REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
FOR |
K & N PORTFOLIO LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
FOR |
K & N PORTFOLIO LIMITED |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 January 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
K & N PORTFOLIO LIMITED |
COMPANY INFORMATION |
for the period 1 January 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
BALANCE SHEET |
31 March 2024 |
2024 | 2022 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 10 |
Retained earnings |
The directors acknowledge their 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. |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
BALANCE SHEET - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 January 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
K & N Portfolio Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1. |
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 period 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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rental income |
Rental income is recognised in respect of service contracts when the company obtains the right to consideration. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2023 to 31 March 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 December 2022 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2021 | 4,345,000 |
Valuation in 2022 | (115,000 | ) |
Valuation in 2024 | (540,000 | ) |
3,690,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CURRENT ASSET INVESTMENTS |
2024 | 2022 |
£ | £ |
Unlisted investments | 120,000 | 40,000 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security | ( |
) |
Other creditors |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2023 to 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loan | 2,718,477 | 3,121,377 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured against the properties by way of a fixed and floating charge. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2023 |
FV movement | (18,750 | ) |
At 31 March 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 March 2024 and the year ended 31 December 2022: |
2024 | 2022 |
£ | £ |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) |
K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2023 to 31 March 2024 |
12. | CONTROLLING INTERESTS |
The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company. |