Registered number
08553146
KLM PROPERTY LIMITED
FILLETED ACCOUNTS
31 December 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
KLM PROPERTY LIMITED
Registered number: 08553146
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Stocks 436,221 1,221,010
Debtors 3 905,122 732,412
Cash at bank and in hand 320,738 158,182
1,662,081 2,111,604
Creditors: amounts falling due within one year 4 (635,283) (920,584)
Net current assets 1,026,798 1,191,020
Total assets less current liabilities 1,026,798 1,191,020
Creditors: amounts falling due after more than one year 5 (110,217) (514,384)
Net assets 916,581 676,636
Capital and reserves
Called up share capital 4 4
Profit and loss account 916,577 676,632
Shareholders' funds 916,581 676,636
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Manish Patel
Director
Approved by the board on 16 July 2025
KLM PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts Turnover includes proceeds earned from the sale of properties and income generated from rental of Investment properties. Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets consist of Investment Properties. Investment Properties are revalued at the year end by the company's Directors based on open market values. Depreciation is provided on all Investment Properties at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold Property 20% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Amounts owed by group undertaking (see note 7 below) 899,922 725,456
Other debtors and Vat recoverable 5,200 6,956
905,122 732,412
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bounce Back loans ( see note 5 below) - 10,000
Amounts owed to associated company ( see note 8 below) 18,000 -
Corporation tax 27,733 -
Other creditors 589,550 910,584
635,283 920,584
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (see note 6 below) 110,217 514,384
The bounce back loan was fully repaid during the year.
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 110,217 490,574
The Bank loan is secured over the properties held by the company.
7 Related party transactions
At the year end Landford Holdings Limited owed £899,922 ( 2023- £725,456) to KLM Property Limited. KLM Property Limited is a 100% subsidiary of Landford Holdings Limited. This amount is disclosed under debtors in note 3 above.
At the year end KLM Property Limited owed £18,000 (2023 : Nil) to Mannings (UK) Limited a company under common ownership and is disclosed under creditors in note 4 above.
8 Controlling party
The company is under the joint control by Mr M Patel and Mr M Somani who are directors in both KLM Property Limited and Landford Holdings Limited.
9 Other information
KLM PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
KLM PROPERTY LIMITED 08553146 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts July 2024 Mr Manish Patel No description of principal activity 08553146 2023-06-01 2023-12-31 08553146 core:WithinOneYear 2023-12-31 08553146 core:AfterOneYear 2023-12-31 08553146 core:ShareCapital 2023-12-31 08553146 core:RetainedEarningsAccumulatedLosses 2023-12-31 08553146 2024-01-01 2024-12-31 08553146 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08553146 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 08553146 bus:Director40 2024-01-01 2024-12-31 08553146 1 2024-01-01 2024-12-31 08553146 2 2024-01-01 2024-12-31 08553146 countries:England 2024-01-01 2024-12-31 08553146 bus:FRS102 2024-01-01 2024-12-31 08553146 bus:FilletedAccounts 2024-01-01 2024-12-31 08553146 2024-12-31 08553146 core:WithinOneYear 2024-12-31 08553146 core:AfterOneYear 2024-12-31 08553146 core:ShareCapital 2024-12-31 08553146 core:RetainedEarningsAccumulatedLosses 2024-12-31 08553146 2023-12-31 iso4217:GBP xbrli:pure