Silverfin false false 31/03/2024 01/04/2023 31/03/2024 K P Naib 20/05/2015 27 November 2024 The principal activity of the Company during the financial year was that of dealing in investments. 09601504 2024-03-31 09601504 bus:Director1 2024-03-31 09601504 2023-03-31 09601504 core:CurrentFinancialInstruments 2024-03-31 09601504 core:CurrentFinancialInstruments 2023-03-31 09601504 core:ShareCapital 2024-03-31 09601504 core:ShareCapital 2023-03-31 09601504 core:RevaluationReserve 2024-03-31 09601504 core:RevaluationReserve 2023-03-31 09601504 core:RetainedEarningsAccumulatedLosses 2024-03-31 09601504 core:RetainedEarningsAccumulatedLosses 2023-03-31 09601504 core:CostValuation 2023-03-31 09601504 core:AdditionsToInvestments 2024-03-31 09601504 core:DisposalsRepaymentsInvestments 2024-03-31 09601504 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 09601504 core:CostValuation 2024-03-31 09601504 2022-03-31 09601504 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-03-31 09601504 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-03-31 09601504 bus:OrdinaryShareClass1 2024-03-31 09601504 2023-04-01 2024-03-31 09601504 bus:FilletedAccounts 2023-04-01 2024-03-31 09601504 bus:SmallEntities 2023-04-01 2024-03-31 09601504 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09601504 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09601504 bus:Director1 2023-04-01 2024-03-31 09601504 2022-04-01 2023-03-31 09601504 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09601504 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09601504 (England and Wales)

KPN LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KPN LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KPN LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
KPN LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 4 18,633,260 16,284,399
18,633,260 16,284,399
Current assets
Debtors 5 901 6,328
Cash at bank and in hand 544,808 452,382
545,709 458,710
Creditors: amounts falling due within one year 6 ( 12,707,099) ( 12,985,109)
Net current liabilities (12,161,390) (12,526,399)
Total assets less current liabilities 6,471,870 3,758,000
Provision for liabilities 7 ( 591,997) ( 256,452)
Net assets 5,879,873 3,501,548
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 2,425,216 701,136
Profit and loss account 3,454,557 2,800,312
Total shareholder's funds 5,879,873 3,501,548

For the financial 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.

Director's responsibilities:

The financial statements of KPN Ltd (registered number: 09601504) were approved and authorised for issue by the Director. They were signed on its behalf by:

K P Naib
Director

27 November 2024

KPN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KPN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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

General information and basis of accounting

KPN 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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Final dividend for the financial year ended 31 March 2024 of £470 (2023: £495) per ordinary share 47,000 49,500

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 16,284,399 16,284,399
Additions 25,078,092 25,078,092
Disposals ( 25,008,710) ( 25,008,710)
Movement in fair value 2,279,479 2,279,479
At 31 March 2024 18,633,260 18,633,260
Carrying value at 31 March 2024 18,633,260 18,633,260
Carrying value at 31 March 2023 16,284,399 16,284,399

Other fixed asset investments includes listed investments at a total current cost of £14,998,284 in the Statement of Financial Position. The aggregate market value of these shares at the year end was £18,633,260.

5. Debtors

2024 2023
£ £
Accrued income 677 0
Corporation tax 224 6,328
901 6,328

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 9,000
Amounts owed to director 12,691,059 12,963,159
Accruals 16,040 12,950
12,707,099 12,985,109

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 256,452) ( 365,129)
(Charged)/credited to the Profit and Loss Account ( 335,545) 108,677
At the end of financial year ( 591,997) ( 256,452)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Fair value movements ( 591,997) ( 256,452)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Included within creditors is a balance owed to the director. This balance is unsecured and interest free with no fixed repayment terms. 12,691,059 12,913,660