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Registered number: 14375289
KENZOKU PROPERTIES NORTH EAST LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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KENZOKU PROPERTIES NORTH EAST LTD
CONTENTS
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Notes to the financial statements
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KENZOKU PROPERTIES NORTH EAST LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KENZOKU PROPERTIES NORTH EAST LTD
FOR THE YEAR ENDED 30 SEPTEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kenzoku Properties North East Ltd for the year ended 30 September 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Kenzoku Properties North East Ltd, as a body, in accordance with the terms of our engagement letter dated 7 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Kenzoku Properties North East Ltd and state those matters that we have agreed to state to the Board of directors of Kenzoku Properties North East Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kenzoku Properties North East Ltd and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Kenzoku Properties North East Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kenzoku Properties North East Ltd. You consider that Kenzoku Properties North East Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Kenzoku Properties North East Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
7 The Close
Norwich
Norfolk
NR1 4DJ
23 May 2025
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KENZOKU PROPERTIES NORTH EAST LTD
REGISTERED NUMBER: 14375289
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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KENZOKU PROPERTIES NORTH EAST LTD
REGISTERED NUMBER: 14375289
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 profit and loss account 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 23 May 2025.
The notes on pages 4 to 8 form part of these financial statements.
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KENZOKU PROPERTIES NORTH EAST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Kenzoku Properties North East Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 177 Salhouse Road, Norwich, Norfolk, NR7 9AQ.
The Company's principal activity is that of letting and operating of real estate.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, as the directors consider that the Company, with the ongoing support of the directors, has sufficient working capital to continue trading for a period of at least twelve months from the dtae of the approval of the financial statements.
Turnover comprises rents receivable during the year, recognised on an accruals basis in accordance with the period for which rent is due under the terms of the lease. The Company is not registered for Value Added Tax.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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KENZOKU PROPERTIES NORTH EAST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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KENZOKU PROPERTIES NORTH EAST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Charge for the year on owned assets
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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KENZOKU PROPERTIES NORTH EAST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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KENZOKU PROPERTIES NORTH EAST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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10.Directors' personal guarantees
The directors have provided personal guarantees in support of the Company's other loans.
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Related party transactions
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As at 30 September 2024 the balance owed to the directors was £42,983 (2023: £8,934).
Included within debtors is £28,216 (2023: creditor £1,000) due from Kenzoku Holdings Limited, a Company with directors in common.
Included within creditors is £15,073 (2023: £Nil) due from Kenzoku Properties Limited, a Company with directors in common.
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