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Registered number: 12331302
Kooky Staines Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Harris & Company (C.A.) Limited
Kooky Staines Limited
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Kooky Staines Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 12331302
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 33,534 46,122
Investment Properties 5 27,200,000 24,195,718
27,233,534 24,241,840
CURRENT ASSETS
Debtors 6 366,620 536,835
Cash at bank and in hand 30,677 82,348
397,297 619,183
Creditors: Amounts Falling Due Within One Year 7 (1,076,928 ) (1,121,225 )
NET CURRENT ASSETS (LIABILITIES) (679,631 ) (502,042 )
TOTAL ASSETS LESS CURRENT LIABILITIES 26,553,903 23,739,798
Creditors: Amounts Falling Due After More Than One Year 8 (25,088,725 ) (25,138,725 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (391,181 ) -
NET ASSETS/(LIABILITIES) 1,073,997 (1,398,927 )
CAPITAL AND RESERVES
Called up share capital 11 160 160
Fair value reserve 12 2,613,101 -
Profit and Loss Account (1,539,264 ) (1,399,087 )
SHAREHOLDERS' FUNDS 1,073,997 (1,398,927)
Page 1
Page 2
Kooky Staines Limited
Balance Sheet (continued)
As At 31 December 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Crocker
Director
29 August 2025
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Page 3
Kooky Staines Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Kooky Staines Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12331302 . The registered office is 35 Ballards Lane, London, N3 1XW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Reclassification of Comparative Expenditure
Management has reclassified certain expenditure in the 2023 comparative year from cost of sales to administrative expenses to accurately reflect the operating costs of the asset. This reclassification has no impact on the reported profit or loss.
2.2. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.3. Tangible Fixed Assets and Depreciation
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:
Fixtures & Fittings 5 - 10 years straight line
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.
2.4. Investment Properties
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. Changes in fair value are recognised in profit or loss.
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Kooky Staines Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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Kooky Staines Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.9. Pensions
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.10. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
...CONTINUED
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Page 6
Kooky Staines Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.10. Impairment of fixed assets - continued
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.11. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.12. Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 January 2024 90,180
As at 31 December 2024 90,180
Depreciation
As at 1 January 2024 44,058
Provided during the period 12,588
As at 31 December 2024 56,646
Net Book Value
As at 31 December 2024 33,534
As at 1 January 2024 46,122
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Kooky Staines Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5. Investment Property
2024
£
Fair Value
As at 1 January 2024 24,195,718
Revaluations 3,004,282
As at 31 December 2024 27,200,000
The company’s investment property has been valued by the directors at £27.2 million at 31 December 2024 using a fair value basis.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 98,315 -
Amounts owed by participating interests 41,353 92,886
Other debtors 226,952 443,949
366,620 536,835
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,281 7,483
Amounts owed to participating interests 267,025 39,035
Other creditors 807,622 1,074,707
1,076,928 1,121,225
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,840,000 8,840,000
Amounts owed to participating interests 16,248,725 16,298,725
25,088,725 25,138,725
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Page 8
Kooky Staines Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 8,840,000 8,840,000
The long term bank loan is secured by a fixed charge over the investment property and a floating charge over the assets of the company.
10. Deferred Taxation
The deferred tax liability of £888,264 arises on the temporary difference between the carrying amount of the investment property at fair value (£27,200,000) and its tax base (£23,714,012).
A deferred tax asset of £497,083 has been recognised in respect of trading losses, management expenses and non-trading loan relationship deficits, as it is considered probable that sufficient future taxable profits will be available to utilise these amounts.
The net deferred tax liability at 31 December 2024 is therefore £391,181, calculated at a corporation tax rate of 25%.
2024 2023
£ £
Other timing differences 391,181 -
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 160 160
12. Reserves
At 31 December 2024, the company’s investment property was revalued from £24,195,718 to £27,200,000, resulting in a fair value gain of £3,004,282 recognised in the profit and loss account.
A deferred tax liability of £391,181 was recognised in respect of this gain, giving a net amount of £2,613,101.
This net amount has been transferred from the profit and loss reserve to a separate Fair Value Reserve, which is non-distributable.
At 31 December 2024, the balance on the Fair Value Reserve amounted to £2,613,101 (2023: £nil).
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Kooky Staines Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
13. Related Party Disclosures
At the year end, the company was due £41,353 (2023: £92,886) from companies under common control. This amount is included within other debtors due within one year. The balance is repayable on demand. No interest is being charged on this balance.
At the year end, the company owed £267,025 (2023: £39,035) to companies under common control which is included within other creditors due within one year. The balance is repayable on demand. No interest is accruing on this balance.
At the year end, the company owed £16,298,725 (2023: £16,298,725) to companies under common control which is included within other creditors due more than one year. Interest and arrangement fees totaling £479,036 (2023: £479,036) have been charged in the year.
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