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

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

KTS WHITECHAPEL LTD - Company Information

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REGISTERED NUMBER: 09262466 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

FOR

KTS WHITECHAPEL LTD
KTS WHITECHAPEL LTD (REGISTERED NUMBER: 09262466)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


KTS WHITECHAPEL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2020







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
Page 1
KTS WHITECHAPEL LTD (REGISTERED NUMBER: 09262466)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 21,053,885 21,047,035

CURRENT ASSETS
Debtors 253,383 288,630
Cash at bank 352,589 205,480
605,972 494,110
CREDITORS
Amounts falling due within one year 418,032 517,559
NET CURRENT ASSETS/(LIABILITIES) 187,940 (23,449 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
21,241,825
21,023,586

CREDITORS
Amounts falling due after more than one
year
5
10,248,356
10,066,735
NET ASSETS 10,993,469 10,956,851

CAPITAL AND RESERVES
Called up share capital 11 11
Share premium 14,999,990 14,999,990
Retained earnings (4,006,532 ) (4,043,150 )
SHAREHOLDERS' FUNDS 10,993,469 10,956,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

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

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KTS WHITECHAPEL LTD (REGISTERED NUMBER: 09262466)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 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 Income Statement and an abridged Statement of Financial Position for the year ended 31st December 2020 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 and authorised for issue on 19th August 2021 and were signed on its behalf by:




T Sharif - Director



S D Sharif - Director


The notes form part of these financial statements

Page 3
KTS WHITECHAPEL LTD (REGISTERED NUMBER: 09262466)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020

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. EMPLOYEES AND DIRECTORS

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

Page 4 continued...
KTS WHITECHAPEL LTD (REGISTERED NUMBER: 09262466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2020

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2020 21,047,035
Additions 6,850
At 31st December 2020 21,053,885
NET BOOK VALUE
At 31st December 2020 21,053,885
At 31st December 2019 21,047,035

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

Fair value at 31st December 2020 is represented by:
£   
Valuation in 2017 (4,157,998 )
Cost 25,211,883
21,053,885

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2020 2019
£    £   
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 4,978,723 5,013,723
Other Loan Interest 423,800 253,012
5,402,523 5,266,735

6. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank Loan 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

7. 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 £5,402,523 (2019:£5,266,735) to KTS London Limited, a subsidiary of KTS Group Limited controlled by the directors.

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