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REGISTERED NUMBER: 13035652 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 November 2024

for

KMGS Properties Ltd

KMGS Properties Ltd (Registered number: 13035652)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KMGS Properties Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTOR: K M G Swales





SECRETARY:





REGISTERED OFFICE: 15 Eslington Terrace
Flat 1
Newcastle Upon Tyne
NE2 4RL





REGISTERED NUMBER: 13035652 (England and Wales)





ACCOUNTANTS: Mollart & Co
39 Grange Road
Darlington
Co. Durham
DL1 5NB

KMGS Properties Ltd (Registered number: 13035652)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 908 98
Investment property 5 164,000 157,000
164,908 157,098

CURRENT ASSETS
Debtors 6 404 565
Cash at bank 6,632 4,633
7,036 5,198
CREDITORS
Amounts falling due within one year 7 2,653 3,073
NET CURRENT ASSETS 4,383 2,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,291

159,223

CREDITORS
Amounts falling due after more than one
year

8

(142,770

)

(142,770

)

PROVISIONS FOR LIABILITIES (4,647 ) (3,317 )
NET ASSETS 21,874 13,136

CAPITAL AND RESERVES
Called up share capital 1 1
Non-distributable reserves 19,812 14,142
Retained earnings 2,061 (1,007 )
21,874 13,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

KMGS Properties Ltd (Registered number: 13035652)

Balance Sheet - continued
30 November 2024


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 director and authorised for issue on 1 March 2025 and were signed by:





K M G Swales - Director


KMGS Properties Ltd (Registered number: 13035652)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

KMGS Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.
Plant and machinery etc - 15% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

KMGS Properties Ltd (Registered number: 13035652)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 180
Additions 984
At 30 November 2024 1,164
DEPRECIATION
At 1 December 2023 82
Charge for year 174
At 30 November 2024 256
NET BOOK VALUE
At 30 November 2024 908
At 30 November 2023 98

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023 157,000
Revaluations 7,000
At 30 November 2024 164,000
NET BOOK VALUE
At 30 November 2024 164,000
At 30 November 2023 157,000

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2021 145,000
Valuation in 2022 5,500
Valuation in 2023 6,500
Valuation in 2024 7,000
164,000

Investment property was valued on an open market basis on 30 November 2024 by a person who does not hold a recognized and relevant professional qualification.

If investment property had not been valued at fair value it would have been included at the following historical cost:

Cost £139,541
Aggregate depreciation £11,163

KMGS Properties Ltd (Registered number: 13035652)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. INVESTMENT PROPERTY - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Total
£   
FAIR VALUE
At 1 December 2023 157,000
Revaluations 7,000
At 30 November 2024 164,000
NET BOOK VALUE
At 30 November 2024 164,000
At 30 November 2023 157,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 404 565

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 502 -
Other creditors 2,151 3,073
2,653 3,073

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 142,770 142,770

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage 101,770 101,770
KMGS Consulting Ltd loan 41,000 41,000
142,770 142,770