5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 26,614,775 570,000 1,439,775 25,745,000 25,745,000 26,614,775 xbrli:pure xbrli:shares iso4217:GBP 04638155 2023-04-01 2024-03-31 04638155 2024-03-31 04638155 2023-03-31 04638155 2022-04-01 2023-03-31 04638155 2023-03-31 04638155 2022-03-31 04638155 core:MotorVehicles 2023-04-01 2024-03-31 04638155 bus:Director1 2023-04-01 2024-03-31 04638155 core:MotorVehicles 2023-03-31 04638155 core:MotorVehicles 2024-03-31 04638155 core:WithinOneYear 2024-03-31 04638155 core:WithinOneYear 2023-03-31 04638155 core:AfterOneYear 2024-03-31 04638155 core:AfterOneYear 2023-03-31 04638155 core:UKTax 2022-04-01 2023-03-31 04638155 core:ShareCapital 2024-03-31 04638155 core:ShareCapital 2023-03-31 04638155 core:RetainedEarningsAccumulatedLosses 2024-03-31 04638155 core:RetainedEarningsAccumulatedLosses 2023-03-31 04638155 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04638155 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 04638155 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 04638155 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 04638155 core:Non-currentFinancialInstruments 2024-03-31 04638155 core:Non-currentFinancialInstruments 2023-03-31 04638155 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 04638155 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 04638155 core:MotorVehicles 2023-03-31 04638155 bus:SmallEntities 2023-04-01 2024-03-31 04638155 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04638155 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04638155 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04638155 bus:FullAccounts 2023-04-01 2024-03-31 04638155 core:OfficeEquipment 2023-04-01 2024-03-31 04638155 core:OfficeEquipment 2023-03-31 04638155 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04638155
Katrin Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Katrin Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
140,617
130,189
Investments
7
25,745,000
26,614,775
-------------
-------------
25,885,617
26,744,964
Current assets
Debtors
8
7,814,074
8,395,601
Cash at bank and in hand
1,774,405
444,876
------------
------------
9,588,479
8,840,477
Creditors: amounts falling due within one year
9
5,018,566
6,480,530
------------
------------
Net current assets
4,569,913
2,359,947
-------------
-------------
Total assets less current liabilities
30,455,530
29,104,911
Creditors: amounts falling due after more than one year
10
12,853,237
9,631,128
Provisions
Taxation including deferred tax
1,732,350
1,226,881
-------------
-------------
Net assets
15,869,943
18,246,902
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
13
15,869,843
18,246,802
-------------
-------------
Shareholders funds
15,869,943
18,246,902
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Katrin Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr. Kerem Yavuzarslan
Director
Company registration number: 04638155
Katrin Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 834 Hertford Road, Enfield, Middlesex, EN3 6UE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. The financial statements are presented in pounds sterling, which is the functional currency of the company.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: a - Critical judgements in applying accounting policies There are no critical judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. b - Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows; i) Investment property valuation The valuation of the company's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The large majority of the investment property valuations have been provided by independent qualified surveyors namely Savills (UK) Limited on 03 August 2023 and Sanderson Weatherall on 05 May 2023, on behalf of lenders, with the remainder being provided by the company's director at the date of the Statement of Financial Position. The investment property valuations contain a number of assumptions upon which the independent qualified surveyors and the company's director have based their valuations of the company's properties. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market value and comparable market transactions.
Revenue recognition
Turnover is measured at the fair value of consideration receivable, net of Value Added Tax. Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. All revenue relates to property rental income within the UK and is recognised on a straight line basis over the life of the lease. Interest receivable on bridging loans, bank deposits and other items is included within other operating income.
Investment properties
The company classifies land and buildings as investment property when it is held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost which comprise the purchase price and any directly attributable expenditure. Investment properties are subsequently re-measured to fair value at each reporting date with changes in fair value recognised in profit or loss. Revaluations are carried out by the directors, who have experience in the location and class of the investment property being valued.
Income tax
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised 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 calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has a legally enforceable right to set off current tax assets against current tax liabilities.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
18% reducing balance
Office Equipment
-
18% reducing balance
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Provisions for liabilities
A provision is recognised in the Balance Sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Leasing
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and at bank. Bank overdrafts are shown within borrowings in current liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 7 ).
5. Tax on (loss)/profit
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense
40,969
Deferred tax:
Origination and reversal of timing differences
505,469
( 413,207)
---------
---------
Tax on (loss)/profit
505,469
( 372,238)
---------
---------
Reconciliation of tax expense/(income)
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 566,345)
547,372
---------
---------
(Loss)/profit on ordinary activities by rate of tax
( 141,586)
104,001
Effect of expenses not deductible for tax purposes
220
262
Effect of capital allowances and depreciation
( 27,417)
( 63,294)
Unused tax losses
168,783
Deferred tax: origination and reversal of timing differences
505,469
( 413,207)
---------
---------
Tax on (loss)/profit
505,469
( 372,238)
---------
---------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
153,270
54,352
207,622
Additions
20,640
20,656
41,296
---------
--------
---------
At 31 March 2024
173,910
75,008
248,918
---------
--------
---------
Depreciation
At 1 April 2023
48,551
28,882
77,433
Charge for the year
22,565
8,303
30,868
---------
--------
---------
At 31 March 2024
71,116
37,185
108,301
---------
--------
---------
Carrying amount
At 31 March 2024
102,794
37,823
140,617
---------
--------
---------
At 31 March 2023
104,719
25,470
130,189
---------
--------
---------
7. Investments
Investment properties
£
Cost
At 1 April 2023
26,614,775
Additions
570,000
Revaluations
( 1,439,775)
-------------
At 31 March 2024
25,745,000
-------------
Impairment
At 1 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
25,745,000
-------------
At 31 March 2023
26,614,775
-------------
In the opinion of the director there has been a fair value loss in the Company's investment properties.
8. Debtors
2024
2023
£
£
Trade debtors
44,715
94,437
Bridging loans
1,730,212
3,256,231
Loans to connected companies
6,020,897
5,032,933
Other debtors
18,250
12,000
------------
------------
7,814,074
8,395,601
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
759,144
1,953,409
Trade creditors
91,650
46,675
Corporation tax
40,969
Shareholders loan accounts
2,757,330
2,957,204
Loans from connected company
1,155,354
1,245,354
Other creditors
255,088
236,919
------------
------------
5,018,566
6,480,530
------------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,853,237
9,631,128
-------------
------------
Bank Loans are secured over the Investment Properties.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
1,732,350
1,226,881
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
1,732,350
1,226,881
------------
------------
12. Financial instruments
The company has the following financial instruments:
2024 2023
£ £
Financial assets measured at amortised cost:
Trade and other debtors 62,965 106,437
Other loans 7,751,109 8,289,164
------------ ------------
7,814,074 8,395,601
------------ ------------
£ £
Financial liabilities measured at amortised cost
Bank loans and overdraft 13,612,381 11,584,537
Other loans 3,912,684 4,202,558
Trade and other creditors 327,411 266,499
Accruals 19,327 17,095
------------- -------------
17,871,803 16,070,689
------------- -------------
13. Reserves
The profit and loss reserve contains the cumulative balance of retained profit and losses as well as investment property revaluations since the company started trading. It is made up of both distributable and non-distributable reserves.
Distributable reserves Non-distributable reserves Total
£ £ £
As at 1 April 2023 7,603,745 10,643,057 18,246,802
Loss for the year (1,071,814) (1,071,814)
Dividends paid (25,000) (25,000)
Fair value loss on investment properties (1,280,145) (1,280,145)
------------ ------------- -------------
As at 31 March 2024 6,506,931 9,362,912 15,869,843
------------ ------------- -------------
14. Related party transactions
The following related party transactions were undertaken:
2024 2023
£ £
Loans to connected companies:
Altitude Assets Limited 1,360,346 884,000
Liberal Limited 966,564 896,564
Katrin Group Limited 897,422
Altitude Contractors Limited 9,096 13,347
Chapel House E14 Ltd 719,177 719,177
Coral Bridging Limited 34,166 508,898
Halifax HX1 Ltd 167,527 62,527
London Lane Development Limited 1,864,225 1,424,225
KCF Estates Ltd 2,374 524,195
------------ ------------
6,020,897 5,032,933
------------ ------------
£ £
Shareholders loan accounts:
Kerem Yavuzarslan - Director 548,465 358,928
Mustafa Yavuzarslan - Close family member 1,477,289 2,177,289
Necip Yavuzarslan - Close family member 283,453 283,453
Can Yavuzarslan - Close family member 339,938 82,349
Fatih Yavuzarslan - Close family member 108,185 55,185
------------ ------------
2,757,330 2,957,204
------------ ------------
£ £
Loans from connected companies:
Katrin Limited 1,155,354 1,245,354
------------ ------------
Mr. Kerem Yavuzarslan , the managing director and a shareholder of Katrin Properties Limited , is also a shareholder of Altitude Assets Limited (the parent company of Liberal Limited), Katrin Fashion Limited, Katrin Group Limited (the parent company of Altitude Contractors Limited, Chapel House E14 Ltd, Coral Bridging Limited, Halifax HX1 Ltd and London Lane Development Limited), Katrin Limited and KCF Estates Limited.
15. Controlling party
There are no controlling parties.