Kensington Realty Corporation Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09872713 (England and Wales)

KENSINGTON REALTY CORPORATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr E Georgiou

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

09872713 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Investments

4

100,000

Investment property

5

9,364,996

9,464,996

CURRENT ASSETS

Debtors

6

25,510

30,879

Cash at bank

181,228

3,061,880

206,738

3,092,759

CREDITORS

Amounts falling due within one year

7

3,015,730

258,997

NET CURRENT (LIABILITIES)/ASSETS

(2,808,992

)

2,833,762

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,656,004

12,298,758

CREDITORS

Amounts falling due after more than one
year

8

(5,300,349

)

(10,879,500

)

PROVISIONS FOR LIABILITIES

9

(232,075

)

(232,075

)

NET ASSETS

1,123,580

1,187,183

CAPITAL AND RESERVES

Called up share capital

10

1,000

Retained earnings

11

1,122,580

1,186,183

SHAREHOLDERS' FUNDS

1,123,580

1,187,183

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 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 30 September 2025 and were signed by:

Mr E Georgiou - Director

1.	STATUTORY INFORMATION

Kensington Realty Corporation Limited 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 the net rents receivable, excluding value added tax. Turnover is recognised when rent becomes due under the rental agreement.

Investment property

The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease.

This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified.

All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves.

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 NIL (2023 - 1 ).

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.12.24

31.12.23

£

Alternative Investment

100,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

9,364,996

NET BOOK VALUE

At 31 December 2024

9,364,996

At 31 December 2023

9,364,996

In the opinion of the director, the fair value of investment property is same as shown in the financial statements.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

1,221,447

Cost

8,143,549

9,364,996

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

10,976

16,878

Amounts owed by group undertakings

5,625

3,192

Reserve fund

4,128

3,480

Prepayments and accrued income

4,781

7,329

25,510

30,879

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

2,743

3,514

Other creditors

120,243

83,727

Directors' current accounts

2,889,144

124,089

Accruals and deferred income

-

44,427

Accrued expenses

3,600

3,240

3,015,730

258,997

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans more 5 yrs non-inst

-

2,879,500

Directors' loan accounts

5,300,349

8,000,000

5,300,349

10,879,500

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

-

2,879,500

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

Deferred tax

232,075

Deferred

tax

£

Balance at 1 January 2024

232,075

Balance at 31 December 2024

232,075

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

1,000

Ordinary

£1

1,000

11.

RESERVES

Retained

earnings

£

At 1 January 2024

1,186,183

Deficit for the year

(63,603

)

At 31 December 2024

1,122,580

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr E Georgiou.