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REGISTERED NUMBER: 12042931 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

King Property Ltd

King Property Ltd (Registered number: 12042931)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


King Property Ltd (Registered number: 12042931)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,070 12,093
Investment property 5 312,786 260,000
321,856 272,093

CURRENT ASSETS
Cash at bank and in hand 4,013 4,546

CREDITORS
Amounts falling due within one year 6 165,464 109,879
NET CURRENT LIABILITIES (161,451 ) (105,333 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

160,405

166,760

CREDITORS
Amounts falling due after more than one year 7 (161,997 ) (161,997 )

PROVISIONS FOR LIABILITIES (11,012 ) (11,012 )
NET LIABILITIES (12,604 ) (6,249 )

CAPITAL AND RESERVES
Allotted, called up and fully paid share capital 10 10
Fair value reserve 46,948 46,948
Retained earnings (59,562 ) (53,207 )
(12,604 ) (6,249 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Mr J King - Director


King Property Ltd (Registered number: 12042931)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

King Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12042931

Registered office: 6 Rodmill Grove
Prescot
Liverpool
Merseyside
L34 1AB

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

King Property Ltd (Registered number: 12042931)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 16,614
DEPRECIATION
At 1 June 2023 4,521
Charge for year 3,023
At 31 May 2024 7,544
NET BOOK VALUE
At 31 May 2024 9,070
At 31 May 2023 12,093

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 260,000
Additions 52,786
At 31 May 2024 312,786
NET BOOK VALUE
At 31 May 2024 312,786
At 31 May 2023 260,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2021 31,026
Valuation in 2022 26,934
Cost 254,826
312,786

Freehold investment properties were valued on an open market basis on 31 May 2024 by the Director.

These valuations were carried out by the Director who, whilst not a qualified surveyor, does have many years experience in the property sector. These valuations are further supported by valuations recently carried out by finance providers for mortgage purposes.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors - 325
Other creditors 165,464 109,554
165,464 109,879

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 161,997 161,997

King Property Ltd (Registered number: 12042931)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 161,997 161,997

The debt is secured by way of fixed and floating charges over the company assets.