Company No: 06354246 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Rachael Clare Hushon
	Paul Karakusevic
SECRETARY	Laura Cobb
REGISTERED OFFICE	Studio 501 37 Cremer Street
	Hackney
	London
	E2 8HD
	England
	United Kingdom
COMPANY NUMBER	06354246(England and Wales)
ACCOUNTANT	Praxis
	1 Poultry
	London
	EC2R 8EJ

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	4	116,522		177,759
Investment property	5	3,230,949		3,230,949
		3,347,471		3,408,708
Current assets
Debtors	6	17,287		206,876
Cash at bank and in hand	7	112,889		87,809
		130,176		294,685
Creditors
Amounts falling due within one year	8	( 1,232,791)		( 1,452,143)
Net current liabilities		(1,102,615)		(1,157,458)
Total assets less current liabilities		2,244,856		2,251,250
Creditors
Amounts falling due after more than one year	9	( 1,102,506)		( 1,153,373)
Net assets		1,142,350		1,097,877
Capital and reserves
Called-up share capital	10	2		2
Profit and loss account		1,142,348		1,097,875
Total shareholders' funds		1,142,350		1,097,877

For the financial year ending 31 December 2020 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of K&C At The Gymnasium Limited (registered number: 06354246) were approved and authorised for issue by the Board of Directors on 30 September 2021. They were signed on its behalf by:

Paul Karakusevic Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

K&C At The Gymnasium Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Studio 501 37 Cremer Street, Hackney, London, E2 8HD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of K&C At The Gymnasium Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings - 5 years

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

2. Employees

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tax on profit

	2020		2019
	£		£
Current tax on profit
UK corporation tax	24,701		9,304
Total current tax	24,701		9,304
Total tax on profit	24,701		9,304

4. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2020	25,000		338,858		363,858
At 31 December 2020	25,000		338,858		363,858
Accumulated depreciation
At 01 January 2020	0		186,099		186,099
Charge for the financial year	0		61,237		61,237
At 31 December 2020	0		247,336		247,336
Net book value
At 31 December 2020	25,000		91,522		116,522
At 31 December 2019	25,000		152,759		177,759

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2020	3,230,949
As at 31 December 2020	3,230,949

6. Debtors

	2020		2019
	£		£
Other debtors	17,287		206,876

7. Cash and cash equivalents

	2020		2019
	£		£
Cash at bank and in hand	112,889		87,809

8. Creditors: amounts falling due within one year

	2020		2019
	£		£
Bank loans and overdrafts (secured)	96,742		89,225
Trade creditors	0		12,315
Amounts owed to connected persons	713,396		1,185,927
Other creditors	330,031		147,430
Corporation tax	24,701		9,205
Other taxation and social security	67,921		8,041
	1,232,791		1,452,143

The mortgages are secured by fixed and floating charge over the assets of the Company.

9. Creditors: amounts falling due after more than one year

	2020		2019
	£		£
Bank loans (secured)	1,102,506		1,153,373

The mortgages are secured by fixed and floating charge over the assets of the Company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2020		2019
	£		£
Bank loans (repayable by instalments)	621,947		665,297

10. Called-up share capital

	2020		2019
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

11. Related party transactions

Transactions with the entity's directors

	2020		2019
	£		£
Rent charged to an LLP under the control of a director	300,000		0
Owed to an LLP under the control of a director	558,542		1,185,927
Amounts owed to the directors	102,228		81,640

The balances are interest free and repayable on demand.

12. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.