KMLP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
KMLP LIMITED
COMPANY INFORMATION
Directors
Mrs K.M.Titley
Ms. L. Titley
Ms. M.Titley
Company number
12668532 (England and Wales)
Registered office
Unit 2, Second Avenue
Poynton Industrial Estate
Poynton
Cheshire
SK12 1ND
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
KMLP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KMLP LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,811,934
3,811,934
Current assets
Debtors
4
72,553
59,805
Cash at bank and in hand
733,936
694,116
806,489
753,921
Creditors: amounts falling due within one year
5
(33,840)
(19,541)
Net current assets
772,649
734,380
Net assets
4,584,583
4,546,314
Capital and reserves
Called up share capital
6
4,500,102
4,500,102
Profit and loss reserves
84,481
46,212
Total equity
4,584,583
4,546,314
The notes on pages 2 - 4 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
Mrs K.M.Titley
Director
Company registration number 12668532 (England and Wales)
KMLP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
KMLP Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Second Avenue, Poynton Industrial Estate, Poynton, Cheshire, SK12 1ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income from the letting of properties.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting account date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KMLP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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 at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
3,811,934
The directors have valued the company's investment properties at 31st May 2024 on an open market value basis by reference to market evidence of transaction prices for similar properties.
KMLP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,576
14,589
Amounts due from related parties
39,353
41,206
Other debtors
131
Prepayments and accrued income
3,493
4,010
72,553
59,805
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
11,322
7,448
Other taxation and social security
400
800
Accruals and deferred income
22,118
11,293
33,840
19,541
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
K Ordinary shares of £1 each
4,500,102
4,500,102
4,500,102
4,500,102