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COMPANY REGISTRATION NUMBER: 11592179
KEME Properties Limited
Filleted Unaudited Financial Statements
29 February 2024
KEME Properties Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
160,000
160,000
Current assets
Debtors
5
197
Cash at bank and in hand
1,089
1,764
-------
-------
1,089
1,961
Creditors: amounts falling due within one year
6
81,687
80,173
--------
--------
Net current liabilities
80,598
78,212
---------
---------
Total assets less current liabilities
79,402
81,788
Creditors: amounts falling due after more than one year
7
76,289
79,154
--------
--------
Net assets
3,113
2,634
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,111
2,632
-------
-------
Shareholders funds
3,113
2,634
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 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 financial statements .
KEME Properties Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr M E Holt
Director
Company registration number: 11592179
KEME Properties Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property rental services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure and revalued to its fair value at each reporting date.
Impairment of fixed assets
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.
4. Tangible assets
Investment property
£
Cost
At 1 March 2023 and 29 February 2024
160,000
---------
Depreciation
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
160,000
---------
At 28 February 2023
160,000
---------
The directors consider that the investment property is disclosed at its fair value.
5. Debtors
2024
2023
£
£
Other debtors
197
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,097
3,329
Trade creditors
960
Corporation tax
801
607
Other creditors
76,829
76,237
--------
--------
81,687
80,173
--------
--------
The bank loans and overdraft due within one year are secured by Handelsbanken plc who hold a legal charge secured on the investment property.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
76,289
79,154
--------
--------
The bank loans and overdraft due after more than one year are secured by Handelsbanken plc who hold a legal charge secured on the investment property.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £65,837) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.