REGISTERED NUMBER: |
KIRN PROPERTY LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: |
KIRN PROPERTY LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KIRN PROPERTY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876) |
ABRIDGED BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Kirn Property Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The directors believe that the company is experiencing good levels of turnover growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below: |
1. Valuation of Investment Property |
As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation of the director. Although this has not been formally valued by a third party, this valuation has been verified by an industry expert. The director used observable market prices adjusted as necessary for any difference in the future plans for or condition of the specific asset. This has been reassessed and due to the improvement in the property market over the last few years, this as seen an increase in the property values. |
Turnover |
Turnover represents rents received from property rentals. This is recognised in accordance with the rental agreements for each property. |
KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Investment property |
In accordance with FRS 102, Investment properties are included in the financial statements initially at cost, and are subsequently reviewed at each reporting date to ensure they are carried at fair value in the financial statements. |
The fair value of the properties were confirmed by annual reviews performed by the directors at each reporting date. |
The directors consider the value of other similar properties on the market at the reporting date, together with a consideration of general market trends when reviewing the value of investment property. |
These values are considered approximate to the fair value of the investment properties. |
Any movements in the fair value of investment properties at each reporting date are recognised in the profit and loss account. |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated 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. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
These properties are held on a leasehold with two of the properties having 987 years remaining and the other property having 176 year remaining on the lease. |
The directors have reviewed the market value of the property portfolio for the year ended 28 February 2023 and agree that a suitable value would be £662,661. |
The original cost of the property portfolio was £511,821. |
Cost or valuation at 29 February 2024 is represented by: |
£ |
Valuation in 2023 | 150,840 |
Cost | 511,821 |
662,661 |
KIRN PROPERTY LTD (REGISTERED NUMBER: 11220876) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
7. | RESERVES |
Within the Profit and Loss account there are reserves of £150,840 that are not distributable, following a revaluation of investment properties through the profit and loss. |
8. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £1,000 were paid to the directors . |
The company has an outstanding loan totalling £218,084 from one of the directors. The loan is repayable on demand and interest-free. |