Acorah Software Products - Accounts Production 15.0.600 false true true 31 August 2021 1 September 2020 false 1 September 2021 31 August 2022 31 August 2022 11532484 Mr K Singh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11532484 2021-08-31 11532484 2022-08-31 11532484 2021-09-01 2022-08-31 11532484 frs-core:CurrentFinancialInstruments 2022-08-31 11532484 frs-core:Non-currentFinancialInstruments 2022-08-31 11532484 frs-core:InvestmentPropertyIncludedWithinPPE 2022-08-31 11532484 frs-core:InvestmentPropertyIncludedWithinPPE 2021-08-31 11532484 frs-core:ShareCapital 2022-08-31 11532484 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31 11532484 frs-bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31 11532484 frs-bus:FilletedAccounts 2021-09-01 2022-08-31 11532484 frs-bus:SmallEntities 2021-09-01 2022-08-31 11532484 frs-bus:AuditExempt-NoAccountantsReport 2021-09-01 2022-08-31 11532484 frs-bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-08-31 11532484 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 11532484 frs-bus:Director1 2021-09-01 2022-08-31 11532484 frs-core:CurrentFinancialInstruments 1 2022-08-31 11532484 frs-countries:EnglandWales 2021-09-01 2022-08-31 11532484 2020-08-31 11532484 2021-08-31 11532484 2020-09-01 2021-08-31 11532484 frs-core:CurrentFinancialInstruments 2021-08-31 11532484 frs-core:Non-currentFinancialInstruments 2021-08-31 11532484 frs-core:ShareCapital 2021-08-31 11532484 frs-core:RetainedEarningsAccumulatedLosses 2021-08-31 11532484 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2021-08-31 11532484 frs-core:CurrentFinancialInstruments 1 2021-08-31
Registered number: 11532484
KSS Real Estates Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2022
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11532484
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 950,000 855,873
950,000 855,873
CURRENT ASSETS
Debtors 5 63,825 -
Cash at bank and in hand 82 1
63,907 1
Creditors: Amounts Falling Due Within One Year 6 (368,069 ) (293,126 )
NET CURRENT ASSETS (LIABILITIES) (304,162 ) (293,125 )
TOTAL ASSETS LESS CURRENT LIABILITIES 645,838 562,748
Creditors: Amounts Falling Due After More Than One Year 7 (700,098 ) (608,155 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (17,884 ) -
NET LIABILITIES (72,144 ) (45,407 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Fair Value Reserve 10 76,243 -
Income Statement (148,388 ) (45,408 )
SHAREHOLDERS' FUNDS (72,144) (45,407)
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For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr K Singh
Director
17/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
KSS Real Estates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11532484 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Taxation
Taxation for the period 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.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.6. Financial Instruments
The company only enters into basic financial transactions that result in the recoginition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other parties, loans to related parties and investments in non- puttable ordinary shares.
2.7. Cash And Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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2.8. 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 value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2021: 1)
1 1
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 September 2021 855,873
Revaluation 94,127
As at 31 August 2022 950,000
Net Book Value
As at 31 August 2022 950,000
As at 1 September 2021 855,873
5. Debtors
2022 2021
£ £
Due within one year
Amounts owed by related undertakings 63,825 -
6. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Corporation tax 1,600 -
Accruals and deferred income 3,000 8,160
Director's loan account 303,121 284,966
Amounts owed to related undertakings 60,348 -
368,069 293,126
7. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Bank loans 700,098 608,155
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8. Deferred Taxation
The provision for deferred tax is made up as follows:
2022 2021
£ £
Other timing differences 17,884 -
9. Share Capital
2022 2021
£ £
Allotted, Called up and fully paid 1 1
The nominal value per share is £1 and as at the year-end there is 1 Ordinary share in issue.
10. Reserves
Fair Value Reserve
£
Movements in fair value reserve 94,127
Deferred tax on fair value adjustment (17,884)
As at 31 August 2022 76,243
11. Related Party Transactions
The Director's loan account balance of Mr K Singh as at the year-end is £303,121. This amount is a current liability, interest free and repayable on demand.
The amount owed to FY (UK) Ltd, a company related via common control and directorship, totalled £60,348 as at the year-end, which is a current liability, interest free and repayable on demand.
The amount owed by 162 Woodgrange Ltd, a company related via close family member control and directorship, amounted to £63,825 as at the year-end, which is a current asset, interest free and repayable on demand.
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