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REGISTERED NUMBER: 10378098 (England and Wales)


Unaudited Financial Statements for the Year Ended 30 September 2024

for

KMP (Forest Gate) Limited

KMP (Forest Gate) Limited (Registered number: 10378098)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

KMP (Forest Gate) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr N N Patel
Mr B Patel
Mr K M Patel
Mr V M Patel





REGISTERED OFFICE: 2nd Floor
Compton House
29-33 Church Road
Stanmore
Middlesex
HA7 4AR





REGISTERED NUMBER: 10378098 (England and Wales)





ACCOUNTANTS: Andrew Murray & Co
Chartered Accountants & Statutory Auditors
144-146 Kings Cross Road
London
WC1X 9DU

KMP (Forest Gate) Limited (Registered number: 10378098)

Statement of Financial Position
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 5,419
Investment property 5 6,300,000 6,250,000
6,300,000 6,255,419

CURRENT ASSETS
Debtors 6 582,027 440,800
Cash at bank 91,094 152,536
673,121 593,336
CREDITORS
Amounts falling due within one year 7 2,324,744 2,311,829
NET CURRENT LIABILITIES (1,651,623 ) (1,718,493 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,648,377

4,536,926

CREDITORS
Amounts falling due after more than one
year

8

(2,600,000

)

(2,600,000

)

PROVISIONS FOR LIABILITIES 11 (549,797 ) (538,652 )
NET ASSETS 1,498,580 1,398,274

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 12 1,649,392 1,611,892
Retained earnings 12 (150,912 ) (213,718 )
SHAREHOLDER FUNDS 1,498,580 1,398,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

KMP (Forest Gate) Limited (Registered number: 10378098)

Statement of Financial Position - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





Mr V M Patel - Director


KMP (Forest Gate) Limited (Registered number: 10378098)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

KMP (Forest Gate) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
As at 30th September 2024, the company's current liabilities exceeded current assets by £1,651,623 (2023: £1,718,493). However, the directors of the company consider that the going concern basis is appropriate in view of the assurance of continuing financial support which the company has received from its shareholders.The financial statements do not reflect the adjustments that would be required if the company was not a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rent receivable in respect of properties and is attributable to the company's principal activity. Rents are invoiced on monthly basis and rental income is recognised for the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

KMP (Forest Gate) Limited (Registered number: 10378098)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2023
and 30 September 2024 33,197
DEPRECIATION
At 1 October 2023 27,778
Charge for year 5,419
At 30 September 2024 33,197
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 5,419

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 6,250,000
Revaluations 50,000
At 30 September 2024 6,300,000
NET BOOK VALUE
At 30 September 2024 6,300,000
At 30 September 2023 6,250,000

KMP (Forest Gate) Limited (Registered number: 10378098)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. INVESTMENT PROPERTY - continued

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2022 2,149,189
Valuation in 2024 50,000
Cost 4,100,811
6,300,000

If investment properties had not been revalued they would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 4,100,811 4,100,811

Investment properties were valued on an open market basis on 13 September 2024 by Cushman & Wakefield .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Other debtors 574,730 440,800
Prepayments and accrued income 7,297 -
582,027 440,800

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 2,377 4,193
Other creditors 2,260,811 2,238,969
Accrued expenses 61,556 68,667
2,324,744 2,311,829

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 9) 2,600,000 2,600,000

9. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due between two and five years:
Bank loans 5 yrs non-instalmnt 2,600,000 2,600,000

KMP (Forest Gate) Limited (Registered number: 10378098)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 2,600,000 2,600,000

The company received loan of £2,600,000 from HSBC Bank Plc, during the year. This loan is secured by way of fixed and floating charge covering all the property and undertaking of the company.

11. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances - 1,355
On revaluation 549,797 537,297
549,797 538,652

Deferred
tax
£   
Balance at 1 October 2023 538,652
Accelerated capital allowance (1,355 )
On revaluation 12,500
Balance at 30 September 2024 549,797

12. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 October 2023 (213,718 ) 1,611,892 1,398,174
Profit for the year 100,306 100,306
Non-distributable reserves (37,500 ) 37,500 -
At 30 September 2024 (150,912 ) 1,649,392 1,498,480

13. RELATED PARTY DISCLOSURES

Included in other creditors at the balance sheet date is an unsecured and interest free loan of £2,202,020 (2023: £2,202,020) from the company's majority shareholder.

Also included in other creditors at the balance sheet date are unsecured and interest free amounts of £17,051 (2023: £9,139) and £7,110 (2023: £7,110) owed by the company to KMP & Sons and KMP (East Dulwich) Ltd respectively. Both these companies are related party entities.

Included in other debtors at the balance sheet date is an unsecured and interest free loan of £540,000 (2023: £420,000) owed to the company by KMP Propfin Ltd, a related party entity.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
KMP (Forest Gate) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KMP (Forest Gate) Limited for the year ended 30 September 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of KMP (Forest Gate) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KMP (Forest Gate) Limited and state those matters that we have agreed to state to the Board of Directors of KMP (Forest Gate) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KMP (Forest Gate) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KMP (Forest Gate) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KMP (Forest Gate) Limited. You consider that KMP (Forest Gate) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KMP (Forest Gate) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Andrew Murray & Co
Chartered Accountants & Statutory Auditors
144-146 Kings Cross Road
London
WC1X 9DU


10 October 2024