Company registration number 12993176 (England and Wales)
65 LORD KENSINGTON HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
65 LORD KENSINGTON HOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
65 LORD KENSINGTON HOUSE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
4,371,982
4,371,982
Current assets
Debtors
4
40,940
67,200
Cash at bank and in hand
18,575
4,038
59,515
71,238
Creditors: amounts falling due within one year
5
(83,320)
(88,949)
Net current liabilities
(23,805)
(17,711)
Total assets less current liabilities
4,348,177
4,354,271
Creditors: amounts falling due after more than one year
6
(4,487,426)
(4,413,983)
Net liabilities
(139,249)
(59,712)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(139,250)
(59,713)
Total equity
(139,249)
(59,712)

For the financial year ended 30 November 2023 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
Mr H Awadh
Director
Company registration number 12993176 (England and Wales)
65 LORD KENSINGTON HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

65 Lord Kensington House Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10th Floor, 240 Blackfriars Road, London, SE1 8NW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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 £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the company has adequate resources to continue in operational existence for the foreseeable future due totrue the continued financial support from its director. Thus the financial statements have been prepared on the going concern basis of accounting.

1.3
Turnover

Turnover represents rents receivable.

 

Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. Lease incentives such as rent free periods are recognised on a straight line basis over the lease term.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

65 LORD KENSINGTON HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
4,371,982

The properties included in the above figure relate to Flats 65, 71 and 83 Lord Kensington House, 5 Radnor Terrace, London, W14 8BU. Acquisition costs include purchase price, stamp duty taxes and professional fees. The director believes the carrying amount for the leasehold property approximates fair value, therefore, no adjustment was required at the year-end.

65 LORD KENSINGTON HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
40,940
67,200
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
-
0
257
Other creditors
83,320
88,692
83,320
88,949
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,199,750
2,199,750
Other creditors
2,287,676
2,214,233
4,487,426
4,413,983

The loans are secured by a first charge over the investment properties flat 71 and 83 Kensington House.

 

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Related party transactions

At the year end, the company owed the director of the company £2,287,676 (2022: £2,214,233).

 

There is no set repayment date for this balance and it has been included within other creditors due after more than one year. There is no interest payable on this balance.

2023-11-302022-12-01false19 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr H Awadhfalsefalse129931762022-12-012023-11-30129931762023-11-30129931762022-11-3012993176core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3012993176core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3012993176core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3012993176core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3012993176core:CurrentFinancialInstruments2023-11-3012993176core:CurrentFinancialInstruments2022-11-3012993176core:Non-currentFinancialInstruments2023-11-3012993176core:Non-currentFinancialInstruments2022-11-3012993176core:ShareCapital2023-11-3012993176core:ShareCapital2022-11-3012993176core:RetainedEarningsAccumulatedLosses2023-11-3012993176core:RetainedEarningsAccumulatedLosses2022-11-3012993176bus:Director12022-12-012023-11-30129931762021-12-012022-11-30129931762022-11-3012993176core:WithinOneYear2023-11-3012993176core:WithinOneYear2022-11-3012993176bus:PrivateLimitedCompanyLtd2022-12-012023-11-3012993176bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3012993176bus:FRS1022022-12-012023-11-3012993176bus:AuditExemptWithAccountantsReport2022-12-012023-11-3012993176bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP