Registered number
11443838
KAG Property Limited
Filleted Accounts
31 July 2024
KAG Property Limited
Registered number: 11443838
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,035 5,380
Investments 4 686,085 640,269
690,120 645,649
Current assets
Debtors 5 834 -
Cash at bank and in hand 23,248 14,518
24,082 14,518
Creditors: amounts falling due within one year 6 (213,573) -
Net current (liabilities)/assets (189,491) 14,518
Total assets less current liabilities 500,629 660,167
Creditors: amounts falling due after more than one year 7 (452,526) (682,665)
Provisions for liabilities (13,390) -
Net assets/(liabilities) 34,713 (22,498)
Capital and reserves
Called up share capital 2 2
Profit and loss account 34,711 (22,500)
Shareholders' funds 34,713 (22,498)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Anna Gedge
Director
Approved by the board on 30 October 2024
KAG Property Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents rents receivable during the period. Rental income is recognised on the basis of amounts due in the period.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investment property
Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 5,380
At 31 July 2024 5,380
Depreciation
Charge for the year 1,345
At 31 July 2024 1,345
Net book value
At 31 July 2024 4,035
At 31 July 2023 5,380
4 Investment property
Investment
property
£
Fair value
At 1 August 2023 640,269
Revaluation 45,816
At 31 July 2024 686,085
Historical cost
At 1 August 2023 615,610
At 31 July 2024 615,610
The investment property was revalued by the directors on 31 July 2024 based on the market value of similar properties.
5 Debtors 2024 2023
£ £
Other debtors 834 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,324 -
Other creditors 211,249 -
213,573 -
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 452,526 444,750
Other creditors - 237,915
452,526 682,665
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 452,526 444,750
The bank loans are secured by a fixed charge against the property owned by the company.
9 Transition to FRS 102
The date of transition to FRS 102 was 1 August 2022. These financial statements are the first that the company has presented in accordance with the Standard, having previously reported under FRS 105. The transition to FRS 102 has had no effect on the reported financial position or performance.
10 Other information
KAG Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Darley Avenue
Manchester
M20 2YD
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