0 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 10,768 10,768 10,768 xbrli:pure xbrli:shares iso4217:GBP 11446907 2023-01-01 2023-12-31 11446907 2023-12-31 11446907 2022-12-31 11446907 2022-01-01 2022-12-31 11446907 2022-12-31 11446907 2021-12-31 11446907 bus:Director1 2023-01-01 2023-12-31 11446907 core:WithinOneYear 2023-12-31 11446907 core:ShareCapital 2023-12-31 11446907 core:ShareCapital 2022-12-31 11446907 core:RetainedEarningsAccumulatedLosses 2023-12-31 11446907 core:RetainedEarningsAccumulatedLosses 2022-12-31 11446907 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 11446907 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 11446907 core:Non-currentFinancialInstruments 2022-12-31 11446907 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 11446907 bus:SmallEntities 2023-01-01 2023-12-31 11446907 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11446907 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11446907 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11446907 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 11446907
Kady Enterprise Limited
Filleted Unaudited Financial Statements
31 December 2023
Kady Enterprise Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
525,000
Investments
5
10,768
---------
--------
525,000
10,768
Current assets
Debtors
6
1,523,256
Cash at bank and in hand
4,061,236
------------
------------
4,061,236
1,523,256
Creditors: amounts falling due within one year
7
88,999
------------
------------
Net current assets
3,972,237
1,523,256
------------
------------
Total assets less current liabilities
4,497,237
1,534,024
Provisions
47,029
------------
------------
Net assets
4,450,208
1,534,024
------------
------------
Capital and reserves
Called up share capital
33,612
33,612
Profit and loss account
9
4,416,596
1,500,412
------------
------------
Shareholders funds
4,450,208
1,534,024
------------
------------
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 .
Kady Enterprise Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr. J.R. Patel
Director
Company registration number: 11446907
Kady Enterprise 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 Devonshire House, 582 Honeypot Lane, Stanmore, London, HA7 1JS, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases and investment income received during the year.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 as a finance cost in profit or loss in the period it arises.
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.
Debtors
Basic financial assets, including trade and other debtors, 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, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Tangible assets
Investment property
£
Cost or valuation
At 1 January 2023
Additions
336,886
Revaluations
188,114
---------
At 31 December 2023
525,000
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
525,000
---------
At 31 December 2022
---------
Included within the above is investment property as follows:
£
At 1 January 2023
Additions
336,886
Fair value adjustments
188,114
---------
At 31 December 2023
525,000
---------
The company acquired the investment property from its subsidiary company on 9 August 2023 at cost. The property was revalued as at 9 August 2023. The director is of the opinion that the market value of the property at the balance sheet date is the same as the market value as at 9 August 2023.
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
10,768
Disposals
( 10,768)
--------
At 31 December 2023
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
10,768
--------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,523,256
----
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
7,140
Corporation tax
69,033
Other creditors
12,826
--------
----
88,999
--------
----
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
47,029
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
47,029
--------
----
9. Reserves
Profit and loss account - This reserve includes distributable profits of £4,275,511 (2022: £1,500,412) and undistributable reserves of £141,085 (2022: £Nil) arising on the revaluation of the investment properties.
10. Controlling party
The ultimate parent company is K Direct Ltd, a company registered in England and Wales.