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Company No: 14523037 (England and Wales)

KHPROPERTY LTD

Unaudited Financial Statements
For the financial period from 05 December 2022 to 31 December 2023
Pages for filing with the registrar

KHPROPERTY LTD

Unaudited Financial Statements

For the financial period from 05 December 2022 to 31 December 2023

Contents

KHPROPERTY LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
KHPROPERTY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023
£
Fixed assets
Investment property 3 270,000
270,000
Current assets
Cash at bank and in hand 8,586
8,586
Creditors: amounts falling due within one year 4 ( 77,071)
Net current liabilities (68,485)
Total assets less current liabilities 201,515
Creditors: amounts falling due after more than one year 5 ( 175,851)
Provision for liabilities 6 ( 4,343)
Net assets 21,321
Capital and reserves
Called-up share capital 1
Profit and loss account 21,320
Total shareholder's funds 21,321

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of KHProperty Ltd (registered number: 14523037) were approved and authorised for issue by the Director. They were signed on its behalf by:

K Harding
Director

07 November 2024

KHPROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 05 December 2022 to 31 December 2023
KHPROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 05 December 2022 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

KHProperty Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
05.12.2022 to
31.12.2023
Number
Monthly average number of persons employed by the Company during the period, including the director 1

3. Investment property

Investment property
£
Valuation
As at 05 December 2022 0
Additions 247,141
Fair value movement 22,859
As at 31 December 2023 270,000

Valuation

The 2023 valuations were made by the directors, on an open market value for existing use basis.

4. Creditors: amounts falling due within one year

31.12.2023
£
Amounts owed to director 74,973
Accruals 1,440
Taxation and social security 658
77,071

5. Creditors: amounts falling due after more than one year

31.12.2023
£
Other loans 175,851

There are no amounts included above in respect of which any security has been given by the small entity.

6. Deferred tax

31.12.2023
£
At the beginning of financial period 0
Charged to the Income Statement ( 4,343)
At the end of financial period ( 4,343)

The deferred taxation balance is made up as follows:

31.12.2023
£
Revaluation of investment property ( 4,343)

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

31.12.2023
£
Balance of loan payable to The Medical Clinic KH Limited 175,851

During the year, KHProperty Ltd received a loan of £175,851 from The Medical Clinic KH Limited, a company under common control. The loan is interest-free and is repayable on demand.

The transaction was conducted on an arm’s length basis and is considered to be in the normal course of business.