Registration number:
KAN Ventures Ltd
for the Year Ended 29 February 2024
Pages for filing with Registrar
KAN Ventures Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
KAN Ventures Ltd
Company Information
Directors |
A J S Hoare K O Cowley N D S Hoare D A Hoare |
Registered office |
|
Registered number |
08901416 |
Accountant |
|
KAN Ventures Ltd
(Registration number: 08901416)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
10,971,177 |
10,361,135 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Investments held as current assets |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
KAN Ventures Ltd
(Registration number: 08901416)
Balance Sheet as at 29 February 2024
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
Director
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. Given the company's profitability and financial resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Group accounts not prepared
Revenue recognition
All income is recognised once the company has entitlement to the income, it is probable that the Income will be received and the amount of the income receivable can be measured reliably. Income comprises rental and service charge income from tenants receivable in the year.
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Computer equipment |
33% reducing balance |
Fixtures and fittings |
20% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investments
Investments in subsidiaries are measured at cost less impairment.
Investments comprise equity investments in commercial organisations and loans. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade creditors
Trade creditors are recognised at the transaction price.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The company had
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible fixed assets |
Equipment, fixtures & fittings |
|
Cost |
|
At 1 March 2023 |
|
Additions |
|
At 29 February 2024 |
|
Depreciation |
|
At 1 March 2023 |
|
Charge for the year |
|
At 29 February 2024 |
|
Carrying amount |
|
At 29 February 2024 |
|
At 28 February 2023 |
|
Investments |
Note |
2024 |
2023 |
||
£ |
£ |
|||
Investment properties |
7 |
7,617,084 |
7,617,084 |
|
Investments in subsidaries and associates |
8 |
3,045 |
3,895 |
|
Other investments |
9 |
3,351,047 |
2,740,156 |
|
10,971,176 |
10,361,135 |
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investment properties |
2024 |
|
At 1 March 2023 |
|
At 29 February 2024 |
|
Investment properties are carried at fair value, determined by the directors with reference to the condition and location of the property, as well as current observable market prices.
There has been no valuation of investment property by an independent valuer.
Subsidiaries and Associates |
2024 |
2023 |
|
Investments in subsidiaries |
- |
|
Investments in associates |
3,045 |
|
|
|
Subsidiaries |
£ |
Cost |
|
At 1 March 2023 |
|
Disposals |
( |
At 29 February 2024 |
- |
Carrying amount |
|
At 29 February 2024 |
- |
At 28 February 2023 |
|
Associates |
£ |
Cost |
|
At 1 March 2023 |
|
At 29 February 2024 |
|
Carrying amount |
|
At 29 February 2024 |
3,045 |
At 28 February 2023 |
|
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Details of undertakings
Details of the investments are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
Subsidiary undertakings |
||||
|
43 Palewell Park
|
Ordinary |
|
|
England and Wales |
Associate undertakings |
||||
|
Old Gunn Court
|
Ordinary |
|
|
England and Wales |
Subsidiary undertakings |
Kinwood Holdings Limited The principal activity of Kinwood Holdings Limited is |
Associates |
Kinway Holdings Limited The principal activity of Kinway Holdings Limited is |
Kinwood Holdings Limited was dissolved on 2 January 2024, and therefore the investment was disposed of for nil proceeds.
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Other investments |
Listed investments |
Loans |
Unlisted investments |
Total |
|
Cost or valuation |
||||
At 1 March 2023 |
127,010 |
1,984,738 |
628,410 |
2,740,158 |
Additions |
- |
980,000 |
141,329 |
1,121,329 |
Disposals |
- |
(512,098) |
- |
(512,098) |
Fair value adjustments |
(18,546) |
25,399 |
(5,194) |
1,659 |
At 29 February 2024 |
108,464 |
2,478,039 |
764,545 |
3,351,048 |
Carrying amount |
||||
At 29 February 2024 |
|
|
|
3,351,048 |
At 28 February 2023 |
|
|
|
2,740,156 |
Debtors: amounts falling due within one year |
Note |
2024 |
2023 |
|
Trade debtors |
|
- |
|
Intercompany loan account |
|
- |
|
Other debtors |
33,696 |
18,246 |
|
Prepayments and accrued income |
16,555 |
38,896 |
|
|
|
Current asset investments |
2024 |
2023 |
|
Other investments |
|
|
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
2024 |
2023 |
|
Amounts falling due within one year |
||
Trade creditors |
- |
|
VAT |
|
|
Other creditors |
45,732 |
45,732 |
Accruals and deferred income |
37,187 |
35,208 |
Directors' loan accounts |
5,707 |
1,593 |
Corporation tax |
152,893 |
82,337 |
|
|
Note |
2024 |
2023 |
|
Due after one year |
|||
Directors' loan accounts |
13,567,935 |
15,277,935 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
3 |
|
3 |
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Dividends |
2024 |
2023 |
|
Dividend of £ |
|
|
Related party transactions |
Loans to related parties
2024 |
Other related parties |
At start of period |
|
At end of period |
|
|
2023 |
Other related parties |
At start of period |
|
Advanced |
|
At end of period |
|
|
The company provided a shareholder's loan to Plain Sailing Investments Limited, towards the purchase of an investment property. The loan is unsecured, interest free and there is no fixed term for the repayment. Repayments are to be made when distributable profits become available or the property is sold.
The company provided a shareholder's loan to Kinway Holdings Limited, towards the purchase of an investment property. The loan is unsecured, interest free and there is no fixed term for the repayment. Repayments are to be made when distributable profits become available or the property is sold.
KAN Ventures Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Loans from related parties
2024 |
Directors |
At start of period |
|
Repaid |
( |
At end of period |
|
|
2023 |
Directors |
At start of period |
|
Repaid |
( |
At end of period |
|
|
The loans are unsecured, interest free, with no fixed repayment date.