Kts Whitechapel Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09262466 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

KTS WHITECHAPEL LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T Sharif

S D Sharif

REGISTERED OFFICE:

137-139 Commercial Road

London

E1 1PX

REGISTERED NUMBER:

09262466 (England and Wales)

ACCOUNTANTS:

Chase Morley Associates

Chartered Certified Accountants

17 Brookdene Drive

Northwood

Middlesex

HA6 3NS

FIXED ASSETS

Investment property

3

21,014,893

21,005,973

CURRENT ASSETS

Debtors

353,666

575,844

Cash at bank

349,158

176,424

702,824

752,268

CREDITORS

Amounts falling due within one year

667,873

534,389

NET CURRENT ASSETS

34,951

217,879

TOTAL ASSETS LESS CURRENT LIABILITIES

21,049,844

21,223,852

CREDITORS

Amounts falling due after more than one year

4

10,153,257

10,377,750

NET ASSETS

10,896,587

10,846,102

CAPITAL AND RESERVES

Called up share capital

6

11

11

Share premium

7

14,999,990

14,999,990

Retained earnings

7

(4,103,414

)

(4,153,899

)

SHAREHOLDERS' FUNDS

10,896,587

10,846,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 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 Income Statement and an abridged Statement of Financial Position for the year ended 31st December 2018 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 on 26th September 2019 and were signed on its behalf by:

T Sharif - Director

S D Sharif - Director

1.	STATUTORY INFORMATION

Kts Whitechapel 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.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2018

21,005,973

Additions

8,920

At 31st December 2018

21,014,893

NET BOOK VALUE

At 31st December 2018

21,014,893

At 31st December 2017

21,005,973

The investment property was professionally valued by Glenny LLP on 27 July 2017.

Fair value at 31st December 2018 is represented by:

£

Valuation in 2017

(4,157,998

)

Cost

25,172,891

21,014,893

4.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

£

£

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

5,267,723

5,267,723

Other Loan Interest

85,534

310,027

5,353,257

5,577,750

5.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

4,800,000

4,800,000

First legal charge dated 16 June 2016 over freehold property known as 100-136 Cavell Street, London, E1 2JA

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1,100

Ordinary

0.01

11

11

7.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1st January 2018

(4,153,899

)

14,999,990

10,846,091

Profit for the year

50,485

50,485

At 31st December 2018

(4,103,414

)

14,999,990

10,896,576

At the balance sheet date, the company had distributable reserves amounting to £54,584 (2017: £4,099) and non

distributable deficit amounting to £4,157,998 (2017: £4,157,998) shown within the profit and loss account.

8.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of KTS Cavell Street Limited, a company registered in England &

Wales.

The ultimate controlling parties are the Executors of K F Sharif, T Sharif and S D Sharif by virtue of their

87.90% share of the issued share capital of KTS Cavell Street Limited.

At the balance sheet date the company owed £5,353,257 (2017:£5,577,750) to KTS London Limited, a

subsidiary of KTS Group Limited controlled by the directors.