REGISTERED NUMBER: 11220876 (England and Wales)

KIRN PROPERTY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H Preston

K A Lovering

REGISTERED OFFICE:

31 Compass House

Mariners Court

Plymouth

Devon

PL4 0BT

REGISTERED NUMBER:

11220876 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Tangible assets

5

-

-

Investment property

6

662,661

662,661

662,661

662,661

CURRENT ASSETS

Debtors

599

996

Cash at bank

30,572

29,977

31,171

30,973

CREDITORS

Amounts falling due within one year

517,846

525,243

NET CURRENT LIABILITIES

(486,675

)

(494,270

)

TOTAL ASSETS LESS CURRENT LIABILITIES

175,986

168,391

PROVISIONS FOR LIABILITIES

38,000

38,000

NET ASSETS

137,986

130,391

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

137,886

130,291

137,986

130,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

H Preston - Director

1.	STATUTORY INFORMATION

Kirn Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The directors believe that the company is experiencing good levels of turnover growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below:

1. Valuation of Investment Property

As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation of the director. Although this has not been formally valued by a third party, this valuation has been verified by an industry expert. The director used observable market prices adjusted as necessary for any difference in the future plans for or condition of the specific asset. This has been reassessed and due to the improvement in the property market over the last few years, this as seen an increase in the property values.

Turnover

Turnover represents rents received from property rentals. This is recognised in accordance with the rental agreements for each property.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Investment property

In accordance with FRS 102, Investment properties are included in the financial statements initially at cost, and are subsequently reviewed at each reporting date to ensure they are carried at fair value in the financial statements.

The fair value of the properties were confirmed by annual reviews performed by the directors at each reporting date.

The directors consider the value of other similar properties on the market at the reporting date, together with a consideration of general market trends when reviewing the value of investment property.

These values are considered approximate to the fair value of the investment properties.

Any movements in the fair value of investment properties at each reporting date are recognised in the profit and loss account.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2024

and 28 February 2025

1,729

DEPRECIATION

At 1 March 2024

and 28 February 2025

1,729

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 March 2024

and 28 February 2025

662,661

NET BOOK VALUE

At 28 February 2025

662,661

At 29 February 2024

662,661

These properties are held on a leasehold with two of the properties having 985 years remaining and the other property having 174 years remaining on the lease.

The directors have reviewed the market value of the property portfolio for the year ended 28 February 2023 and agree that a suitable value would be £662,661.

The original cost of the property portfolio was £511,821.

Cost or valuation at 28 February 2025 is represented by:

£

Valuation in 2023

150,840

Cost

511,821

662,661

7.

RESERVES

Within the Profit and Loss account there are reserves of £150,840 that are not distributable, following a revaluation of investment properties through the profit and loss in a previous year.