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REGISTERED NUMBER: 09454291 (England and Wales)






KAY PROPERTY DEVELOPMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






KAY PROPERTY DEVELOPMENT LTD (REGISTERED NUMBER: 09454291)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KAY PROPERTY DEVELOPMENT LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: Mrs K Bahra
M S Bahra
A S Bahra





REGISTERED OFFICE: 100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB





REGISTERED NUMBER: 09454291 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
Chartered Accountants
100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB

KAY PROPERTY DEVELOPMENT LTD (REGISTERED NUMBER: 09454291)

BALANCE SHEET
29 February 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Investment property 4 674,336 674,336

CURRENT ASSETS
Debtors 5 5,467 4,463
Cash at bank 43,626 32,545
49,093 37,008
CREDITORS
Amounts falling due within one year 6 (547,913 ) (564,529 )
NET CURRENT LIABILITIES (498,820 ) (527,521 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,516

146,815

CREDITORS
Amounts falling due after more than one
year

7

(10,625

)

(18,125

)
NET ASSETS 164,891 128,690

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 164,791 128,590
SHAREHOLDERS' FUNDS 164,891 128,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

KAY PROPERTY DEVELOPMENT LTD (REGISTERED NUMBER: 09454291)

BALANCE SHEET - continued
29 February 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 Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mrs K Bahra - Director


KAY PROPERTY DEVELOPMENT LTD (REGISTERED NUMBER: 09454291)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Kay Property Development Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 at 29 February 2024, the balance sheet reflects net current liabilities of £498,820. However, included within creditors due within one year is an amount due to the director of £517,755. The director has given assurances that they will not request repayment of this amount until other creditors of the company have been settled, and therefore considers the going concern basis of preparation appropriate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

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

KAY PROPERTY DEVELOPMENT LTD (REGISTERED NUMBER: 09454291)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

4. INVESTMENT PROPERTY
Total
£   
COST
At 1 March 2023
and 29 February 2024 674,336
NET BOOK VALUE
At 29 February 2024 674,336
At 28 February 2023 674,336

The above investment relates to three investment properties which cost £674,336.

Investment properties were valued on an open market basis on 29 February 2024 by the Director.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 2,558 2,905
Prepayments 2,909 1,558
5,467 4,463

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts 7,500 7,500
Trade creditors 3,616 4,490
Corporation tax payable 10,378 5,043
Other creditors - 22,000
Directors' loan accounts 517,755 522,322
Accrued expenses 8,664 3,174
547,913 564,529

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans - 1-2 years 7,500 7,500
Bank loans - 2-5 years 3,125 10,625
10,625 18,125

8. SECURED DEBTS

The following secured debts are included within creditors:

29/2/24 28/2/23
£    £   
Bank loans 18,125 25,625

The UK Government has provided a guarantee for the bounce back loan should the company default on repayment.

KAY PROPERTY DEVELOPMENT LTD (REGISTERED NUMBER: 09454291)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29/2/24 28/2/23
£    £   
Mrs K Bahra
Balance outstanding at start of year (522,322 ) (521,349 )
Amounts advanced 8,186 3,974
Amounts repaid (3,619 ) (4,947 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (517,755 ) (522,322 )

No interest is charged on directors loans. Amounts are repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs K Bahra.