KP Estate Investments UK Limited 31/12/2021 iXBRL

KP Estate Investments UK Limited 31/12/2021 iXBRL

KP ESTATE INVESTMENTS UK LIMITED - Company Information

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Company registration number: 09902532
KP Estate Investments UK Limited
Unaudited filleted financial statements
31 December 2021
Paish Tooth Limited
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
KP Estate Investments UK Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
KP Estate Investments UK Limited
Directors and other information
Directors C F Kong
P Y S Lo
J A Purcaro
N J Purcaro
Company number 09902532
Registered office 35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
Business address 8 Azalea Drive
Up Hatherley
Cheltenham
Gloucestershire
GL51 3EA
Accountants Paish Tooth Limited
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
KP Estate Investments UK Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of KP Estate Investments UK Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KP Estate Investments UK Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of KP Estate Investments UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of KP Estate Investments UK Limited and state those matters that we have agreed to state to the board of directors of KP Estate Investments UK Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KP Estate Investments UK Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that KP Estate Investments UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of KP Estate Investments UK Limited. You consider that KP Estate Investments UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KP Estate Investments UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paish Tooth Limited
Chartered Accountants
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
5 September 2022
KP Estate Investments UK Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 1,129 1,506
Investments 5 840,000 840,000
________ ________
841,129 841,506
Current assets
Debtors 6 1,673 3,150
Cash at bank and in hand 15,191 14,014
________ ________
16,864 17,164
Creditors: amounts falling due
within one year 7 ( 344,808) ( 344,353)
________ ________
Net current liabilities ( 327,944) ( 327,189)
________ ________
Total assets less current liabilities 513,185 514,317
Creditors: amounts falling due
after more than one year 8 ( 515,008) ( 515,000)
________ ________
Net liabilities ( 1,823) ( 683)
________ ________
Capital and reserves
Called up share capital 9 200 200
Profit and loss account ( 2,023) ( 883)
________ ________
Shareholders deficit ( 1,823) ( 683)
________ ________
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2022 , and are signed on behalf of the board by:
C F Kong
Director
Company registration number: 09902532
KP Estate Investments UK Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Rodney Road, Cheltenham, Gloucestershire, GL50 1HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Debors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 and 31 December 2021 3,766 3,766
________ ________
Depreciation
At 1 January 2021 2,260 2,260
Charge for the year 377 377
________ ________
At 31 December 2021 2,637 2,637
________ ________
Carrying amount
At 31 December 2021 1,129 1,129
________ ________
At 31 December 2020 1,506 1,506
________ ________
5. Investments
Investment properties Total
£ £
Cost
At 1 January 2021 and 31 December 2021 840,000 840,000
________ ________
Impairment
At 1 January 2021 and 31 December 2021 - -
________ ________
Carrying amount
At 31 December 2021 840,000 840,000
________ ________
At 31 December 2020 840,000 840,000
________ ________
6. Debtors
2021 2020
£ £
Other debtors 1,673 3,150
________ ________
7. Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 1,726 1,671
Other creditors 343,082 342,682
________ ________
344,808 344,353
________ ________
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 515,008 515,000
________ ________
The bank loan is secured on the underlying assets.
Included within creditors: amounts falling due after more than one year is an amount of £ 515,008 (2020 £ 515,000 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary A shares of £ 1.00 each 100 100 100 100
Ordinary B shares of £ 1.00 each 100 100 100 100
________ ________ ________ ________
200 200 200 200
________ ________ ________ ________