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Company registration number:
13819119
Kimbo Investment Property Limited
Unaudited Abridged Financial Statements for the year ended
31 December 2024
Kimbo Investment Property Limited
Officers and Professional Advisers
Year ended
31 December 2024
Directors
Dr B Humberstone
Ms K Humberstone
Company secretary
Kim Elizabeth Humberstone
Registered office
Hung Maau Ga
Trowley Rise
Abbots Langley
WD5 0LN
England
Bank
National Westminster Bank PLC
72-74 High Street
Watford
Hertfordshire
WD17 2GZ
United Kingdom
Solicitor
Smith Benedict
Synergy House
Heavens Walk
Doncaster
Yorkshire
DN4 5HZ
United Kingdom
Kimbo Investment Property Limited
Directors' Report
Year ended
31 December 2024
The directors present their report and the unaudited
abridged financial statements
of the company for the year ended 31 December 2024.

Change of company name

Directors

The directors who served the company during the year were as follows:
Dr B Humberstone
Ms K Humberstone

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
26 January 2025
and signed on behalf of the board by:
Ms K Humberstone
Director
Kimbo Investment Property Limited
Abridged Income Statement
Year ended
31 December 2024
20242023
Note££
Gross profit
60,623
 
32,875
 
Administrative expenses
119,538
 
58,514
 
Operating profit
180,161
 
91,389
 
Interest payable and similar expenses
(73,085
)
(22,344
)
Profit before tax 4
107,076
 
69,045
 
Tax on profit -   -  
Profit for the financial year
107,076
 
69,045
 
The company has no other recognised items of income or expense other than the results for the year as set out above.
Kimbo Investment Property Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 6
2,254,184
 
1,325,000
 
Current assets    
Debtors 7
78,568
 
152,708
 
Cash at bank and in hand
49,819
 
8,513
 
128,387
 
161,221
 
Creditors: amounts falling due within one year 8
(51,743
)
(197,039
)
Net current assets/(liabilities)
76,644
 
(35,818
)
Total assets less current liabilities 2,330,828   1,289,182  
Creditors: amounts falling due after more than one year 9
(2,153,668
)
(1,219,098
)
Net assets
177,160
 
70,084
 
Capital and reserves    
Called up share capital
5
 
5
 
Profit and loss account
177,155
 
70,079
 
Shareholders funds
177,160
 
70,084
 
For the year ending
31 December 2024
, 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 abridged financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged income statement for the year ended
31 December 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged financial statements
have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
26 January 2025
, and are signed on behalf of the board by:
Ms K Humberstone
Director
Company registration number:
13819119
Kimbo Investment Property Limited
Notes to the Abridged Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Hung Maau Ga
,
Trowley Rise
,
Abbots Langley
,
WD5 0LN
, England.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The financial statements are prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 (FRS 102) Section 1A Small Entities.
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The Company's Investment Properties produce a positive cash flow and the Directors have confirmed that they will continue to provide the Company with financial support. On this basis, the board has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. The board have considered the foreseeable future for their going concern assessment to cover the period to 31 March 2026. On this basis, the board continues to adopt the going concern basis in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for property rent and services supplied, net of discounts and Value Added Tax.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Profit before tax

Profit before tax is stated after charging/(crediting):
20242023
££
Fair value adjustments to investment property
(138,192
)
(79,177
)

5 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 January 2024
1,325,000
  -  
1,325,000
 
Additions
786,808
 
4,922
 
791,730
 
Revaluations
138,192
  -  
138,192
 
At
31 December 2024
2,250,000
 
4,922
 
2,254,922
 
Depreciation      
At
1 January 2024
-   -   -  
Charge -  
738
 
738
 
At
31 December 2024
-  
738
 
738
 
Carrying amount      
At
31 December 2024
2,250,000
 
4,184
 
2,254,184
 
At 31 December 2023
1,325,000
  -  
1,325,000
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 2,015,117   1,228,309  
Carrying amount 2,015,117   1,228,309  

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying amount at
1 January 2024
1,325,000.00
 
Additions
786,808
 
Fair value adjustments
138,192
 
Carrying amount at
31 December 2024
2,250,000
 
Investment Properties were valued by the Directors at 31 December 2024 based on observable market data.

7 Debtors

20242023
££
Trade debtors
200
  -  
Other debtors
78,368
 
152,708
 
78,568
 
152,708
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
(26
)
1,088
 
Other creditors
51,769
 
195,951
 
51,743
 
197,039
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
1,406,921
 
535,852
 
Other creditors
746,747
 
683,246
 
2,153,668
 
1,219,098
 
Bank loans are secured by charges on the properties to which the loans relate.
Creditors due after more than 5 years: £535,852.