| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| KMP (Sutton) Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| KMP (Sutton) Ltd |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| KMP (Sutton) Ltd |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Business Advisors and Statutory Auditors |
| 144-146 Kings Cross Road |
| King's Cross |
| WC1X 9DU |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Statement of Financial Position |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDER FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Statement of Financial Position - continued |
| 30 September 2024 |
| The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| KMP (Sutton) Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| As at 30th September 2024, the company's current liabilities exceeded current assets by £3,102,234 (2023: £2,977,196). However, the directors of the company consider that the going concern basis is appropriate in view of the assurance of continuing financial support which the company has received from its shareholders.The financial statements do not reflect the adjustments that would be required if the company was not a going concern. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents rent receivable in respect of properties and is attributable to the company's principal activity. Rents are invoiced on monthly basis and rental income is recognised for the period to which it relates. |
| Tangible fixed assets |
| Plant and machinery | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Revaluations | 129,995 |
| Reclassification/transfer | (129,995 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | INVESTMENT PROPERTY - continued |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2021 | 948,853 |
| Valuation in 2024 | 129,995 |
| Cost | 2,621,152 |
| 3,700,000 |
| If Investment properties had not been revalued they would have been included at the following historical cost: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Cost | 261,152 | 2,751,147 |
| Investment properties were valued on open market basis on 21 January 2021 by Aitchison Raffety . |
| In the opinion of the directors the market value of the properties are not significantly different from their book values. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors | ( |
) |
| Other creditors | 3,122,451 | 823,675 |
| Accrued expenses |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| KMP (Sutton) Ltd (Registered number: 11314333) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| In March 2021 the company received new loan advance of £2,200,000 from Handlesbanken Plc. This loan is secured by way of fixed and floating charge over all the property or undertaking of the company. This was repaid in full in October 2023. |
| 10. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred tax | 269,712 | 237,213 |
| 294,486 | 237,213 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| Included in the other creditors is an amount of £3,089,785 (2023: £805,181) owed by the company to KMP PropFin Ltd and during the year loan interest of £172,578 (2023: £28,052) was charged to the company by KMP PropFin Ltd, a related party entity.This loan is non-instalment and repayable on demand. |
| Also included in other creditors is an amount of £17,051 (2023: £9,139) owed by the company to KMP & Sons, a related party entity.This amount is non-interest bearing and payable on demand. |