K&C At The Gymnasium Limited - Accounts to registrar (filleted) - small 18.2

K&C AT THE GYMNASIUM LIMITED

Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

P Karakusevic

R Hushon

Secretary:

L Cobb

Registered office:

Unit E03

The Biscuit Factory

100 Clements Rd

London

SE16 4DG

Registered number:

06354246 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

177,760

239,447

Investment property

5

3,230,949

3,230,949

3,408,709

3,470,396

Current assets

Debtors

6

206,876

215,214

Cash at bank

87,809

97,247

294,685

312,461

Creditors

Amounts falling due within one year

7

269,687

243,628

Net current assets

24,998

68,833

Total assets less current liabilities

3,433,707

3,539,229

Creditors

Amounts falling due after more than one year

8

2,335,830

2,482,768

Net assets

1,097,877

1,056,461

Capital and reserves

Called up share capital

10

2

2

Retained earnings

11

1,097,875

1,056,459

Shareholders' funds

1,097,877

1,056,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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.

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 26 June 2020 and were signed on its behalf by:

P Karakusevic - Director

1.	Statutory information

K&C At The Gymnasium 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.

Turnover

Turnover comprises revenue recognised by the company in respect of rents receivable, exclusive of Value

Added Tax and trade discount. Turnover is recognised on an accruals basis.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Investment property

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

changes in fair value is recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Hire purchase and leasing commitments

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

lease.

3.	Employees and directors

The average number of employees during the year was NIL (2018 - NIL).

4.	Tangible fixed assets

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Cost

At 1 January 2019

and 31 December 2019

25,000

338,859

363,859

Depreciation

At 1 January 2019

-

124,412

124,412

Charge for year

-

61,687

61,687

At 31 December 2019

-

186,099

186,099

Net book value

At 31 December 2019

25,000

152,760

177,760

At 31 December 2018

25,000

214,447

239,447

5.	Investment property

Total

£

Fair value

At 1 January 2019

and 31 December 2019

3,230,949

Net book value

At 31 December 2019

3,230,949

At 31 December 2018

3,230,949

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

-

13,474

Prepayments and accrued income

206,876

201,740

206,876

215,214

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

92,695

89,225

Trade creditors

16,354

-

Tax

9,205

-

VAT

8,041

10,583

Directors' current accounts

81,640

81,640

Accrued expenses

61,752

62,180

269,687

243,628

8.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Bank loans due more than 5 yrs

1,149,903

1,242,528

Amounts owed to associates

1,185,927

1,240,240

2,335,830

2,482,768

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due more than 5 yrs

1,149,903

1,242,528

9.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,242,598

1,331,753

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

11.

Reserves

Retained

earnings

£

At 1 January 2019

1,056,459

Profit for the year

41,416

At 31 December 2019

1,097,875

12.	Related party disclosures

During the year, payments of £73,022.57 (2018 - £57,595) were made on behalf a company under common

control.

At the year end, the company owed a company under common control £1,185,927.27 (2018 - £1,120,240).

13.	Ultimate controlling party

The ultimate controlling party is P Karakusevic.