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Registration number: 11673598

KSAS Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

KSAS Property Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

KSAS Property Limited

Company Information

Directors

Mr A G Stent

Mrs K J Stent

Registered office

77a Cheap Street
Sherborne
Dorset
DT9 3BA

Accountants

Lanham & Francis
77a Cheap Street
Sherborne
Dorset
DT9 3BA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
KSAS Property Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KSAS Property Limited for the year ended 30 November 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of KSAS Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of KSAS Property Limited and state those matters that we have agreed to state to the Board of Directors of KSAS Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KSAS Property Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that KSAS Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KSAS Property Limited. You consider that KSAS Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of KSAS Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Lanham & Francis
77a Cheap Street
Sherborne
Dorset
DT9 3BA

18 November 2024

 

KSAS Property Limited

(Registration number: 11673598)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

(3,236,122)

4,874

Investment property

5

7,424,886

3,245,000

 

4,188,764

3,249,874

Current assets

 

Debtors

6

6,078

5,282

Cash at bank and in hand

 

13,401

68,240

 

19,479

73,522

Creditors: Amounts falling due within one year

7

(436,589)

(435,654)

Net current liabilities

 

(417,110)

(362,132)

Total assets less current liabilities

 

3,771,654

2,887,742

Creditors: Amounts falling due after more than one year

7

(2,949,073)

(2,291,709)

Provisions for liabilities

(230,843)

(176,753)

Net assets

 

591,738

419,280

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

692,529

530,262

Retained earnings

(100,891)

(111,082)

Shareholders' funds

 

591,738

419,280

For the financial year ending 30 November 2023 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.

 

KSAS Property Limited

(Registration number: 11673598)
Balance Sheet as at 30 November 2023 (continued)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

Mr A G Stent
Director

   
     
 

KSAS Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
77a Cheap Street
Sherborne
Dorset
DT9 3BA

The principal place of business is:
57 Church Road
Sparkford
Somerset
BA22 7JZ

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 prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property rental and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 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.

 

KSAS Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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

Investment property

nil provision

Fixtures and fittings

3 years on cost

Investment property

Properties are valued using open market valuation on freehold basis, conducted annually by Mr A G Stent who is internal to the company.

Operating leases are classified as investment property when there is no intention to sell in the foreseeable future.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

KSAS Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

KSAS Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

(3,245,000)

22,875

(3,222,125)

Additions

-

9,805

9,805

At 30 November 2023

(3,245,000)

32,680

(3,212,320)

Depreciation

At 1 December 2022

-

18,001

18,001

Charge for the year

-

5,801

5,801

At 30 November 2023

-

23,802

23,802

Carrying amount

At 30 November 2023

(3,245,000)

8,878

(3,236,122)

At 30 November 2022

-

4,874

4,874

5

Investment properties

2023
£

At 1 December

6,490,000

Additions

718,529

Fair value adjustments

216,357

At 30 November

7,424,886

The investment properties were valued at 30 November 2023 by A G Stent who is internal to the company.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Prepayments

6,078

5,282

 

6,078

5,282

 

KSAS Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,015

9,999

Accruals and deferred income

 

19,620

13,298

Other creditors

 

406,954

412,357

 

436,589

435,654

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

2,949,073

2,291,709

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

2,929,164

2,262,542

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,929,164 (2022 - £2,262,542).

 

KSAS Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Reserves

Deferred taxation is provided at current rates on unrealised gains on revaluation of investment properties.

10

Related party transactions

Transactions with directors

Other transactions with directors

The directors have given personal guarantees in relation to all mortgages on properties owned by the company.