K2MP Properties Ltd 13767615 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true 13767615 2022-12-01 2023-11-30 13767615 2023-11-30 13767615 core:CurrentFinancialInstruments 2023-11-30 13767615 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13767615 bus:SmallEntities 2022-12-01 2023-11-30 13767615 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13767615 bus:FullAccounts 2022-12-01 2023-11-30 13767615 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13767615 bus:RegisteredOffice 2022-12-01 2023-11-30 13767615 bus:Director2 2022-12-01 2023-11-30 13767615 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13767615 core:OtherRelatedParties 2022-12-01 2023-11-30 13767615 countries:EnglandWales 2022-12-01 2023-11-30 13767615 2022-11-30 13767615 2021-11-26 2022-11-30 13767615 2022-11-30 13767615 core:CurrentFinancialInstruments 2022-11-30 13767615 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 13767615

Prepared for the registrar

K2MP Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

K2MP Properties Ltd

(Registration number: 13767615)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

415,160

205,160

Creditors: Amounts falling due within one year

5

(400,279)

(193,163)

Net assets

 

14,881

11,997

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

14,877

11,993

Shareholders' funds

 

14,881

11,997

For the financial year ending 30 November 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 year 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 


T A J Armstrong-Cerfontaine
Director

 

K2MP Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Wisteria Cottage
Fulmer Road
Fulmer
Slough
SL3 6HN

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

 

K2MP Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

K2MP Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

4

Investment properties

£

At 1 December 2022

205,160

Additions

210,000

At 30 November 2023

415,160

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

 

5

Creditors

Note

30 November 2023
 £

30 November 2022
 £

Due within one year

 

Loans and borrowings

6

393,945

187,900

Accrued expenses

 

5,658

2,000

Corporation tax liability

676

2,813

Deferred income

 

-

450

 

400,279

193,163

 

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

393,945

187,900

 

7

Related party transactions

Summary of transactions with other related parties

At 30 November 2023, the company owed £393,945 (2022: £187,900) to its directors. No interest was charged on this balance and there are no fixed repayment terms.