Registered number
10756481
KKB Prop Co Limited
Filleted Accounts
31 July 2024
KKB Prop Co Limited
Registered number: 10756481
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 8,445,878 8,404,236
Current assets
Debtors 3 30,196 44,380
Cash at bank and in hand 2,732 58,994
32,928 103,374
Creditors: amounts falling due within one year 4 (3,727,668) (4,150,248)
Net current liabilities (3,694,740) (4,046,874)
Total assets less current liabilities 4,751,138 4,357,362
Provisions for liabilities (393,451) (477,518)
Net assets 4,357,687 3,879,844
Capital and reserves
Called up share capital 100 100
Share premium - 1,499,900
Revaluation reserve 5 2,946,419 1,684,748
Profit and loss account 1,411,168 695,096
Shareholders' funds 4,357,687 3,879,844
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs B Basi
Director
Approved by the board on 10 April 2025
KKB Prop Co Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Fair value
Plant and machinery 10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
2 Tangible fixed assets Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 8,629,337 186,318 8,815,655
Additions 60,274 - 60,274
Surplus on revaluation (317,639) - (317,639)
At 31 July 2024 8,371,972 186,318 8,558,290
Depreciation
At 1 August 2023 317,639 93,780 411,419
Charge for the year - 18,632 18,632
On disposals (317,639) - (317,639)
At 31 July 2024 - 112,412 112,412
Net book value
At 31 July 2024 8,371,972 73,906 8,445,878
At 31 July 2023 8,311,698 92,538 8,404,236
Freehold land and buildings: 2024 2023
£ £
Historical cost 6,872,075 6,811,801
Cumulative depreciation based on historical cost (384,861) (317,639)
7,256,936 7,129,440
The land and buildings were valued by an independent valuer.
3 Debtors 2024 2023
£ £
Trade debtors 22,133 27,046
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 979
Other debtors 8,063 16,355
30,196 44,380
4 Creditors: amounts falling due within one year 2024 2023
£ £
Directors loan account 394,181 955,836
Trade creditors - 9,001
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 3,107,079
Taxation and social security costs 56,112 18,232
Other creditors 3,277,375 60,100
3,727,668 4,150,248
5 Revaluation reserve 2024 2023
£ £
At 1 August 2023 1,684,748 321,596
Gain on revaluation of land and buildings 1,182,261 1,817,536
Depreciation on land and buildings -
Deferred taxation arising on the revaluation of land and buildings 79,410 (454,384)
At 31 July 2024 2,946,419 1,684,748
6 Other information
KKB Prop Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
5-7 Station Road
Longfield
Kent
DA3 7QD
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