Katrin Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04638155

Katrin Properties Limited

Filleted Unaudited Financial Statements

31 March 2025

Katrin Properties Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6	157,978	140,617
Investments	7	25,745,000	25,745,000
		-------------	-------------
		25,902,978	25,885,617

Current assets

Debtors	8	9,250,126	7,814,074
Cash at bank and in hand		204,053	1,774,405
		------------	------------
		9,454,179	9,588,479

Creditors: amounts falling due within one year	9	4,867,918		5,018,566
		------------		------------
Net current assets			4,586,261	4,569,913
			-------------	-------------
Total assets less current liabilities			30,489,239	30,455,530

Creditors: amounts falling due after more than one year	10		12,817,864	12,853,237

Provisions

Taxation including deferred tax	1,732,350	1,732,350
	-------------	-------------
Net assets	15,939,025	15,869,943
	-------------	-------------

Capital and reserves

Called up share capital		100	100
Profit and loss account	13	15,938,925	15,869,843
		-------------	-------------
Shareholders funds		15,939,025	15,869,943
		-------------	-------------

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 comprehensive income has not been delivered.

For the year ending 31 March 2025 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 .

Katrin Properties Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr. Kerem Yavuzarslan
Director

Company registration number: 04638155

Katrin Properties Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 834 Hertford Road, Enfield, Middlesex, EN3 6UE.

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 except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. The financial statements are presented in pounds sterling, which is the functional currency of the company.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: a - Critical judgements in applying accounting policies There are no critical judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. b - Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows; i) Investment property valuation The valuation of the company's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The large majority of the investment property valuations have been provided by independent qualified surveyors namely Savills (UK) Limited on 03 August 2023 and Sanderson Weatherall on 05 May 2023, on behalf of lenders, with the remainder being provided by the company's director at the date of the Statement of Financial Position. The investment property valuations contain a number of assumptions upon which the independent qualified surveyors and the company's director have based their valuations of the company's properties. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market value and comparable market transactions.

Revenue recognition

Turnover is measured at the fair value of consideration receivable, net of Value Added Tax. Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. All revenue relates to property rental income within the UK and is recognised on a straight line basis over the life of the lease. Interest receivable on bridging loans, bank deposits and other items is included within other operating income.

Investment properties

The company classifies land and buildings as investment property when it is held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost which comprise the purchase price and any directly attributable expenditure. Investment properties are subsequently re-measured to fair value at each reporting date with changes in fair value recognised in profit or loss. Revaluations are carried out by the directors, who have experience in the location and class of the investment property being valued.

Income tax

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 that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed 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. Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has a legally enforceable right to set off current tax assets against current tax liabilities.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	18% reducing balance
Office Equipment	-	18% reducing balance

Impairment of fixed 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 carry 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.

Provisions for liabilities

A provision is recognised in the Balance Sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Leasing

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and at bank. Bank overdrafts are shown within borrowings in current liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

5. Tax on profit/(loss)

Major components of tax expense

	2025	2024
	£	£

Deferred tax:

Origination and reversal of timing differences	–	505,469
	----	---------
Tax on profit/(loss)	–	505,469
	----	---------

Reconciliation of tax expense

The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit/(loss) on ordinary activities before taxation	169,082	( 566,345)
	---------	---------
Profit/(loss) on ordinary activities by rate of tax	42,271	( 141,586)
Effect of expenses not deductible for tax purposes	243	220
Effect of capital allowances and depreciation	166	( 27,417)
Utilisation of tax losses	( 42,680)	–
Unused tax losses	–	168,783
Deferred tax: origination and reversal of timing differences	–	505,469
	---------	---------
Tax on profit/(loss)	–	505,469
	---------	---------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2024	173,910	75,008	248,918
Additions	88,010	4,765	92,775
Disposals	( 81,295)	–	( 81,295)
	---------	--------	---------
At 31 March 2025	180,625	79,773	260,398
	---------	--------	---------
Depreciation
At 1 April 2024	71,116	37,185	108,301
Charge for the year	27,012	7,666	34,678
Disposals	( 40,559)	–	( 40,559)
	---------	--------	---------
At 31 March 2025	57,569	44,851	102,420
	---------	--------	---------
Carrying amount
At 31 March 2025	123,056	34,922	157,978
	---------	--------	---------
At 31 March 2024	102,794	37,823	140,617
	---------	--------	---------

7. Investments

	Investment properties
	£
Cost
At 1 April 2024 and 31 March 2025	25,745,000
	-------------
Impairment
At 1 April 2024 and 31 March 2025	–
	-------------

Carrying amount
At 31 March 2025	25,745,000
	-------------
At 31 March 2024	25,745,000
	-------------

In the opinion of the director there has been a fair value loss in the Company's investment properties.

8. Debtors

	2025	2024
	£	£
Trade debtors	34,718	44,715
Bridging loans	1,417,522	1,730,212
Loans to connected companies	7,779,636	6,020,897
Other debtors	18,250	18,250
	------------	------------
	9,250,126	7,814,074
	------------	------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	754,502	759,144
Trade creditors	72,680	91,650
Shareholders loan accounts	–	2,757,330
Loans from connected company	3,779,813	1,155,354
Other creditors	260,923	255,088
	------------	------------
	4,867,918	5,018,566
	------------	------------

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

	2025	2024
	£	£
Bank loans and overdrafts	12,817,864	12,853,237
	-------------	-------------

Bank Loans are secured over the Investment Properties.

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	1,732,350	1,732,350
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Fair value adjustment of investment property	1,732,350	1,732,350
	------------	------------

12. Financial instruments

The company has the following financial instruments:

	2025	2024
	£	£
Financial assets measured at amortised cost:
Trade and other debtors	52,968	62,965
Other loans	9,197,158	7,751,109
	------------	------------
	9,250,126	7,814,074
	------------	------------


	£	£
Financial liabilities measured at amortised cost
Bank loans and overdraft	13,572,366	13,612,381
Other loans	3,779,813	3,912,684
Trade and other creditors	320,693	327,411
Accruals	12,910	19,327
	-------------	-------------
	17,685,782	17,871,803
	-------------	-------------

13. Reserves

The profit and loss reserve contains the cumulative balance of retained profit and losses as well as investment property revaluations since the company started trading. It is made up of both distributable and non-distributable reserves.

	Distributable reserves	Non-distributable reserves	Total
	£	£	£
As at 1 April 2024	6,506,931	9,362,912	15,869,843
Profit for the year	169,082	–	169,082
Dividends paid	(100,000)	–	(100,000)
	------------	------------	-------------
As at 31 March 2025	6,576,013	9,362,912	15,938,925
	------------	------------	-------------

14. Related party transactions

The following related party transactions were undertaken:

	2025	2024
	£	£
Loans to connected companies:
Altitude Assets Limited	1,368,986	1,360,346
Liberal Limited	1,076,564	966,564
Katrin Group Limited	839,422	897,422
Altitude Contractors Limited	9,096	9,096
Chapel House E14 Ltd	988,177	719,177
Coral Bridging Limited	1,204,166	34,166
Halifax HX1 Ltd	–	167,527
London Lane Development Limited	2,293,225	1,864,225
KCF Estates Ltd	–	2,374
	------------	------------
	7,779,636	6,020,897
	------------	------------


	£	£
Shareholders loan accounts:
Kerem Yavuzarslan - Director	–	548,465
Mustafa Yavuzarslan - Close family member	–	1,477,289
Necip Yavuzarslan - Close family member	–	283,453
Can Yavuzarslan - Close family member	–	339,938
Fatih Yavuzarslan - Close family member	–	108,185
	----	------------
	–	2,757,330
	----	------------


	£	£
Loans from connected companies:
Katrin Limited	3,779,813	1,155,354
	------------	------------

Mr. Kerem Yavuzarslan , the managing director and a shareholder of Katrin Properties Limited , is also a shareholder of Altitude Assets Limited (the parent company of Liberal Limited), Katrin Fashion Limited, Katrin Group Limited (the parent company of Altitude Contractors Limited, Chapel House E14 Ltd, Coral Bridging Limited, Halifax HX1 Ltd (dissolved on 01 April 2025) and London Lane Development Limited), Katrin Limited and KCF Estates Limited.

15. Controlling party

There are no controlling parties.