Company registration number 11190100 (England and Wales)
KIWI PROPERTY STUDIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KIWI PROPERTY STUDIO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
KIWI PROPERTY STUDIO LIMITED (REGISTERED NUMBER: 11190100)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,039
8,052
Investment property
4
558,986
558,986
565,025
567,038
Current assets
Debtors
5
297
799
Cash at bank and in hand
7,197
8,425
7,494
9,224
Creditors: amounts falling due within one year
6
(198,322)
(196,842)
Net current liabilities
(190,828)
(187,618)
Total assets less current liabilities
374,197
379,420
Creditors: amounts falling due after more than one year
7
(389,016)
(392,446)
Net liabilities
(14,819)
(13,026)
Capital and reserves
Called up share capital
8
1
1
Distributable profit and loss reserves
(14,820)
(13,027)
Total equity
(14,819)
(13,026)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KIWI PROPERTY STUDIO LIMITED (REGISTERED NUMBER: 11190100)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
Miss S L Brown
Director
KIWI PROPERTY STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Kiwi Property Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the rental 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. The following criteria must also be met before turnover is recognised.
Turnover from a contract to provide rental 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 turnover 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
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment properties are not subject to depreciation.
KIWI PROPERTY STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
17,716
1,314
19,030
Depreciation and impairment
At 1 April 2023
10,136
842
10,978
Depreciation charged in the year
1,909
104
2,013
At 31 March 2024
12,045
946
12,991
Carrying amount
At 31 March 2024
5,671
368
6,039
At 31 March 2023
7,580
472
8,052
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
558,986
Investment property comprises £558,986. The property valuations were arrived at by the directors best estimate.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
297
Other debtors
799
297
799
KIWI PROPERTY STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,672
2,606
Trade creditors
468
1,196
Other creditors
195,182
193,040
198,322
196,842
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
389,016
392,446
The bank loans are secured by way of a fixed charge against the properties and contain a negative pledge.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Related party transactions
Within other creditors is a balance of £125,721 (2023 - £45,721) owed to a connected company.