K-Town Properties Limited - Accounts to registrar (filleted) - small 18.2

K-Town Properties Limited - Accounts to registrar (filleted) - small 18.2

K-TOWN PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 09800827 (England and Wales)












K-TOWN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020






K-TOWN PROPERTIES LIMITED (REGISTERED NUMBER: 09800827)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


K-TOWN PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTORS: A Broomby
Mrs A J Broomby





REGISTERED OFFICE: Stramongate House
53 Stramongate
Kendal
Cumbria
LA9 4BH





REGISTERED NUMBER: 09800827 (England and Wales)





ACCOUNTANTS: Rushtons
Chartered Accountants
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB
Page 1
K-TOWN PROPERTIES LIMITED (REGISTERED NUMBER: 09800827)

ABRIDGED BALANCE SHEET
30 SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 871,670 892,130

CURRENT ASSETS
Cash at bank 4,855 9,963

CREDITORS
Amounts falling due within one year 27,798 33,843
NET CURRENT LIABILITIES (22,943 ) (23,880 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
848,727
868,250

CREDITORS
Amounts falling due after more than
one year
881,989
909,908
NET LIABILITIES (33,262 ) (41,658 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (34,262 ) (42,658 )
SHAREHOLDERS' FUNDS (33,262 ) (41,658 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 notes form part of these financial statements

Page 2 continued...
K-TOWN PROPERTIES LIMITED (REGISTERED NUMBER: 09800827)

ABRIDGED BALANCE SHEET - continued
30 SEPTEMBER 2020


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 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2021 and were signed on its behalf by:





A Broomby - Director


The notes form part of these financial statements

Page 3
K-TOWN PROPERTIES LIMITED (REGISTERED NUMBER: 09800827)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. STATUTORY INFORMATION

K-Town Properties 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
The financial statements have been prepared on a going concern basis, the validity of which may be inappropriate as at 30 September 2020, the company's total liabilities exceeded its total assets by £33,262. The financial statements do not include any adjustment that may result from the company ceasing to trade. The directors have lent £905,989 to the company and have indicated that they do not require these funds to be repaid at present.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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 balance sheet date.

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

Page 4 continued...
K-TOWN PROPERTIES LIMITED (REGISTERED NUMBER: 09800827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2019 958,718
Additions 636
At 30 September 2020 959,354
DEPRECIATION
At 1 October 2019 66,588
Charge for year 21,096
At 30 September 2020 87,684
NET BOOK VALUE
At 30 September 2020 871,670
At 30 September 2019 892,130

5. ULTIMATE CONTROLLING PARTY

The company is considered to be controlled by the directors Mr A Broomby and Mrs A J Broomby.

Page 5