K & L Lettings Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10870418

K & L Lettings Limited

Filleted Unaudited Financial Statements

31 December 2024

K & L Lettings Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

K & L Lettings Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5	375,765	375,765
Investments	6	1,083,107	1,083,107
		------------	------------
		1,458,872	1,458,872

Current assets

Debtors	7	341,225	349,601
Cash at bank and in hand		10,044	11,129
		---------	---------
		351,269	360,730

Creditors: amounts falling due within one year	8	911,110		895,583
		---------		---------
Net current liabilities			559,841		534,853
			------------		------------
Total assets less current liabilities			899,031		924,019

Creditors: amounts falling due after more than one year	9	1,500,000	1,500,000
		------------	------------
Net liabilities		( 600,969)	( 575,981)
		------------	------------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		( 601,069)	( 576,081)
		---------	---------
Shareholders deficit		( 600,969)	( 575,981)
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

K & L Lettings Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 17 September 2025 , and are signed on behalf of the board by:

Mr K F Rabbitte
Director

Company registration number: 10870418

K & L Lettings Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which is dependent upon the continued support of a related party. The related party has indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and services rendered, stated net of discounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Average number of employees

During the year the average number of employees was 1 (2023: 1) which consisted of the director only.

5. Tangible assets

	Investment Property
	£
Cost
At 1 January 2024 and 31 December 2024	375,765
	---------
Depreciation
At 1 January 2024 and 31 December 2024	–
	---------
Carrying amount
At 31 December 2024	375,765
	---------
At 31 December 2023	375,765
	---------

The investment property is shown at the historical cost as the director does not consider the fair value to be materially different to cost.

6. Investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	926,626	156,481	1,083,107
	---------	---------	------------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–
	---------	---------	------------

Carrying amount
At 31 December 2024	926,626	156,481	1,083,107
	---------	---------	------------
At 31 December 2023	926,626	156,481	1,083,107
	---------	---------	------------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Rabitte 1	Ordinary	100

Other significant holdings
Vinke Cisfran	Ordinary	41

Investments in associates and joint ventures

The registered office for both Rabbitte 1 and Vinke Cisfran is Calle Luis Oliver 2, 5 A, 29601 Marbella, Malaga.

7. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings	341,225	349,601
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	1,392	2,748
Corporation tax	1,138	1,614
Amounts owed to related undertaking	908,580	891,221
	---------	---------
	911,110	895,583
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Amounts owed to related undertaking	1,500,000	1,500,000
	------------	------------

10. Called up share capital

Authorised share capital

2024		2023
No.	£	No.	£

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Related party transactions

The company has taken advantage of the exemption conferred by Section 33 of FRS 102 by not disclosing transactions with wholly owned group companies. The company owes £2,408,580 (2023: £2,391,221) to a related entity. Interest of £29,840 (2023: £29,521) was charged on this loan during the year.