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Kung Properties Ltd

Unaudited Financial Statements for the Year Ended 31 July 2024






Kung Properties Ltd (Registered number: 11442836)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kung Properties Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: R Kung





REGISTERED OFFICE: 48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG





REGISTERED NUMBER: 11442836 (England and Wales)





ACCOUNTANTS: Matthews Sutton & Co Ltd
Chartered Certified Accountants
48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG

Kung Properties Ltd (Registered number: 11442836)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 622 777
Investment property 5 790,000 719,515
790,622 720,292

CURRENT ASSETS
Debtors 6 425,614 114,624
Cash at bank 72,287 394,986
497,901 509,610
CREDITORS
Amounts falling due within one year 7 543,060 604,556
NET CURRENT LIABILITIES (45,159 ) (94,946 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

745,463

625,346

CREDITORS
Amounts falling due after more than one
year

8

(412,049

)

(373,429

)

PROVISIONS FOR LIABILITIES (50,790 ) (25,314 )
NET ASSETS 282,624 226,603

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 152,017 107,085
Retained earnings 130,507 119,418
282,624 226,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 July 2025 and were signed by:




R Kung - Director


Kung Properties Ltd (Registered number: 11442836)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Kung Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 5 (2023 - 5 ) .

Kung Properties Ltd (Registered number: 11442836)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 2,371
DEPRECIATION
At 1 August 2023 1,594
Charge for year 155
At 31 July 2024 1,749
NET BOOK VALUE
At 31 July 2024 622
At 31 July 2023 777

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 719,515
Revaluations 70,485
At 31 July 2024 790,000
NET BOOK VALUE
At 31 July 2024 790,000
At 31 July 2023 719,515

The properties were valued by the director using market data on 31 July 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 18,596 18,596
Other debtors 407,018 96,028
425,614 114,624

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,215 40,835
Trade creditors 746 820
Amounts owed to group undertakings 62,000 62,000
Taxation and social security 5,451 2,925
Other creditors 472,648 497,976
543,060 604,556

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 412,049 373,429

Kung Properties Ltd (Registered number: 11442836)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 407,968 253,487

9. RESERVES
Fair
value
reserve
£   
At 1 August 2023 107,085
Revaluation reserve 44,932

At 31 July 2024 152,017