K2 Lettings And Management Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

K2 Lettings And Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11808761 . The registered office is 51 125 Albion Street, Leeds, LS2 8ES.

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.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% Reducing Balance
Motor Vehicles	15% Reducing Balance
Computer Equipment	20% Reducing Balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. 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.

...CONTINUED

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K2 Lettings And Management Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Taxation - continued

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2025: 1)

4. Prior Period Adjustment

The comparative figures have been restated. Transfers of £31,701.51 out of the company's bank account in the year ended 31 March 2024 were not recorded in the accounts for that year or for the year ended 31 March 2025: £25,000 transferred to a second company bank account and paid from there to the director on 22 April 2024 as a loan; corporation tax of £6,562.98 paid by the company but subsequently recorded as if it had been settled by the director; and personal expenditure of £138.33 met by the company on behalf of the director. As a result, cash at bank and in hand at 31 March 2025 was overstated by £31,701.21 and the amount owed by the director was understated by £31,701.31. The comparative figures have been restated accordingly: cash at bank and in hand £44,876 (as previously reported £76,577) and the director's loan account £58,167 (as previously reported £26,466). There is no effect on the profit for the year ended 31 March 2025; the profit and loss account reserve at 1 April 2025 increases by £0.10.

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2025	9,719	64,740	14,111	88,570
Additions	19,593	73,900	2,016	95,509
Disposals	-	(64,740 )	-	(64,740 )

As at 31 March 2026	29,312	73,900	16,127	119,339

Depreciation
As at 1 April 2025	1,943	17,965	5,116	25,024
Provided during the period	5,474	11,085	2,202	18,761
Disposals	-	(17,965 )	-	(17,965 )

As at 31 March 2026	7,417	11,085	7,318	25,820

Net Book Value
As at 31 March 2026	21,895	62,815	8,809	93,519

As at 1 April 2025	7,776	46,775	8,995	63,546

6. Debtors

	2026	2025 as restated
	£	£
Due within one year
Prepayments and accrued income	181	-
Director's loan account	22,186	58,167

	22,367	58,167

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K2 Lettings And Management Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	-	(1,951 )
Corporation tax	3,825	6,727
Accruals and deferred income	442	-

	4,267	4,776

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	-	30,177

9. Obligations Under Finance Leases and Hire Purchase

	2026	2025 as restated
	£	£
The future minimum finance lease payments are as follows:
Later than one year and not later than five years	-	30,177
Less: Finance charges allocated to future periods	-	1,951

	-	28,226

10. Share Capital

	2026	2025 as restated
	£	£
Allotted, Called up and fully paid	1	1

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mr Neill Ryan	58,167	18,069	54,050	-	22,186

The above loan is unsecured, interest free and repayable on demand. The balance at the start of the period has been restated (see the note on the prior period adjustment). After the year end the balance was settled by an interim dividend credited to the director's loan account.

12. Post Balance Sheet Events

After the year end the director's loan account was settled by an interim dividend of £29,200 credited to the account. On 1 October 2026 the company advanced £7,000 to Leeds City Properties Ltd, a company controlled by the director, interest free and repayable on demand; the loan remained outstanding at the date of approval of these financial statements.

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		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		93,519		63,546

			93,519		63,546
CURRENT ASSETS
Debtors	6	22,367		58,167
Cash at bank and in hand		22,001		44,876

		44,368		103,043
Creditors: Amounts Falling Due Within One Year	7	(4,267 )		(4,776 )

NET CURRENT ASSETS (LIABILITIES)			40,101		98,267

TOTAL ASSETS LESS CURRENT LIABILITIES			133,620		161,813

Creditors: Amounts Falling Due After More Than One Year	8		-		(30,177 )

NET ASSETS			133,620		131,636

CAPITAL AND RESERVES
Called up share capital	10		1		1
Profit and Loss Account			133,619		131,635

SHAREHOLDERS' FUNDS			133,620		131,636