Registered number
03548591
KABE SOUTH LIMITED
Unaudited Filleted Accounts
30 April 2024
KABE SOUTH LIMITED
Company Information
Directors
Mr B Bluestone
Miss K Bluestone
Mr S Bluestone
Mrs W Bluestone
Secretary
Mrs W Bluestone
Accountants
Key Business Consultants LLP
13 Whitchurch Lane
Edgware
HA8 6JZ
Bankers
Barclays Bank UK plc
Registered office
13 Whitchurch Lane
Edgware
HA8 6JZ
Registered number
03548591
KABE SOUTH LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of KABE SOUTH LIMITED for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KABE SOUTH LIMITED for the year ended 30 April 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
13 Whitchurch Lane
Edgware
HA8 6JZ
16 January 2025
KABE SOUTH LIMITED
Registered number: 03548591
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,233,459 2,233,459
Current assets
Debtors 4 3,443 -
Cash at bank and in hand - 4,451
3,443 4,451
Creditors: amounts falling due within one year 5 (108,016) (147,746)
Net current liabilities (104,573) (143,295)
Total assets less current liabilities 2,128,886 2,090,164
Creditors: amounts falling due after more than one year 6 (138,237) (119,262)
Provisions for liabilities - (308,196)
Net assets 1,990,649 1,662,706
Capital and reserves
Called up share capital 1,184 1,176
Revaluation reserve 7 1,793,711 1,793,711
Profit and loss account 195,754 (132,181)
Shareholders' funds 1,990,649 1,662,706
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Bluestone
Director
Approved by the board on 16 January 2025
KABE SOUTH LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation
Leasehold land and buildings no depreciation
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (cont.)
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 2,233,459
At 30 April 2024 2,233,459
Depreciation
At 30 April 2024 -
Net book value
At 30 April 2024 2,233,459
At 30 April 2023 2,233,459
Freehold land and buildings: 2024 2023
£ £
Historical cost 668,258 668,258
Cumulative depreciation based on historical cost 294,034 280,668
374,224 387,590
4 Debtors 2024 2023
£ £
Other debtors 3,443 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,752 -
Taxation and social security costs 2,465 -
Other creditors 100,799 147,746
108,016 147,746
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 138,237 119,262
7 Revaluation reserve 2024 2023
£ £
At 1 May 2023 1,793,711 1,793,711
At 30 April 2024 1,793,711 1,793,711
8 Related party transactions
At the year end, the company owes the director, Mrs W Bluestone, £138,237 (2023: £116,553) and Kabe West Properties Limited, a company under common control, £98,761 (2023: £119,262) in interest free, repayable on demand loans.
9 Controlling party
The ultimate controlling party throughout the year was Mrs W Bluestone and Mr S Bluestone.
10 Other information
KABE SOUTH LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
13 Whitchurch Lane
Edgware
HA8 6JZ
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