Caseware UK (AP4) 2024.0.164 2024.0.164 2023-09-01falseNo description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI607882 2023-09-01 2024-08-31 NI607882 2022-09-01 2023-08-31 NI607882 2024-08-31 NI607882 2023-08-31 NI607882 c:Director2 2023-09-01 2024-08-31 NI607882 d:PlantMachinery 2023-09-01 2024-08-31 NI607882 d:PlantMachinery 2024-08-31 NI607882 d:PlantMachinery 2023-08-31 NI607882 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI607882 d:MotorVehicles 2023-09-01 2024-08-31 NI607882 d:MotorVehicles 2024-08-31 NI607882 d:MotorVehicles 2023-08-31 NI607882 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI607882 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI607882 d:CurrentFinancialInstruments 2024-08-31 NI607882 d:CurrentFinancialInstruments 2023-08-31 NI607882 d:Non-currentFinancialInstruments 2024-08-31 NI607882 d:Non-currentFinancialInstruments 2023-08-31 NI607882 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 NI607882 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 NI607882 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 NI607882 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 NI607882 d:ShareCapital 2024-08-31 NI607882 d:ShareCapital 2023-08-31 NI607882 d:SharePremium 2024-08-31 NI607882 d:SharePremium 2023-08-31 NI607882 d:RetainedEarningsAccumulatedLosses 2024-08-31 NI607882 d:RetainedEarningsAccumulatedLosses 2023-08-31 NI607882 c:FRS102 2023-09-01 2024-08-31 NI607882 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 NI607882 c:FullAccounts 2023-09-01 2024-08-31 NI607882 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI607882 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: NI607882










KAP Properties Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 August 2024

 
KAP Properties Ltd
Registered number: NI607882

Balance Sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
127,722
93,230

  
127,722
93,230

Current assets
  

Stocks
 6 
4,792,778
4,994,772

Debtors: amounts falling due within one year
 7 
270,122
257,762

Cash at bank and in hand
 8 
113,583
-

  
5,176,483
5,252,534

Creditors: amounts falling due within one year
 9 
(3,269,715)
(3,553,276)

Net current assets
  
 
 
1,906,768
 
 
1,699,258

Total assets less current liabilities
  
2,034,490
1,792,488

Creditors: amounts falling due after more than one year
 10 
(17,029)
(44,704)

Provisions for liabilities
  

Deferred tax
  
(14,684)
(23,307)

  
 
 
(14,684)
 
 
(23,307)

Net assets
  
2,002,777
1,724,477


Capital and reserves
  

Called up share capital 
  
20
20

Share premium account
  
70,000
70,000

Profit and loss account
  
1,932,757
1,654,457

Total equity
  
2,002,777
1,724,477

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KAP Properties Ltd
Registered number: NI607882

Balance Sheet (continued)
As at 31 August 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




Mr Philip Polly
Director

The notes on pages 3 to 10 form part of these financial statements.
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Page 2

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

1.


General information

KAP Properties Ltd is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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Page 3

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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Page 4

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


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Page 5

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing Balance
Motor vehicles
-
20%
Straight Line Method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Development land is held at cost unless there are indications of any impairment, in which case the land is written down to the realisable value. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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Page 6

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company’s accounting policies, management has not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation, that have significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within next the financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

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Page 7

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 September 2023
503,762
40,943
544,705


Additions
64,680
-
64,680



At 31 August 2024

568,442
40,943
609,385



Depreciation


At 1 September 2023
410,532
40,943
451,475


Charge for the year on owned assets
30,188
-
30,188



At 31 August 2024

440,720
40,943
481,663



Net book value



At 31 August 2024
127,722
-
127,722



At 31 August 2023
93,230
-
93,230


6.


Stocks

2024
2023
£
£

Stocks - finished goods and work in progress
4,792,778
4,994,772



7.


Debtors: amount falling due within one year

2024
2023
£
£


Other debtors
270,122
257,762




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Page 8

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
113,583
-

Less: bank overdrafts
-
(146,488)

113,583
(146,488)



9.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
146,488

Bank loans
813,893
1,687,546

Trade creditors
559,696
474,135

Amounts owed to related undertakings
1,347,970
733,626

Corporation tax
185,368
190,007

Other taxation and social security
22,284
19,905

Obligations under finance lease and hire purchase contracts
53,071
81,645

Other creditors
68,627
153,501

Accruals and deferred income
218,806
66,423

3,269,715
3,553,276


Bank loans are secured upon freehold land and property at Green Road, Ardglass, Downpatrick.
Amounts owed to related undertakings are interest free, unsecured, and repayable on demand.


10.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
17,029
44,704


Danske Bank Limited hold fixed charges, floating charges and negative pledges secured on the company's assets. 

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Page 9

 
KAP Properties Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

11.


Related party transactions

As at 31 August 2024, an amount of £20,140 (2023: £105,029) was owing from the company to the directors.
All of these balances are interest-free, unsecured and repayable on demand.


12.


Controlling party

The ultimate controlling party is the directors of the company.

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Page 10