Silverfin false false 30/06/2024 01/07/2023 30/06/2024 V J Fleming 01/12/2023 K Twittey 08/06/2006 L M Twittey 28/06/2023 06 February 2025 The principal activity of the company was that of property development and investment. 05739298 2024-06-30 05739298 bus:Director1 2024-06-30 05739298 bus:Director2 2024-06-30 05739298 bus:Director3 2024-06-30 05739298 2023-06-30 05739298 core:CurrentFinancialInstruments 2024-06-30 05739298 core:CurrentFinancialInstruments 2023-06-30 05739298 core:Non-currentFinancialInstruments 2024-06-30 05739298 core:Non-currentFinancialInstruments 2023-06-30 05739298 core:ShareCapital 2024-06-30 05739298 core:ShareCapital 2023-06-30 05739298 core:OtherCapitalReserve 2024-06-30 05739298 core:OtherCapitalReserve 2023-06-30 05739298 core:RetainedEarningsAccumulatedLosses 2024-06-30 05739298 core:RetainedEarningsAccumulatedLosses 2023-06-30 05739298 core:OtherPropertyPlantEquipment 2023-06-30 05739298 core:OtherPropertyPlantEquipment 2024-06-30 05739298 1 2024-06-30 05739298 1 2023-06-30 05739298 bus:OrdinaryShareClass1 2024-06-30 05739298 2023-07-01 2024-06-30 05739298 bus:FilletedAccounts 2023-07-01 2024-06-30 05739298 bus:SmallEntities 2023-07-01 2024-06-30 05739298 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05739298 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05739298 bus:Director1 2023-07-01 2024-06-30 05739298 bus:Director2 2023-07-01 2024-06-30 05739298 bus:Director3 2023-07-01 2024-06-30 05739298 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 05739298 2022-07-01 2023-06-30 05739298 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 05739298 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05739298 (England and Wales)

KRT DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

KRT DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

KRT DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
KRT DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,953 12,514
Investment property 4 5,050,000 5,050,000
Investments 5 290,419 290,419
5,350,372 5,352,933
Current assets
Debtors 6 1,790,275 1,839,721
Investments 7 308,737 274,464
Cash at bank and in hand 284,026 528,384
2,383,038 2,642,569
Creditors: amounts falling due within one year 8 ( 2,351,908) ( 2,833,167)
Net current assets/(liabilities) 31,130 (190,598)
Total assets less current liabilities 5,381,502 5,162,335
Creditors: amounts falling due after more than one year 9 ( 308,640) ( 298,245)
Provision for liabilities ( 346,702) ( 338,134)
Net assets 4,726,160 4,525,956
Capital and reserves
Called-up share capital 10 100 100
Other reserves 2,046,867 2,021,162
Profit and loss account 2,679,193 2,504,694
Total shareholder's funds 4,726,160 4,525,956

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of KRT Developments Limited (registered number: 05739298) were approved and authorised for issue by the Board of Directors on 06 February 2025. They were signed on its behalf by:

K Twittey
Director
KRT DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
KRT DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KRT Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for rents receivable from properties held for investment, net of VAT, where applicable.

Rental income from operating leases is recognised on a straight-line basis over the lease term.

Employee benefits

Short term 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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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 end date. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 124,388 124,388
Additions 633 633
At 30 June 2024 125,021 125,021
Accumulated depreciation
At 01 July 2023 111,874 111,874
Charge for the financial year 3,194 3,194
At 30 June 2024 115,068 115,068
Net book value
At 30 June 2024 9,953 9,953
At 30 June 2023 12,514 12,514

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 5,050,000
As at 30 June 2024 5,050,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2024 by the company's director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 2,817,227 2,817,227

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 290,419 290,419

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses

6. Debtors

2024 2023
£ £
Trade debtors 146 6,930
Amounts owed by Group undertakings 495,474 539,204
Other debtors 1,294,655 1,293,587
1,790,275 1,839,721

7. Current asset investments

2024 2023
£ £
Other investments 308,737 274,464

A gain on financial assets held at fair value has be credited to the profit and loss of £34,273 (2023: £20,921).

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,676 2,243
Taxation and social security 78,052 100,280
Other creditors 2,272,180 2,730,644
2,351,908 2,833,167

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 308,640 298,245

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

11. Related party transactions

Other related party transactions

2024 2023
£ £
Other related parties 1,283,438 1,283,438

The company has taken advantage of the exemption available under section 1A C.35 of FRS102 "Related party disclosures" whereby it has not disclosed transactions with its ultimate parent company or any wholly owned subsidiary undertaking of the group.