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Registered number: 09955851
KMS Properties Plymouth Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Harold Duckworth & Co
41 Houndiscombe Road
Plymouth
Devon
PL4 6EX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09955851
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,126 24,154
Investment Properties 5 2,390,000 1,850,000
2,408,126 1,874,154
CURRENT ASSETS
Debtors 6 15,641 12,144
Cash at bank and in hand 7,378 81,626
23,019 93,770
Creditors: Amounts Falling Due Within One Year 7 (323,477 ) (293,413 )
NET CURRENT ASSETS (LIABILITIES) (300,458 ) (199,643 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,107,668 1,674,511
Creditors: Amounts Falling Due After More Than One Year 8 (941,551 ) (785,594 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (201,084 ) -
NET ASSETS 965,033 888,917
CAPITAL AND RESERVES
Called up share capital 9 10 10
Revaluation reserve - 80,769
Profit and Loss Account 965,023 808,138
SHAREHOLDERS' FUNDS 965,033 888,917
Page 1
Page 2
For the 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.
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 Profit and Loss Account.
On behalf of the board
Mr Kevin Smith
Director
12/11/2024
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
KMS Properties Plymouth Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09955851 . The registered office is 41 Houndiscombe Road Mutley, Plymouth, Devon, PL4 6EX.
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 rental income when due.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% on straight line
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
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 profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
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2.7. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.8. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2023 30,000 21,482 51,482
As at 31 March 2024 30,000 21,482 51,482
Depreciation
As at 1 April 2023 13,125 14,203 27,328
Provided during the period 4,219 1,809 6,028
As at 31 March 2024 17,344 16,012 33,356
Net Book Value
As at 31 March 2024 12,656 5,470 18,126
As at 1 April 2023 16,875 7,279 24,154
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 1,850,000
Additions 305,744
Revaluations 234,256
As at 31 March 2024 2,390,000
Non-distributable reserves are £1,220,679 which is the gain on revaluation to date.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 925
Prepayments and accrued income 1,366 -
Other debtors 14,275 11,219
15,641 12,144
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 952 534
Bank loans and overdrafts 48,897 39,032
Corporation tax 18,265 5,346
Other taxes and social security 976 497
Other creditors 14,275 4,415
Accruals and deferred income 2,053 4,298
Director's loan account 238,059 239,291
323,477 293,413
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 941,551 785,594
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
10. Related Party Transactions
As at the 31 March 2023, there were no related party transactions.
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