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Registration number: 08901416

KAN Ventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

Pages for filing with Registrar

 

KAN Ventures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

KAN Ventures Ltd

Company Information

Directors

A J S Hoare

K O Cowley

N D S Hoare

D A Hoare

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

08901416

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

KAN Ventures Ltd

(Registration number: 08901416)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,576

1,272

Investments

5

10,971,177

10,361,135

 

10,973,753

10,362,407

Current assets

 

Debtors

9

67,230

57,142

Investments held as current assets

10

364,491

362,994

Cash at bank and in hand

 

4,482,941

6,289,918

 

4,914,662

6,710,054

Creditors: Amounts falling due within one year

11

(252,601)

(178,665)

Net current assets

 

4,662,061

6,531,389

Total assets less current liabilities

 

15,635,814

16,893,796

Creditors: Amounts falling due after more than one year

11

(13,567,935)

(15,277,935)

Net assets

 

2,067,879

1,615,861

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

2,067,876

1,615,858

Total equity

 

2,067,879

1,615,861

 

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 26 November 2024 and signed on its behalf by:
 




A J S Hoare
Director

 

KAN Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

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

The financial statements contain information about KAN Ventures Limited as an individual company and do not contain consolidated financial information for its group. Due to the size of the group the company is exempt from Section 399 of the Companies Act 2006 which requires some parent undertakings to prepare consolidated financial statements..

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

Transactions in foreign currencies are initially recorded at the functional currency prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date.

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

Investment property is carried at fair value to be derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The company had 0 employees (2023 - 0) other than the directors, who did not receive any remuneration (2023 - Nil).

 

KAN Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible fixed assets

Equipment, fixtures & fittings
£

Cost

At 1 March 2023

4,738

Additions

1,980

At 29 February 2024

6,718

Depreciation

At 1 March 2023

3,466

Charge for the year

676

At 29 February 2024

4,142

Carrying amount

At 29 February 2024

2,576

At 28 February 2023

1,272

5

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

6

Investment properties

2024
£

At 1 March 2023

7,617,084

At 29 February 2024

7,617,084

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.

7

Subsidiaries and Associates

2024
£

2023
£

Investments in subsidiaries

-

850

Investments in associates

3,045

3,045

3,045

3,895

Subsidiaries

£

Cost

At 1 March 2023

850

Disposals

(850)

At 29 February 2024

-

Carrying amount

At 29 February 2024

-

At 28 February 2023

850

Associates

£

Cost

At 1 March 2023

3,045

At 29 February 2024

3,045

Carrying amount

At 29 February 2024

3,045

At 28 February 2023

3,045

 

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

Kinwood Holdings Limited

43 Palewell Park
London
SW14 8KQ

Ordinary

0%

85%

 

England and Wales

     

Associate undertakings

Kinway Holdings Limited

Old Gunn Court
1 North Street
Dorking
RH4 1DE

Ordinary

30%

30%

 

England and Wales

     

Subsidiary undertakings

Kinwood Holdings Limited

The principal activity of Kinwood Holdings Limited is that of a property investment company. Kinwood Holdings Limited was dissolved on 2 January 2024, and therefore the investment was disposed of for nil proceeds.

Associates

Kinway Holdings Limited

The principal activity of Kinway Holdings Limited is that of a property investment company.

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

8

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

108,464

2,478,039

764,545

3,351,048

At 28 February 2023

127,009

1,984,737

628,410

2,740,156

9

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

 

16,679

-

Intercompany loan account

14

300

-

Other debtors

 

33,696

18,246

Prepayments and accrued income

 

16,555

38,896

 

67,230

57,142

10

Current asset investments

2024
£

2023
£

Other investments

364,491

362,994

 

KAN Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Creditors

2024
£

2023
£

Amounts falling due within one year

Trade creditors

-

1,305

VAT

11,082

12,490

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

252,601

178,665

Note

2024
£

2023
£

Due after one year

 

Directors' loan accounts

14

13,567,935

15,277,935

12

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         
 

KAN Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

13

Dividends

 

2024
£

2023
£

Dividend of £2,000 per each Ordinary share share

6,000

6,000

     

14

Related party transactions

Loans to related parties

2024

Other related parties
£

At start of period

689,048

At end of period

689,048

2023

Other related parties
£

At start of period

264,593

Advanced

424,455

At end of period

689,048

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

15,277,936

Repaid

(1,710,000)

At end of period

13,567,936

2023

Directors
£

At start of period

15,292,935

Repaid

(15,000)

At end of period

15,277,935


The loans are unsecured, interest free, with no fixed repayment date.