Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-01-01falseThe principal activity of the company was that of investment property development.22truetruefalse 13901033 2024-01-01 2024-12-31 13901033 2023-01-01 2023-12-31 13901033 2024-12-31 13901033 2023-12-31 13901033 2023-01-01 13901033 c:Director1 2024-01-01 2024-12-31 13901033 d:PlantMachinery 2024-01-01 2024-12-31 13901033 d:PlantMachinery 2024-12-31 13901033 d:PlantMachinery 2023-12-31 13901033 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13901033 d:FreeholdInvestmentProperty 2024-12-31 13901033 d:FreeholdInvestmentProperty 2023-12-31 13901033 d:CurrentFinancialInstruments 2024-12-31 13901033 d:CurrentFinancialInstruments 2023-12-31 13901033 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13901033 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13901033 d:ShareCapital 2024-12-31 13901033 d:ShareCapital 2023-12-31 13901033 d:ShareCapital 2023-01-01 13901033 d:RevaluationReserve 2024-12-31 13901033 d:RevaluationReserve 2023-12-31 13901033 d:RevaluationReserve 2023-01-01 13901033 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 13901033 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13901033 d:RetainedEarningsAccumulatedLosses 2024-12-31 13901033 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13901033 d:RetainedEarningsAccumulatedLosses 2023-12-31 13901033 d:RetainedEarningsAccumulatedLosses 2023-01-01 13901033 c:FRS102 2024-01-01 2024-12-31 13901033 c:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 13901033 c:FullAccounts 2024-01-01 2024-12-31 13901033 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13901033 5 2024-01-01 2024-12-31 13901033 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 13901033










KN1 Property Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

 
KN1 Property Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of KN1 Property Ltd for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KN1 Property Ltd for the year ended 31 December 2024 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of KN1 Property Ltd, as a body, in accordance with the terms of our engagement letter dated 19 May 2022Our work has been undertaken solely to prepare for your approval the financial statements of KN1 Property Ltd and state those matters that we have agreed to state to the Board of Directors of KN1 Property Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KN1 Property Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that KN1 Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KN1 Property Ltd. You consider that KN1 Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of KN1 Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
20 March 2025
Page 1

 
KN1 Property Ltd
Registered number: 13901033

Balance Sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
767
1,380

Investment property
 5 
1,964,119
1,964,119

  
1,964,886
1,965,499

Current assets
  

Debtors: amounts falling due within one year
 6 
674
3,034

Cash at bank and in hand
  
29,721
-

  
30,395
3,034

Creditors: amounts falling due within one year
 7 
(1,828,069)
(1,846,471)

Net current liabilities
  
 
 
(1,797,674)
 
 
(1,843,437)

Total assets less current liabilities
  
167,212
122,062

Provisions for liabilities
  

Deferred tax
  
(238,803)
(238,956)

  
 
 
(238,803)
 
 
(238,956)

Net liabilities
  
(71,591)
(116,894)


Capital and reserves
  

Called up share capital 
  
100
100

Deferred tax provision reserve
 8 
(238,611)
(238,611)

Profit and loss account
 8 
166,920
121,617

  
(71,591)
(116,894)


Page 2

 
KN1 Property Ltd
Registered number: 13901033

Balance Sheet (continued)
As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M P Knight
Director
Date: 18 March 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
KN1 Property Ltd
 

Statement of Changes in Equity
For the Year Ended 31 December 2024


Called up share capital
Deferred tax provision reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
100
(238,611)
57,655
(180,856)


Comprehensive income for the year

Profit for the year
-
-
63,962
63,962



At 1 January 2024
100
(238,611)
121,617
(116,894)


Comprehensive income for the year

Profit for the year
-
-
45,303
45,303


At 31 December 2024
100
(238,611)
166,920
(71,591)


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
KN1 Property Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.


General information

KN1 Property Ltd is a private company, limited by share capital, and incorporated in England and Wales.  These financial statements are presented in sterling and are rounded to the nearest £1.
The registered office address is 5 The Mount Drive, Reigate, Surrey, RH2 0EZ.
The principal activity of the Company in the year under review was that of property letting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents rental income from rental properties due in the period.

 
2.3

Investment property

Investment property is carried at fair value determined annually by internal valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
KN1 Property Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
KN1 Property Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.
 
Page 7

 
KN1 Property Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 8

 
KN1 Property Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2024
1,838



At 31 December 2024

1,838



Depreciation


At 1 January 2024
458


Charge for the year on owned assets
613



At 31 December 2024

1,071



Net book value



At 31 December 2024
767



At 31 December 2023
1,380


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
1,964,119



At 31 December 2024
1,964,119

The 2024 valuations were made by the Directors, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£


Trade debtors
-
2,511

Other debtors
-
1

Prepayments and accrued income
674
522

674
3,034


Page 9

 
KN1 Property Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
396
384

Amounts owed to group undertakings
881,878
884,466

Amounts owed to related companies
721,542
699,011

Corporation tax
13,627
10,873

Other taxation and social security
-
1,435

Other creditors
203,219
242,032

Accruals and deferred income
7,407
8,270

1,828,069
1,846,471



8.


Reserves

Deferred tax provision reserve

This reserve recognises the provision for deferred tax on the Company's investment property. This is a non-distributable reserve.

Profit and loss account

The profit and loss accounts comprises all current and prior period retained profits and losses after deducting any distributions made to the Company's shareholders. This is a distributable reserve.


9.


Related party transactions

During the prior year, it was agreed that the Directors' loan account balance of £291,306 due to Mr M Knight and Mrs T Knight by KN1 Ltd, (ultimate parent company of KN1 Property Ltd) be transferred to KN1 Property Ltd with effect from 1 October 2023. During the year, interest of £23,224 (2023: £7,174) was charged on the loan and recognised as an expense. 
At the balance sheet date, £203,219 (2023: £242,032) was due by the Company to the Directors.
Also at the balance sheet date, £881,878 (2023: £884,466) was due by the Company to its Parent Company, KN1 Ltd.
During the prior year, it was also agreed that the loan balance of £699,011 due to Don Ruffles Limited (a Company in which the ultimate owners are the same as that of KN1 Ltd) by KN1 Ltd to Don Ruffles Limited, be transferred from KN1 Ltd to its subsidiary, KN1 Property Ltd with effect from 1 October 2023.
At the balance sheet date, £721,542 (£699,011) was due by the Company to Don Ruffles Limited.


Page 10