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Registration number: 06730517

Keyside Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Keyside Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Keyside Properties Ltd

Company Information

Director

D Symeou

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Keyside Properties Ltd

(Registration number: 06730517)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,759

2,345

Investment property

6

1,226,003

855,000

 

1,227,762

857,345

Current assets

 

Debtors

7

266,271

266,072

Cash at bank and in hand

 

103,004

301,243

 

369,275

567,315

Creditors: Amounts falling due within one year

8

(141,964)

(150,254)

Net current assets

 

227,311

417,061

Total assets less current liabilities

 

1,455,073

1,274,406

Creditors: Amounts falling due after more than one year

8

(652,505)

(472,274)

Provisions for liabilities

(60,129)

(60,129)

Net assets

 

742,439

742,003

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

318,418

318,418

Retained earnings

423,921

423,485

Shareholders' funds

 

742,439

742,003

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

Director's 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 director acknowledges her 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2025
 

 

Keyside Properties Ltd

(Registration number: 06730517)
Balance Sheet as at 31 October 2024

.........................................
D Symeou
Director

 

Keyside Properties Ltd

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

1

General information

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

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
17 Oakleigh Park South
London
N20 9JS

These financial statements were authorised for issue by the director on 11 March 2025.

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.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date rental period occurred. This is stated after discounts and other sales taxes
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 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.

 

Keyside Properties Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% Reduced balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Keyside Properties Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Keyside Properties Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

586

782

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

18,588

18,588

At 31 October 2024

18,588

18,588

Depreciation

At 1 November 2023

16,243

16,243

Charge for the year

586

586

At 31 October 2024

16,829

16,829

Carrying amount

At 31 October 2024

1,759

1,759

At 31 October 2023

2,345

2,345

6

Investment properties

2024
£

At 1 November

855,000

Additions

371,003

At 31 October

1,226,003

Investment Property is valued based on an assessment of the property and the market by the company directors. The directors are of the opinion that the current market value is the same as the revalued amount a year ago, and therefore no revaluation is necessary.

The directors have revalued the investment properties based on valuations of similar properties in the area as at the year end

 

Keyside Properties Ltd

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

7

Debtors

2024
£

2023
£

Other debtors

262,109

261,910

Deposits held under protection scheme

4,162

4,162

266,271

266,072

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

240

9,970

Accruals and deferred income

4,395

4,395

Other creditors

98,433

113,925

Directors loan account

38,896

21,964

141,964

150,254

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

652,505

472,274

Creditors include bank loans which are secured by way of a fixed and floating charge over the assets of the company.

 

Keyside Properties Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £40.00) per ordinary share

-

4,000

 

 

11

Related party transactions

Summary of transactions with other related parties

Included under creditors due within a year is a sum of £ 38,896 (2023: £ 21,964) owed to the director