0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 299,982 299,982 299,982 xbrli:pure xbrli:shares iso4217:GBP 09860190 2023-08-01 2024-07-31 09860190 2024-07-31 09860190 2023-07-31 09860190 2022-08-01 2023-07-31 09860190 2023-07-31 09860190 2022-07-31 09860190 bus:Director1 2023-08-01 2024-07-31 09860190 core:WithinOneYear 2024-07-31 09860190 core:WithinOneYear 2023-07-31 09860190 core:ShareCapital 2024-07-31 09860190 core:ShareCapital 2023-07-31 09860190 core:RetainedEarningsAccumulatedLosses 2024-07-31 09860190 core:RetainedEarningsAccumulatedLosses 2023-07-31 09860190 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 09860190 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 09860190 bus:SmallEntities 2023-08-01 2024-07-31 09860190 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09860190 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 09860190 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09860190 bus:FullAccounts 2023-08-01 2024-07-31 09860190 core:KeyManagementIndividualGroup1 2023-08-01 2024-07-31 09860190 core:KeyManagementIndividualGroup1 2024-07-31 09860190 core:KeyManagementIndividualGroup1 2023-07-31
COMPANY REGISTRATION NUMBER: 09860190
KLF System Management Ltd
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
KLF System Management Ltd
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
KLF System Management Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
299,982
299,982
Current assets
Debtors
6
200
200
Cash at bank and in hand
2,500
5,974
-------
-------
2,700
6,174
Creditors: amounts falling due within one year
7
286,771
302,337
----------
----------
Net current liabilities
284,071
296,163
----------
----------
Total assets less current liabilities
15,911
3,819
--------
-------
Net assets
15,911
3,819
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
15,811
3,719
--------
-------
Shareholder funds
15,911
3,819
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KLF System Management Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
Mrs K L Formon
Director
Company registration number: 09860190
KLF System Management Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Station Road, Howden, Goole, DN14 7AF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.
(c) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively . Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(e) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(f) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(g) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
5. Tangible assets
Freehold property
£
Cost
At 1 August 2023 and 31 July 2024
299,982
----------
Depreciation
At 1 August 2023 and 31 July 2024
----------
Carrying amount
At 31 July 2024
299,982
----------
At 31 July 2023
299,982
----------
Investment properties were valued in July 2024 by the directors who have experience in the location and category of the investment property being valued.
6. Debtors
2024
2023
£
£
Other debtors
200
200
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,003
970
Corporation tax
2,837
1,069
Director loan accounts
119,931
108,298
Other creditors
162,000
192,000
----------
----------
286,771
302,337
----------
----------
8. Related party transactions
The directors have made a loan to the company. The loan is interest free and repayable on demand . At the year end £ 119,931 was owed to the directors (2023: £ 108,298 ).