Company Registration No. 13238383 (England and Wales)
K&P ESTATE DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
K&P ESTATE DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
K&P ESTATE DEVELOPMENT LIMITED
Company Registration No. 13238383
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
574,022
Current assets
Debtors
5
2,408,000
Cash at bank and in hand
2,370
2,410,370
Creditors: amounts falling due within one year
6
(2,130)
(3,002,880)
Net current liabilities
(2,130)
(592,510)
Net liabilities
(2,130)
(18,488)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(3,130)
(19,488)
Total equity
(2,130)
(18,488)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 March 2025
Y Zhang
Director
K&P ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
K&P Estate Development Limited is a private company limited by shares incorporated in England and Wales.
1.1
Reporting period
The accounting reporting period has been extended to 30 September 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company ceased to trade on true30 September 2024 therefore the financial statements have been prepared on the basis that the company is no longer a going concern.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
K&P ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
1
1
3
Amounts written off investments
2024
2023
£
£
Amounts written off current loans
(2,390,210)
4
Investment property
2024
£
Fair value
At 1 April 2023
574,023
Additions
10,692
Disposals
(584,715)
At 30 September 2024
The costs relating to the obtaining of an investment property were aborted in the period and the costs incurred were non refundable.
K&P ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,408,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,130
3,002,880
2,130
3,002,880
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions
At the balance sheet date, the company was owed £Nil (2023 - £1,562,000) by Ruyi Real Estate Management Limited, a connected company.
At the balance sheet date, the company owed £Nil (2023 - £841,000 owed by) to Ruyi Investment Limited, a connected company.
At the balance sheet date, the company was owed £Nil (2023 - £5,000) by K&P Switzerland, a connected company.
10
Ultimate Parent Undertaking And Controlling Party
The company's immediate and ultimate parent undertaking is Ruyi Investment Limited . Ruyi Investment Limited was incorporated in England and Wales. The ultimate controlling party is who controls 100% of the shares of K&P Estate Development Limited.