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Registered number: 06456638









KVADRAT PROPERTIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
KVADRAT PROPERTIES LIMITED
REGISTERED NUMBER: 06456638

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,333,677
3,428,058

  
3,333,677
3,428,058

Current assets
  

Debtors: amounts falling due within one year
 5 
415
2,480

Cash at bank and in hand
 6 
46,843
19,514

  
47,258
21,994

Creditors: amounts falling due within one year
 7 
(1,879,353)
(2,008,721)

Net current liabilities
  
 
 
(1,832,095)
 
 
(1,986,727)

Total assets less current liabilities
  
1,501,582
1,441,331

Provisions for liabilities
  

Deferred tax
 8 
(510,037)
(516,354)

Net assets
  
991,545
924,977

Page 1

 
KVADRAT PROPERTIES LIMITED
REGISTERED NUMBER: 06456638
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
991,544
924,976

  
991,545
924,977


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 profit and loss account 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: 

................................................
J Fredberg
Director

Date: 19 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Kvadrat Properties Limited (the Company) is a Company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is set out on the company information page.
The principal activity of the Company is that of commercial 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

Going concern

The accounts have been prepared on the going concern basis as the director believes that the Company will continue to have access to adequate funding from the ultimate parent company Kvadrat Holdings A/S to enable it to continue to operate as a going concern, and have received assurances to this effect. As with any company placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
The financial statements do not include any adjustments that would result in this basis of preparation being inappropriate.

 
2.3

Revenue

Revenue represents rental income received from a related group company.

 
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.

Page 3

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
2%
Fixtures and fittings
-
2%

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.

 
2.5

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.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
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.

Page 4

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

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.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

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 5

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2024
2,490,868
1,916,053
4,406,921



At 31 December 2024

2,490,868
1,916,053
4,406,921



Depreciation


At 1 January 2024
609,717
369,146
978,863


Charge for the year on owned assets
53,747
40,634
94,381



At 31 December 2024

663,464
409,780
1,073,244



Net book value



At 31 December 2024
1,827,404
1,506,273
3,333,677



At 31 December 2023
1,881,151
1,546,907
3,428,058


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
415
-

Prepayments and accrued income
-
2,480



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
46,843
19,514


Page 7

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,856,083
1,952,257

Amounts owed to group undertakings
-
29,566

Corporation tax
17,270
16,577

Accruals and deferred income
6,000
10,321

1,879,353
2,008,721


Jyske Bank have a fixed charge over the Leasehold property of the business.


8.


Deferred taxation




2024


£






At beginning of year
(516,354)


Charged to profit or loss
6,317



At end of year
(510,037)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(510,037)
(516,354)

(510,037)
(516,354)


9.


Ultimate controlling party

The immediate and ultimate parent company is Kvadrat Holdings A/S, a company incorporated in Denmark, which is the smallest and largest group for which consolidated accounts are drawn up.
Consolidated accounts are held at its principal place of business, Kvadrat Holdings A/SLundbergsvej 10, DK-8400 Ebeltoft, Denmark.

Page 8

 
KVADRAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 March 2025 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9