LK&K Properties Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08769528

Unaudited Financial Statements

for the Period 1 December 2020 to 31 March 2022

for

LK&K Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

T S Ubhi

REGISTERED OFFICE:

Pearl Assurance House

Friar Lane

Nottingham

NG1 6BT

REGISTERED NUMBER:

08769528

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Investment property

4

2,431,279

1,974,297

CREDITORS

Amounts falling due within one year

5

(1,444,796

)

(977,767

)

NET CURRENT LIABILITIES

(1,444,796

)

(977,767

)

TOTAL ASSETS LESS CURRENT LIABILITIES

986,483

996,530

CREDITORS

Amounts falling due after more than one year

6

(40,587

)

(47,500

)

PROVISIONS FOR LIABILITIES

(262,073

)

(199,175

)

NET ASSETS

683,823

749,855

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

814,168

877,066

Retained earnings

(130,346

)

(127,212

)

683,823

749,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 December 2022 and were signed by:

T S Ubhi - Director

1.	STATUTORY INFORMATION

LK&K 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.

The accounting period has been extended from 30 November 2021 to 31 March 2022 to align to the year ends of all of the companies within the group. The comparatives are for a twelve month period and are therefore not entirely comparable to the current sixteen month period.

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.

Going Concern

The company made a net loss for the year and has net current liabilities. It is dependent on the continued support of the director for the continuance of trade. The director intends to continue with such support. On that basis the director considers it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of that support.

Government grants

Government grants receivable in relation to expenditure is recognised when the expenditure is charged to the profit and loss.

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 period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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 period was 1 (2020 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2020

1,974,297

Additions

456,982

At 31 March 2022

2,431,279

NET BOOK VALUE

At 31 March 2022

2,431,279

At 30 November 2020

1,974,297

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

2,431,279

Investment property is shown at fair value which is reviewed annually. The fair value of £2,431,279, as valued by the director, is considered to be appropriate based on the current market rent and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

30.11.20

£

£

Bank loans and overdrafts

10,147

2,500

Trade creditors

-

2,400

Amounts owed to group undertakings

986,079

524,297

Other creditors

448,570

448,570

1,444,796

977,767

Other creditors include accruals of £2,400 (2020 - £4,800).

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

30.11.20

£

£

Bank loans

40,587

47,500

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5

years

-

7,500

-

7,500

7.	OTHER FINANCIAL COMMITMENTS

The bank loans in Six Degrees Sheff Ltd (the holding company of LK&K Properties Ltd) are secured over the investment property held in LK&K Properties Ltd. The balance of the loan that is secured is £1,459,000 (2020 - £1,205,408).