IRIS Accounts Production v25.1.0.734 11506521 Board of Directors 1.1.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model 710 105712 99238 169339 70001 64337 28527 710 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh115065212022-12-31115065212024-03-31115065212023-01-012024-03-31115065212021-12-31115065212022-01-012022-12-31115065212022-12-3111506521ns15:EnglandWales2023-01-012024-03-3111506521ns14:PoundSterling2023-01-012024-03-3111506521ns10:Director12023-01-012024-03-3111506521ns10:PrivateLimitedCompanyLtd2023-01-012024-03-3111506521ns10:SmallEntities2023-01-012024-03-3111506521ns10:AuditExempt-NoAccountantsReport2023-01-012024-03-3111506521ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012024-03-3111506521ns10:SmallCompaniesRegimeForAccounts2023-01-012024-03-3111506521ns10:FullAccounts2023-01-012024-03-3111506521ns10:Director2422022-12-3111506521ns10:Director2422021-12-3111506521ns10:Director2422023-01-012024-03-3111506521ns10:Director2422022-01-012022-12-3111506521ns10:Director2422024-03-3111506521ns10:Director2422022-12-3111506521ns10:Director22023-01-012024-03-3111506521ns10:RegisteredOffice2023-01-012024-03-3111506521ns5:CurrentFinancialInstruments2024-03-3111506521ns5:CurrentFinancialInstruments2022-12-3111506521ns5:Non-currentFinancialInstruments2024-03-3111506521ns5:Non-currentFinancialInstruments2022-12-3111506521ns5:ShareCapital2024-03-3111506521ns5:ShareCapital2022-12-3111506521ns5:SharePremium2024-03-3111506521ns5:SharePremium2022-12-3111506521ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3111506521ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3111506521ns5:RetainedEarningsAccumulatedLosses2024-03-3111506521ns5:RetainedEarningsAccumulatedLosses2022-12-3111506521ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3111506521ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3111506521ns5:Secured2024-03-3111506521ns5:Secured2022-12-3111506521ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31115065211ns10:Director12022-12-31115065211ns10:Director12021-12-31115065211ns10:Director12023-01-012024-03-31115065211ns10:Director12022-01-012022-12-31115065211ns10:Director12024-03-31115065211ns10:Director12022-12-31
REGISTERED NUMBER: 11506521 (England and Wales)












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: K McMullan
Mrs N McMullan





REGISTERED OFFICE: Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT





REGISTERED NUMBER: 11506521 (England and Wales)






K & N PORTFOLIO LIMITED (REGISTERED NUMBER: 11506521)

BALANCE SHEET
31 March 2024

2024 2022
Notes £    £    £   
FIXED ASSETS
Investment property 4 3,690,000 4,230,000

CURRENT ASSETS
Debtors 5 149,312 126,128
Investments 6 120,000 40,000
Cash at bank 1,966 9,062
271,278 175,190
CREDITORS
Amounts falling due within one year 7 46,524 25,313
NET CURRENT ASSETS 224,754 149,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,914,754

4,379,877

CREDITORS
Amounts falling due after more than one year 8 (2,747,045 ) (3,156,949 )

PROVISIONS FOR LIABILITIES (34,716 ) (40,966 )

ACCRUALS AND DEFERRED INCOME (1,750 ) (12,888 )
NET ASSETS 1,131,243 1,169,074

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 1,021,141 1,021,141
Fair value reserve 10 73,729 92,479
Retained earnings 36,273 55,354
1,131,243 1,169,074

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





K McMullan - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 4,230,000
Disposals (540,000 )
At 31 March 2024 3,690,000
NET BOOK VALUE
At 31 March 2024 3,690,000
At 31 December 2022 4,230,000

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 106,730 117,128
Other debtors 42,582 9,000
149,312 126,128

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 5,556 5,556
Trade creditors 38,418 2,226
Amounts owed to group undertakings 2,554 2,243
Taxation and social security (4 ) 14,578
Other creditors - 710
46,524 25,313

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 2,747,045 3,156,949

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 2,752,601 3,162,505

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 92,479
FV movement (18,750 )

At 31 March 2024 73,729

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
£    £   
K McMullan and Mrs N McMullan
Balance outstanding at start of period (710 ) (105,712 )
Amounts advanced 99,238 169,339
Amounts repaid (70,001 ) (64,337 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 28,527 (710 )

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.