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Registered number: 05007581
Kagem Properties Limited
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 05007581
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 340,000 340,000
340,000 340,000
CURRENT ASSETS
Debtors 5 1,075 -
Cash at bank and in hand 551 1,185
1,626 1,185
Creditors: Amounts Falling Due Within One Year 6 (137,240 ) (139,524 )
NET CURRENT ASSETS (LIABILITIES) (135,614 ) (138,339 )
TOTAL ASSETS LESS CURRENT LIABILITIES 204,386 201,661
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,983 ) (27,984 )
NET ASSETS 176,403 173,677
CAPITAL AND RESERVES
Called up share capital 7 2 2
Revaluation reserve 8 134,499 134,499
Income Statement 41,902 39,176
SHAREHOLDERS' FUNDS 176,403 173,677
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
M P Honniball
Director
10th October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kagem Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05007581 . The registered office is Manor Cottage Manor Road, Towersey, Thame, Oxfordshire, OX9 3QS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Investments
Unlisted
£
Cost
As at 1 February 2023 340,000
As at 31 January 2024 340,000
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 340,000
As at 1 February 2023 340,000
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,075 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 101,500 101,500
Other creditors 35,100 37,443
Taxation and social security 640 581
137,240 139,524
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Reserves
Revaluation Reserve
£
As at 1 February 2023 134,499
As at 31 January 2024 134,499
Page 4