Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01falseLetting and operating owned or leased real estate43truetruefalse 05207108 2023-10-01 2024-09-30 05207108 2022-10-01 2023-09-30 05207108 2024-09-30 05207108 2023-09-30 05207108 2022-10-01 05207108 c:Director1 2023-10-01 2024-09-30 05207108 d:MotorVehicles 2023-10-01 2024-09-30 05207108 d:MotorVehicles 2024-09-30 05207108 d:MotorVehicles 2023-09-30 05207108 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05207108 d:FreeholdInvestmentProperty 2024-09-30 05207108 d:FreeholdInvestmentProperty 2023-09-30 05207108 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 05207108 d:CurrentFinancialInstruments 2024-09-30 05207108 d:CurrentFinancialInstruments 2023-09-30 05207108 d:Non-currentFinancialInstruments 2024-09-30 05207108 d:Non-currentFinancialInstruments 2023-09-30 05207108 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 05207108 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05207108 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 05207108 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05207108 d:ShareCapital 2024-09-30 05207108 d:ShareCapital 2023-09-30 05207108 d:SharePremium 2024-09-30 05207108 d:SharePremium 2023-09-30 05207108 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 05207108 d:RetainedEarningsAccumulatedLosses 2024-09-30 05207108 d:RetainedEarningsAccumulatedLosses 2023-09-30 05207108 c:OrdinaryShareClass1 2023-10-01 2024-09-30 05207108 c:OrdinaryShareClass1 2024-09-30 05207108 c:OrdinaryShareClass1 2023-09-30 05207108 c:FRS102 2023-10-01 2024-09-30 05207108 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 05207108 c:FullAccounts 2023-10-01 2024-09-30 05207108 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05207108 2 2023-10-01 2024-09-30 05207108 4 2023-10-01 2024-09-30 05207108 6 2023-10-01 2024-09-30 05207108 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 05207108 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 05207108 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 05207108 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 05207108 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05207108









KAY PROPERTIES (MIDLANDS) LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
KAY PROPERTIES (MIDLANDS) LIMITED
REGISTERED NUMBER: 05207108

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
85,326
106,657

Investments
 5 
90,000
90,000

Investment property
 6 
22,855,000
20,027,081

  
23,030,326
20,223,738

Current assets
  

Debtors: amounts falling due within one year
 7 
194,345
124,041

Cash at bank and in hand
  
107,169
137,005

  
301,514
261,046

Creditors: amounts falling due within one year
 8 
(3,387,658)
(3,178,971)

Net current liabilities
  
 
 
(3,086,144)
 
 
(2,917,925)

Total assets less current liabilities
  
19,944,182
17,305,813

Creditors: amounts falling due after more than one year
 9 
(6,515,776)
(6,675,000)

Provisions for liabilities
  

Deferred tax
 10 
(2,062,249)
(1,123,232)

  
 
 
(2,062,249)
 
 
(1,123,232)

Net assets
  
11,366,157
9,507,581


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Share premium account
 12 
881,022
881,022

Profit and loss account
 12 
10,484,135
8,625,559

  
11,366,157
9,507,581


Page 1

 
KAY PROPERTIES (MIDLANDS) LIMITED
REGISTERED NUMBER: 05207108
    
STATEMENT OF FINANCIAL POSITION (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 statement of income and retained earnings 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 6 June 2025.




Andrew Neil Kay
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is registered in England and Wales. The company's registered office is Parkside Garage, Old Stafford Road, Slade Heath, Coven, Wolverhampton, West Midlands, WV10 7PH. The principal activity of the company continues to be that of letting of commerical properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

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.

Page 4

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Motor vehicles
-
20%
Reducing balance

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.

 
2.10

Investment property

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.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Debtors

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.

 
2.13

Cash and cash equivalents

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.

 
2.14

Creditors

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.

Page 5

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 October 2023
204,062



At 30 September 2024

204,062



Depreciation


At 1 October 2023
97,405


Charge for the year on owned assets
21,331



At 30 September 2024

118,736



Net book value



At 30 September 2024
85,326



At 30 September 2023
106,657

Page 6

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2023
90,000



At 30 September 2024
90,000





6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
20,027,081


Surplus on revaluation
2,827,919



At 30 September 2024
22,855,000

The 2024 valuations were made by external valuers, on an open market value for existing use basis.



At 30 September 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
13,961,535
13,961,535

13,961,535
13,961,535

Page 7

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
181,501
118,733

Other debtors
630
-

Prepayments and accrued income
6,050
5,308

Tax recoverable
6,164
-

194,345
124,041



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
145,919
249,833

Trade creditors
7,248
5,547

Corporation tax
-
78,633

Other taxation and social security
70,232
63,460

Obligations under finance lease and hire purchase contracts
-
8,503

Other creditors
2,138,855
2,063,793

Accruals and deferred income
1,025,404
709,202

3,387,658
3,178,971


Page 8

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,515,776
6,675,000

6,515,776
6,675,000


The following liabilities were secured:

2024
2023
£
£



Bank loans
6,661,695
6,924,833

Hire purchase contracts
-
8,503

6,661,695
6,933,336

Details of security provided:

The bank loans are secured on the properties included in note 6. Along with a guarantee from A.S.K Developments (Midlands) Limited, for the amount of £8,360,000 against properties held within the company. 
Hire purchase contracts are secured on the assets to which they relate, as disclosed at note 4


10.


Deferred taxation




2024
2023


£

£






At beginning of year
1,123,231
1,128,295


Charged/(credited) to profit or loss
939,019
(5,064)



At end of year
2,062,250
1,123,231

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
21,332
20,265

Property Revaluations
2,040,918
1,102,966

2,062,250
1,123,231

Page 9

 
KAY PROPERTIES (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) ordinary shares of £1.00 each
1,000
1,000



12.


Reserves

Profit and loss account

Included within the profit and loss reserve is an undistributable investment property revaluation reserve of £6,852,546 (2023: 4,942,584).

 
Page 10