Kerion Properties Limited - Accounts to registrar (filleted) - small 18.2
Kerion Properties Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended |
30 September 2021 |
for |
Kerion Properties Limited |
Kerion Properties Limited (Registered number: 04737310) |
Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Kerion Properties Limited |
Company Information |
for the Year Ended 30 September 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Church Road |
Stanmore |
Middlesex |
HA7 4XR |
Kerion Properties Limited (Registered number: 04737310) |
Statement of Financial Position |
30 September 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kerion Properties Limited (Registered number: 04737310) |
Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
1. | STATUTORY INFORMATION |
Kerion Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. |
In 2019, rent collected but banked after the year end had not been included in the accounts. This was rectified and an amount of £22,923 net of tax shown as a prior year adjustment in 2020. |
Investment property |
Initial measurement |
Investment properties are initially measured at cost. |
Subsequent measurement |
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 material 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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
Kerion Properties Limited (Registered number: 04737310) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2020 |
Additions |
Revaluations | (470,000 | ) |
At 30 September 2021 |
NET BOOK VALUE |
At 30 September 2021 |
At 30 September 2020 |
Fair value at 30 September 2021 is represented by: |
£ |
Valuation in 2005 | 59,552 |
Valuation in 2007 | 786,504 |
Valuation in 2008 | 650,000 |
Valuation in 2012 | 1,000,000 |
Valuation in 2014 | (9,163 | ) |
Valuation in 2016 | 250,000 |
Valuation in 2020 | 1,151,917 |
Valuation in 2021 | (470,000 | ) |
Cost | 3,154,388 |
6,573,198 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 3,154,388 | 2,381,190 |
The investment properties were valued on an open market basis on 30 September 2021 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments & accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Directors' current accounts | 10,899 | 50,000 |
Accruals & deferred income |
Kerion Properties Limited (Registered number: 04737310) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans over 5 years | 3,004,500 | 2,572,500 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans over 5 years |
A loan of £2,572,500 commenced on 1 June 2017 and under the terms, the lender has the option to call in the loan on the fifth anniversary of commencement. |
A further loan commenced during the year. |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
The bank loans are secured on the investment properties. |
9. | RESERVES |
The retained earnings of £4,075,466 (2020: £4,347,173) comprise of distributable reserves of £1,152,884 (2020: £1,047,692) and non-distributable reserves of £2,922,582 (2020: £3,299,481) which relate to property revaluations less related deferred tax provision. |
10. | CAPITAL COMMITMENTS |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |