K.M. Property Limited 02482551 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of Investment in Property. Digita Accounts Production Advanced 6.30.9574.0 true 02482551 2023-04-01 2024-03-31 02482551 2024-03-31 02482551 bus:OrdinaryShareClass1 2024-03-31 02482551 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02482551 core:FurnitureFittingsToolsEquipment 2024-03-31 02482551 bus:SmallEntities 2023-04-01 2024-03-31 02482551 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02482551 bus:FullAccounts 2023-04-01 2024-03-31 02482551 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02482551 bus:RegisteredOffice 2023-04-01 2024-03-31 02482551 bus:Director2 2023-04-01 2024-03-31 02482551 bus:Director5 2023-04-01 2024-03-31 02482551 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02482551 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02482551 core:FurnitureFittings 2023-04-01 2024-03-31 02482551 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02482551 core:OfficeEquipment 2023-04-01 2024-03-31 02482551 countries:EnglandWales 2023-04-01 2024-03-31 02482551 2023-03-31 02482551 core:FurnitureFittingsToolsEquipment 2023-03-31 02482551 2022-04-01 2023-03-31 02482551 2023-03-31 02482551 bus:OrdinaryShareClass1 2023-03-31 02482551 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02482551 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02482551

K.M. Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

K.M. Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

K.M. Property Limited

Company Information

Directors

Mr Stephen Man

Professor William Man

Registered office

10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

K.M. Property Limited

(Registration number: 02482551)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,016

2,595

Investment property

5

3,939,999

3,939,999

 

3,944,015

3,942,594

Current assets

 

Investments

6

1,679,726

-

Cash at bank and in hand

 

492,042

1,927,632

 

2,171,768

1,927,632

Creditors: Amounts falling due within one year

7

(156,648)

(160,789)

Net current assets

 

2,015,120

1,766,843

Total assets less current liabilities

 

5,959,135

5,709,437

Provisions for liabilities

(681,106)

(675,546)

Net assets

 

5,278,029

5,033,891

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

2,053,055

2,025,082

Retained earnings

3,224,874

3,008,709

Shareholders' funds

 

5,278,029

5,033,891

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

 

K.M. Property Limited

(Registration number: 02482551)
Balance Sheet as at 31 March 2024

.........................................
Mr Stephen Man
Director

 

K.M. Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

The principal place of business is:
PO Box 1259
St. Albans
AL1 9LG

These financial statements were authorised for issue by the Board on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

K.M. Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer hardware

over 3 to 5 years on straight line

Furniture and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

K.M. Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 2).

 

K.M. Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

6,515

6,515

Additions

2,454

2,454

Disposals

(1,573)

(1,573)

At 31 March 2024

7,396

7,396

Depreciation

At 1 April 2023

3,920

3,920

Charge for the year

1,033

1,033

Eliminated on disposal

(1,573)

(1,573)

At 31 March 2024

3,380

3,380

Carrying amount

At 31 March 2024

4,016

4,016

At 31 March 2023

2,595

2,595

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

K.M. Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investment properties

2024
£

At 1 April

3,939,999

At 31 March

3,939,999


The fair value of the properties has been estimated by an independent valuer at the year-end.

6

Current asset investments

2024
£

2023
£

Other investments

1,679,726

-

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,956

1,740

Other creditors

80,165

82,002

Corporation tax

73,575

76,735

Directors Loan Account

952

312

156,648

160,789

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100