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Registration number: 06376228

Kzar Property Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 August 2024

 

Kzar Property Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Kzar Property Limited

(Registration number: 06376228)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

206,174

12,964

Investment property

5

5,595,000

5,595,000

 

5,801,174

5,607,964

Current assets

 

Debtors

6

2,043

11,750

Cash at bank and in hand

 

24,915

1,270

 

26,958

13,020

Creditors: Amounts falling due within one year

7

(1,552,025)

(1,391,249)

Net current liabilities

 

(1,525,067)

(1,378,229)

Total assets less current liabilities

 

4,276,107

4,229,735

Creditors: Amounts falling due after more than one year

7

(1,920,097)

(1,956,895)

Provisions for liabilities

(127,532)

(256,009)

Net assets

 

2,228,478

2,016,831

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

827,116

827,116

Profit and loss account

1,401,360

1,189,713

Shareholders' funds

 

2,228,478

2,016,831

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

 

Kzar Property Limited

(Registration number: 06376228)
Statement of Financial Position as at 31 August 2024

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
Mr K F Stephens
Company secretary and director

 

Kzar Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income received and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Kzar Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

3 and 4 years straight line

Investment property

Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchsae price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and changes in fair value are recognised in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Kzar Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

47,483

-

47,483

Additions

-

260,206

260,206

At 31 August 2024

47,483

260,206

307,689

Depreciation

At 1 September 2023

34,519

-

34,519

Charge for the year

1,945

65,051

66,996

At 31 August 2024

36,464

65,051

101,515

Carrying amount

At 31 August 2024

11,019

195,155

206,174

At 31 August 2023

12,964

-

12,964

5

Investment properties

2024
£

At 1 September 2023

5,595,000

At 31 August 2024

5,595,000

The investment properties were valued on an open market basis on 31 August 2023 by the directors.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Prepayments

2,043

11,750

2,043

11,750

 

Kzar Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

260,582

266,956

Taxation and social security

 

12,435

18,698

Accruals and deferred income

 

4,500

4,350

Other creditors

 

1,274,508

1,101,245

 

1,552,025

1,391,249

Creditors include outstanding balances due on finance lease contracts totalling £223,981 (2023 - nil) which are secured against the motor vehicles to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

1,920,097

1,956,895

Creditors include bank loans which are secured by way of legal mortgages against the properties to which they relate of £1,956,698 (2023 - £2,223,851).

Creditors include bank loans repayable by instalments of £779,782 (2023 - £947,604) due after more than five years.

 

Kzar Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,719,016

1,956,895

Finance lease liabilities

201,081

-

1,920,097

1,956,895

Current loans and borrowings

2024
£

2023
£

Bank borrowings

237,682

266,956

Finance lease liabilities

22,900

-

260,582

266,956

9

Related party transactions

During the year the company received rental income and management charges totalling £366,000 (2023 - £273,000) from a company under common control of the directors and shareholders. At the year end the company owed £1,274,508 to its associated company (2023 - £1,101,245).