2024-04-062025-04-052025-04-05false14260542KJPILLAY 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KJPILLAY LIMITED

Registered Number
14260542
(England and Wales)

Unaudited Financial Statements for the Year ended
5 April 2025

KJPILLAY LIMITED
Company Information
for the year from 6 April 2024 to 5 April 2025

Director

K J Pillay

Company Secretary

A L Loveland

Registered Address

97 Bodycoats Road
Chandler's Ford
Eastleigh
SO53 2NP

Registered Number

14260542 (England and Wales)
KJPILLAY LIMITED
Statement of Financial Position
5 April 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Investment property6545,000532,000
545,000532,000
Current assets
Debtors710,3857,375
Cash at bank and on hand547650
10,9328,025
Creditors amounts falling due within one year8(174,806)(179,578)
Net current assets (liabilities)(163,874)(171,553)
Total assets less current liabilities381,126360,447
Creditors amounts falling due after one year9(368,363)(361,855)
Provisions for liabilities10(2,423)-
Net assets10,340(1,408)
Capital and reserves
Called up share capital1010
Other reserves13,2192,689
Profit and loss account(2,889)(4,107)
Shareholders' funds10,340(1,408)
The financial statements were approved and authorised for issue by the Director on 14 July 2025, and are signed on its behalf by:
K J Pillay
Director
Registered Company No. 14260542
KJPILLAY LIMITED
Notes to the Financial Statements
for the year ended 5 April 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates (the "functional currency"). The financial statements are presented in pounds sterling (£), which is the company’s functional and presentation currency.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue comprises the fair value of consideration received or receivable, excluding value added tax and net of discounts. Revenue is recognised when the company obtains the right to consideration in accordance with the terms of the signed tenancy agreements. Accrued income represents revenue that has been earned but not yet invoiced or received at the reporting date. Deferred income represents amounts received in advance of the period to which they relate and is recognised as revenue when earned.
Interest income
Interest receivable relates to interest earned on savings accounts held with banks. It is recognised on a cash basis, at the amount received into the bank account, due to the immaterial nature of the income.
Finance costs
Interest payable relates to charges incurred on debt financing, including mortgages. It includes both the interest expense arising on the debt and the amortisation of any deferred finance costs, such as product fees and legal costs directly attributable to obtaining the financing. Interest is recognised in the profit and loss account on an accruals basis over the term of the loan. Although the company does not apply the effective interest rate method in full, the combined recognition of interest and amortised finance costs within a single line in the profit and loss, being "Interest payable and similar charges", results in a treatment that is not materially different and reflects the economic substance of the financing arrangement.
Current taxation
Current tax is recognised for the amount of income tax payable (or receivable) in respect of taxable profit for the current or prior reporting periods. This is based on the tax rates and laws that have been enacted or substantively enacted by the reporting date. Tax is recognised in the profit and loss account, or equity, depending on the nature of the transaction that gave rise to the tax.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amount used for tax purposes. The amount recognised are based on tax rates and laws that have been enacted or substantively enacted by the reporting date, and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that they will be recovered, either against future taxable profits or deferred tax liabilities. Tax is recognised in the profit and loss account, or equity, depending on the nature of the transaction that gave rise to the tax.
Investment property
The company owns residential property held for capital appreciation and to earn long-term rental income. Investment property is accounted for in accordance with FRS 102 Section 16 (Investment Property). Investment property is initially recognised at cost, which includes the purchase price and any directly attributable transaction costs, such as stamp duty and legal fees. Capital expenditure that improves or enhances the value of the investment property is subsequently capitalised. Investment properties are remeasured to fair value at the end of each financial year, with any fair value gains or losses recognised in the profit or loss for the year. The fair value of investment property is determined using an open market valuation, based on the property's existing use. Accumulated fair value gains or losses, net of associated deferred tax, are transferred to a separate reserve within equity to reflect the unrealised nature of these gains or losses.
Trade and other debtors
Trade debtors are initially recognised at the transaction price. Subsequently, they are measured at amortised cost, less any provision for impairment. A provision for impairment of trade debtors is recognised when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the carrying amount of the asset and the present value of estimated future cash flows. All movements in the level of the provision are recognised in the profit and loss. Prepayments relate to expenses paid in advance of the benefit being incurred. Prepayments are recognised at the transaction price and are expensed in the period to which they relate. Accrued income represents revenue that has been earned but not yet received. Revenue is recognised in line with the company’s revenue accounting policy.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short-term creditors are initially recognised at transaction price, which is typically the invoice price. Accruals represent expenses that have been incurred but not yet paid or invoiced. An estimate is made for the expected cost to be incurred. Deferred income represents revenue that has been received but not yet earned. Revenue is recognised in line with the company's revenue recognition policy. Loans and other financial liabilities, including mortgage borrowings, are initially recognised at the amount contractually payable under the loan agreement. This includes the principal and, where applicable, any product fees or transaction costs that are added to the loan balance. Product fees and other transaction costs are recognised as a prepayment (asset) and amortised on a straight-line basis over the term of the loan. This treatment applies consistently whether the fees are added to the loan, deducted from the cash advance, or paid separately in cash. The approach approximates the effective interest rate method and is considered not materially different in the context of the company’s financial statements. As the company pays interest only the contractual liability payable remains unchanged over the loan term, the liability is held at its original amount throughout, with interest charged to the profit and loss account on an accruals basis. This method ensures that the carrying amount of the liability in the financial statements always reflects the actual amount contractually payable under the mortgage agreement, providing a true and fair view of the company’s financial position. Loans are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, in which case they are classified as non-current liabilities.
Share capital
Ordinary shares are classified as equity. These are recorded at the historical transaction price attributable to the shares when issued.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Staff Costs
No remuneration was paid to employees during the current or prior year.
3.Average number of employees

20252024
Average number of employees during the year22
4.Deferred tax
The deferred tax balance represents a net position comprising both deferred tax assets and liabilities. It arises primarily from unrealised fair value gains and losses on investment property, as well as brought forward tax losses that are expected to be available for offset against future taxable profits. The deferred tax balance at year end is a liability of £2,423 (2024: asset of £333). The movement between the years represents £2,470 of deferred tax liability recognised on the fair value gain on investment property, as well as a £286 release of a deferred tax asset being historical losses offset against current year profits. The year end deferred tax balance represents an asset of £678 (2024: £963) in relation to historical losses to be offset against future profits. As well as a liability of £3,101 (2024: £631) in relation to fair value movements in investment property.
5.Prior period adjustment
In the prior year, mortgage product fees of £6,322 were incorrectly presented as netting off against the mortgage liability. These have now been reclassified separately as a prepayment in line with FRS 102. The fees were amortised correctly in the prior year, so this adjustment affects only the presentation in the statement of financial position. Comparative figures have been restated accordingly, with: - An increase in prepayments of £6,322 - A corresponding increase in mortgage liabilities of £6,322 - No change to total profit for the year or net assets These adjustments have been made to ensure compliance with FRS 102, which requires that transaction costs directly attributable to obtaining a financial liability, such as mortgage product fees and associated legal fees, are recognised as a prepayment and amortised over the term of the loan. This approach ensures that the mortgage liability reflects the full contractual amount owed to the lender, thereby providing a true and fair view of the company's financial position. The amortisation of these fees is recognised within the "Interest payable and similar charges" in the profit and loss account, alongside the interest charged, and this treatment is not materially different from the effective interest method. In the prior year, fair value gains on investment property were incorrectly recorded in other comprehensive income and presented net of deferred tax. The correct accounting treatment is to recognise such gains in the profit and loss account and present the associated deferred tax charge separately within the taxation line. The prior year comparatives have been restated to reflect this correction. This has resulted in: - An increase in profit before tax of £1,035 - A corresponding increase in the tax charge of £1,035 - No change to total profit for the year or net assets These adjustments have been made to ensure compliance with FRS 102, which requires fair value gains on investment property to be recognised in profit or loss. In the prior year, £4 of bank charges were included within administrative expenses. These have been reclassified to interest and other similar expenses to more appropriately reflect their nature. This reclassification has no impact on previously reported profit and net assets, only affects the presentation on the face of the profit and loss account. Additionally, a £1 rounding error was identified within administrative expenses. This has been corrected in the prior year comparatives, resulting in an increase in previously reported profit of £1.
6.Investment property
The company holds investment property which has been valued at the reporting date using online valuation tools. This valuation reflects an open market value, based on the property's existing use. At the year end, the carrying amount of investment property is £528,680. The fair value of investment property is £545,000, resulting in a cumulative fair value gain of £16,320. The total accumulated gain has been recognised and transferred, net of deferred tax (£13,219), to a non-distributable reserve within equity titled “Other reserve”. The below table represents the movement in the fair value of investment property between the prior year and current year.

£
Fair value at 06 April 24532,000
Fair value adjustments13,000
At 05 April 25545,000
7.Debtors: amounts due within one year

2025

2024

££
Other debtors-333
Prepayments and accrued income10,3857,042
Total10,3857,375
8.Creditors: amounts due within one year

2025

2024

££
Other creditors172,589177,376
Accrued liabilities and deferred income2,2172,202
Total174,806179,578
The "Other creditors" balance relates to amounts owed to the Director - please see the "Related party transactions" note for further details.
9.Creditors: amounts due after one year

2025

2024

££
Bank borrowings and overdrafts368,363361,855
Total368,363361,855
10.Provisions for liabilities
In the prior year, the net deferred tax position represented an asset, primarily due to the availability of tax losses accumulated in prior periods. This balance was therefore presented within “Debtors” under the line item “Other debtors”, hence there is no prior year comparative balance for provisions. In the current year, the recognition of fair value gains on investment property has resulted in a significant deferred tax liability. As deferred tax is presented on a net basis, the overall position has now shifted from an asset to a liability. Accordingly, the deferred tax balance is now presented below as a provision.

2025

2024

££
Net deferred tax liability (asset)2,423-
Total2,423-
11.Share capital
At the balance sheet date, the company had 1,000 ordinary shares of £0.01 each in issue, all of which were fully paid, resulting in a total share capital of £10. There were no changes to the share capital during the year. These shares have been in issue since incorporation. All ordinary shares carry equal rights with respect to voting, dividends, and the distribution of assets upon winding up.
12.Related party transactions
The Director is considered a related party by virtue of their control over the company. All transactions were conducted on an informal basis, with no formal agreement in place. The loan is unsecured, interest-free, and repayable on demand. During the year, the following transactions took place between the company and the Director: - The Director personally paid £2,001 of company expenses, increasing the loan balance - The company paid £6,788 in repayments to the Director, decreasing the loan balance At the balance sheet date, the amount owed to the Director was £172,589 (2024: £177,376). This balance is included within creditors under the line item "Other creditors".
13.Description of reasons for any change in chosen formats of the financial statments
In the current year, the company transitioned from manually prepared financial statements to software-generated financial statements using Xero. As a result, the presentation and layout of certain financial statement items may differ from the prior year. This change does not affect the recognition or measurement of any balances but has been made to improve consistency and efficiency in the financial reporting process.