IRIS Accounts Production v24.3.0.553 06413863 director 1.4.23 31.3.24 31.3.24 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh064138632023-03-31064138632024-03-31064138632023-04-012024-03-31064138632022-03-31064138632022-04-012023-03-31064138632023-03-3106413863ns15:EnglandWales2023-04-012024-03-3106413863ns14:PoundSterling2023-04-012024-03-3106413863ns10:Director12023-04-012024-03-3106413863ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3106413863ns10:SmallEntities2023-04-012024-03-3106413863ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3106413863ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3106413863ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106413863ns10:FullAccounts2023-04-012024-03-3106413863ns10:RegisteredOffice2023-04-012024-03-3106413863ns5:CurrentFinancialInstruments2024-03-3106413863ns5:CurrentFinancialInstruments2023-03-3106413863ns5:Non-currentFinancialInstruments2024-03-3106413863ns5:Non-currentFinancialInstruments2023-03-3106413863ns5:ShareCapital2024-03-3106413863ns5:ShareCapital2023-03-3106413863ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-3106413863ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3106413863ns5:RetainedEarningsAccumulatedLosses2024-03-3106413863ns5:RetainedEarningsAccumulatedLosses2023-03-3106413863ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3106413863ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3106413863ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3106413863ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3106413863ns5:Secured2024-03-3106413863ns5:Secured2023-03-31064138631ns10:Director12023-03-31064138631ns10:Director12022-03-31064138631ns10:Director12023-04-012024-03-31064138631ns10:Director12022-04-012023-03-31064138631ns10:Director12024-03-31064138631ns10:Director12023-03-31
REGISTERED NUMBER: 06413863 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KK HOMES LIMITED

KK HOMES LIMITED (REGISTERED NUMBER: 06413863)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KK HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr K L Kakalov





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 06413863 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

KK HOMES LIMITED (REGISTERED NUMBER: 06413863)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,800,000 4,550,000

CURRENT ASSETS
Debtors 5 1,737 1,296,506
Investments 6 2,620,005 2,080,510
Cash at bank 1,968 40,194
2,623,710 3,417,210
CREDITORS
Amounts falling due within one year 7 326,972 125,565
NET CURRENT ASSETS 2,296,738 3,291,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,096,738

7,841,645

CREDITORS
Amounts falling due after more than one year 8 (5,805,528 ) (6,755,000 )

PROVISIONS FOR LIABILITIES (433,900 ) (334,300 )
NET ASSETS 857,310 752,345

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 704,145 1,003,014
Retained earnings 153,065 (250,769 )
SHAREHOLDERS' FUNDS 857,310 752,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KK HOMES LIMITED (REGISTERED NUMBER: 06413863)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 October 2024 and were signed by:





Mr K L Kakalov - Director


KK HOMES LIMITED (REGISTERED NUMBER: 06413863)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

KK Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rent receivable.

Investment property
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 as settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

KK HOMES LIMITED (REGISTERED NUMBER: 06413863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 4,550,000
Revaluations 250,000
At 31 March 2024 4,800,000
NET BOOK VALUE
At 31 March 2024 4,800,000
At 31 March 2023 4,550,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 4,800,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,963,591 2,963,591

Investment properties were valued on a fair value basis basis on 5 October 2020 by chartered surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by participating interests - 68,109
Other debtors 1,737 1,228,397
1,737 1,296,506

6. CURRENT ASSET INVESTMENTS

Current asset investments are recognised at fair value with changes in fair value recognised in profit or loss. The changes are presented as part of 'Other income' in the Income Statement.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to participating interests - 68,109
Taxation and social security - 5,580
Other creditors 326,972 51,876
326,972 125,565

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 5,805,528 6,755,000

KK HOMES LIMITED (REGISTERED NUMBER: 06413863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans > 5 years 5,805,528 6,755,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,805,528 6,755,000

The loan is secured by way of floating legal charge on the investment property of the company.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr K L Kakalov
Balance outstanding at start of year 1,228,116 (753,811 )
Amounts advanced 193,992 2,198,495
Amounts repaid (1,745,360 ) (216,568 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (323,252 ) 1,228,116

During the period under review, interest of £452.11 (2023: £13,240) was charged on the director's overdrawn loan account.

11. ULTIMATE CONTROLLING PARTY

Ultimate control of the company is exercised by the director, Mr K Kakalov by virtue of his 100% shareholding.