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REGISTERED NUMBER: 10202176 (England and Wales)




















Financial Statements

for the Year Ended 31 May 2024

for

KOVAN INVESTMENT PROPERTIES LTD

KOVAN INVESTMENT PROPERTIES LTD (REGISTERED NUMBER: 10202176)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KOVAN INVESTMENT PROPERTIES LTD

Company Information
for the Year Ended 31 May 2024







DIRECTOR: R C Nicholas





REGISTERED OFFICE: 143 Station Road
Hampton
Middlesex
TW12 2AL





REGISTERED NUMBER: 10202176 (England and Wales)





ACCOUNTANTS: Alvis & Company (Accountants) Limited
143 Station Road
Hampton
Middlesex
TW12 2AL

KOVAN INVESTMENT PROPERTIES LTD (REGISTERED NUMBER: 10202176)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 737,001 601,311
737,001 601,311

CURRENT ASSETS
Debtors 6 8,391 7,513
Cash at bank 10,157 15,722
18,548 23,235
CREDITORS
Amounts falling due within one year 7 (871,712 ) (884,339 )
NET CURRENT LIABILITIES (853,164 ) (861,104 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(116,163

)

(259,793

)

CREDITORS
Amounts falling due after more than one
year

8

(43,309

)

(44,668

)

PROVISIONS FOR LIABILITIES (37,816 ) -
NET LIABILITIES (197,288 ) (304,461 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (197,388 ) (304,561 )
SHAREHOLDERS' FUNDS (197,288 ) (304,461 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

KOVAN INVESTMENT PROPERTIES LTD (REGISTERED NUMBER: 10202176)

Balance Sheet - continued
31 May 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 18 November 2024 and were signed by:





R C Nicholas - Director


KOVAN INVESTMENT PROPERTIES LTD (REGISTERED NUMBER: 10202176)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Kovan Investment Properties 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.

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 net rents receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

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 1 (2023 - 1 ) .

KOVAN INVESTMENT PROPERTIES LTD (REGISTERED NUMBER: 10202176)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 4,206 1,255 5,461
DEPRECIATION
At 1 June 2023
and 31 May 2024 4,206 1,255 5,461
NET BOOK VALUE
At 31 May 2024 - - -
At 31 May 2023 - - -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 601,311
Revaluations 135,690
At 31 May 2024 737,001
NET BOOK VALUE
At 31 May 2024 737,001
At 31 May 2023 601,311

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2021 (268,176 )
Valuation in 2024 135,690
Cost 869,487
737,001

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors - 275
Other debtors 8,391 7,238
8,391 7,513

KOVAN INVESTMENT PROPERTIES LTD (REGISTERED NUMBER: 10202176)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 1,500 1,500
Trade creditors 6,758 4,703
Other creditors 863,454 878,136
871,712 884,339

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 43,309 44,668

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Mortgage 44,809 46,168

The mortgage provided by Lloyds Bank PLC is secured against the freehold interest in the land and property known as 218 Orford Lane by way of a fixed and floating charge.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 June 2023 (304,561 )
Profit for the year 107,173
At 31 May 2024 (197,388 )

Reserves include £113,448 which is not distributable. This relates to the unrealised revaluation of an investment property less the deferred tax effects.

12. GOING CONCERN

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.