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REGISTERED NUMBER: 06781096 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KRNS PROPERTIES LTD

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KRNS PROPERTIES LTD

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: Mrs S Suri
Miss R Suri
Mr S Suri





REGISTERED OFFICE: Sital House
3-6 Cattle Market
Loughborough
Leicestershire
LE11 3DL





REGISTERED NUMBER: 06781096 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 19,549 28,226
Investment property 5 30,300,997 30,300,998
30,320,546 30,329,224

CURRENT ASSETS
Debtors 6 3,030,777 4,113,521
Cash at bank 1,356,561 2,122,392
4,387,338 6,235,913
CREDITORS
Amounts falling due within one year 7 (15,494,530 ) (18,135,480 )
NET CURRENT LIABILITIES (11,107,192 ) (11,899,567 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,213,354

18,429,657

CREDITORS
Amounts falling due after more than one
year

8

(922,568

)

(1,151,206

)

PROVISIONS FOR LIABILITIES (848,000 ) (848,000 )
NET ASSETS 17,442,786 16,430,451

CAPITAL AND RESERVES
Called up share capital 20 20
Share premium 14,985 14,985
Fair value reserve 6,464,179 6,335,878
Retained earnings 10,963,602 10,079,568
17,442,786 16,430,451

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

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

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.

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

BALANCE SHEET - continued
31 December 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2025 and were signed on its behalf by:





Mr S Suri - Director


KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024


1. STATUTORY INFORMATION

KRNS Properties Ltd is a private limited company, limited by shares, incorporated in England and Wales. It's registered office address is Sital House, 3 - 6 Cattle Market, Loughbrough, LE11 3DL and it's registered number is 06781096.

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.

Going concern
The financial statements have been prepared on a going concern basis. In assessing this, the directors prepare annual forecasts to ensure that the company has sufficient facilities in place to meet its liabilities as they fall due. Annual reviews are conducted with the company’s lender to proactively discuss any loan facilities maturing within the next year. This ensures sufficient time to arrange new or replacement financing, enabling a seamless transition and avoiding disruptions. At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources in place to continue in operational existence for the foreseeable future.

Turnover
Turnover represents amounts receivable net of VAT. Rent receivable is invoiced quarterly in advance and appropriate accounting timing adjustments are made to defer the income as necessary. Car parking income is recognised on a daily basis.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment10% on cost
Fixtures, fittings & equipment10% on cost
Motor vehicles25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

Government grants
Government grants are presented within deferred income on the Balance Sheet with recognition of income being in line with the performance conditions attached to the lease.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Office fittings Motor
equipment & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2024 15,837 183,268 - 199,105
Additions 4,092 - 6,729 10,821
At 31 December 2024 19,929 183,268 6,729 209,926
DEPRECIATION
At 1 January 2024 12,809 158,070 - 170,879
Charge for year 519 18,187 792 19,498
At 31 December 2024 13,328 176,257 792 190,377
NET BOOK VALUE
At 31 December 2024 6,601 7,011 5,937 19,549
At 31 December 2023 3,028 25,198 - 28,226

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 30,300,998
Disposals (128,301 )
Revaluations 128,301
At 31 December 2024 30,300,998
DEPRECIATION
Charge for year 1
At 31 December 2024 1
NET BOOK VALUE
At 31 December 2024 30,300,997
At 31 December 2023 30,300,998

The investment properties were revalued in December 2023 by BNP Paribas Real Estate. The directors consider that value to be representative of their values at 31 December 2024.

On a historical cost basis these would have been included at an original cost of £23,836,820 (2023 - £23,965,121).

Investment properties with a carrying amount of £30,300,997 (2023 - £30,300,998) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 187,984 514,380
Other debtors 2,768,038 3,083,333
VAT - 397,203
Prepayments and accrued income 74,755 118,605
3,030,777 4,113,521

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,234,396 12,278,136
Trade creditors 92,806 814,708
Corporation tax 348,017 411,226
Social security and other taxes 6,228 5,552
VAT 69,305 -
Other creditors 1,994,025 3,042,825
Directors' current accounts 688,806 595,155
Accruals and deferred income 929,151 856,082
Deferred government grants 131,796 131,796
15,494,530 18,135,480

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 96,842
Deferred government grants 922,568 1,054,364
922,568 1,151,206

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 11,234,396 12,374,978

The bank loan with Handelsbanken is secured by legal charges over the company's investment properties and an unlimited guarantee provided by 3 R Construction & Property Development Limited, a company with common directors. Subsequent to the year end in January 2025, the company refinanced its existing bank loan by securing a new loan facility with a term of six years. This refinancing has strengthened the company’s liquidity position and extended the maturity profile of its debt obligations.