Registered number
08189903
K2RE LIMITED
Filleted Accounts
31 August 2024
K2RE LIMITED
Registered number: 08189903
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,688,229 7,690,402
Current assets
Debtors 4 42,575 9,706
Cash at bank and in hand 319,921 236,759
362,496 246,465
Creditors: amounts falling due within one year 5 (329,902) (288,029)
Net current assets/(liabilities) 32,594 (41,564)
Total assets less current liabilities 7,720,823 7,648,838
Creditors: amounts falling due after more than one year 6 (4,850,780) (4,922,474)
Net assets 2,870,043 2,726,364
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 2,564,853 2,564,853
Profit and loss account 305,090 161,411
Shareholders' funds 2,870,043 2,726,364
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Mirza
Director
Approved by the board on 22 May 2025
K2RE LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 7,684,688 16,814 21,052 7,722,554
Additions - 879 - 879
At 31 August 2024 7,684,688 17,693 21,052 7,723,433
Depreciation
At 1 September 2023 - 13,266 18,886 32,152
Charge for the year - 886 2,166 3,052
At 31 August 2024 - 14,152 21,052 35,204
Net book value
At 31 August 2024 7,684,688 3,541 - 7,688,229
At 31 August 2023 7,684,688 3,548 2,166 7,690,402
4 Debtors 2024 2023
£ £
Trade debtors 42,575 9,706
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,377 1,400
Taxation and social security costs 82,224 85,401
Other creditors 246,301 201,228
329,902 288,029
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,968,347 3,114,739
Other creditors 1,882,433 1,807,735
4,850,780 4,922,474
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 2,564,853 2,564,853
At 31 August 2024 2,564,853 2,564,853
8 Other information
K2RE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
651a Mauldeth Road West
Chorlton
Manchester
M21 7SA
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