Registration number:
Khoury Properties Ltd
for the Year Ended 31 August 2024
Khoury Properties Ltd
Profit and Loss Account for the Year Ended 31 August 2024
The company has not traded during the year. During this year, the company received no income and incurred no expenditure and therefore made neither profit nor loss.
Khoury Properties Ltd
(Registration number: SC672025)
Balance Sheet as at 31 August 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Investment property |
|
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
( |
( |
|
|
Shareholders' deficit |
( |
( |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
|
• |
|
|
• |
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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
|
......................................... |
Khoury Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
The principal place of business is:
12 High Street
Hawick
TD9 9EH
These financial statements were authorised for issue by the
|
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 company is not directly impacted by Brexit.
The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.
The financial statements are presented in Sterling (£) and rounded to the nearest £0.
Going concern
The company has net liabilities of £730 as at 31 August 2024. The company relies on the continued support of the directors to finance the day to day working requirements.
The directors consider it appropriate to prepare the Financial Statements on a going concern basis after consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.
If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.
Khoury Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included: |
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets. |
Depreciation
|
Asset class |
Depreciation method and rate |
|
Investment properties |
nil |
Investment property
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.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amotised 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 the amounts due according to the original term 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.
Khoury Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Financial instruments
Classification
Recognition and measurement
Impairment
|
Investment properties |
|
2024 |
|
|
At 1 September |
|
|
At 31 August |
|
There has been no valuation of investment property by an independent valuer.
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Amounts due to related parties |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
New shares allotted
|
During the year - NewRow_0 having an aggregate nominal value of £Nil were allotted for an aggregate consideration of . |
Khoury Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Other borrowings |
|
|