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Registration number: 12253753

Knoll Estates Limited

Unaudited Filleted Financial Statements

for the Period from 1 November 2022 to 30 June 2023

 

Knoll Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Knoll Estates Limited

Company Information

Directors

Mr Sukhjit Bains

Mrs Amandeep Kaur

Registered office

66 Breamore Road
Ilford
IG3 9ND

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Knoll Estates Limited

(Registration number: 12253753)
Balance Sheet as at 30 June 2023

Note

30 June
2023
£

(As restated)

31 October
2022
£

Fixed assets

 

Investment property

4

6,004,009

3,630,834

Current assets

 

Debtors

5

653,583

650,160

Cash at bank and in hand

 

4,210

765

 

657,793

650,925

Creditors: Amounts falling due within one year

6

(688,524)

(320,691)

Net current (liabilities)/assets

 

(30,731)

330,234

Total assets less current liabilities

 

5,973,278

3,961,068

Creditors: Amounts falling due after more than one year

6

(6,024,795)

(3,989,102)

Net liabilities

 

(51,517)

(28,034)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(51,617)

(28,134)

Shareholders' deficit

 

(51,517)

(28,034)

For the financial period ending 30 June 2023 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 period 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 and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Knoll Estates Limited

(Registration number: 12253753)
Balance Sheet as at 30 June 2023 (continued)

The financial statements were approved and authorised for issue by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................
Mr Sukhjit Bains
Director

   
     
 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023

1

General information

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

The address of its registered office is:
66 Breamore Road
Ilford
IG3 9ND
United Kingdom

These financial statements were authorised for issue by the Board on 23 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

2

Accounting policies (continued)

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments 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 from related parties.

 Recognition and measurement
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 creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid 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 of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a 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.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the period, was 2 (2022: 2).

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

4

Investment properties

30 June
2023
£

At 1 November

3,630,834

Additions

2,373,175

At 30 June

6,004,009

There has been no valuation of investment property by an independent valuer.

5

Debtors

Note

30 June
2023
£

31 October
2022
£

Trade debtors

 

-

17,904

Amounts owed by group undertakings

9

630,392

630,392

Prepayments

 

8,959

-

Other debtors

 

14,232

1,864

 

653,583

650,160

The Amounts owed by group undertaking are recoverable after more than one year.

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

30 June
2023
£

31 October
2022
£

Due within one year

Bank loans and overdrafts

362,075

-

Trade creditors

-

1,200

Other creditors

9,790

-

Accrued expenses

10,938

5,100

Deferred income

-

1,669

Directors current account

305,721

312,722

688,524

320,691

Creditors: amounts falling due after more than one year

Note

30 June
2023
£

31 October
2022
£

Due after one year

 

Loans and borrowings

7

1,810,272

1,828,841

Loan to related parties

9

4,214,523

2,160,261

 

6,024,795

3,989,102

Bank borrowings consists of a government-backed Bounce Back Loan of £34,847 (31 October 2022 : £41,341) with a repayment term of 6 years from June 2020. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

Interest only loan from Investec of £1,787,500 (31 October 2022 : £1,787,500) is repayable over 5 years from June 2021 with interest rate of 3.29% p.a.

Interest only loan from Wigmore of £350,000 (31 October 2022 : £Nil) is repayable over six months with variable interest rate.

 

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

7

Loans and borrowings

Current loans and borrowings

30 June
2023
£

31 October
2022
£

Bank borrowings

362,075

-

Non-current loans and borrowings

30 June
2023
£

31 October
2022
£

Bank borrowings

1,810,272

1,828,841

8

Share capital

Allotted, called up and fully paid shares

30 June
2023

31 October
2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the Group.

Summary of transactions with parent

At the balance sheet date, the amount owed to the company by Woodrow Estates Limited was £630,392 (31 October 2022: £630,392). The loan is interest free and recoverable on demand.

Summary of transactions with other related parties

At the balance sheet date, the company was owed £4,214,523 (31 October 2022: £2,160,261) by other company(ies) which have common directors. The loans are interest free and payable on demand.

 

Knoll Estates Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 June 2023 (continued)

10

Prior period restatement

The comparatives have been restated to reclassify investment properties from tangible assets. This reclassification has no impact on the company's results or retained earnings.

11

Parent and ultimate controlling party

The company's immediate and ultimate parent is Woodrow Estates Limited, incorporated in England and wales.