,850) is non-distributable as at 31st December 2023 as it relates to gain on fair value adjustments to investment property.


Page 10