Kase Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06725189 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 October 2020

for

Kase Developments Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs K Matts

S Matts

REGISTERED OFFICE:

2 Speedwell Close

Narborough

Leicester

Leicestershire

LE19 3WJ

REGISTERED NUMBER:

06725189 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kase Developments Ltd for the year ended 31 October 2020 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kase Developments Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kase Developments Ltd and state those matters that we have agreed to state to the Board of Directors of Kase Developments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kase Developments Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kase Developments Ltd 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 profit of Kase Developments Ltd. You consider that Kase Developments Ltd 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 Kase Developments Ltd. 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.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

20 July 2021

FIXED ASSETS

Investment property

4

2,212,500

2,507,500

CURRENT ASSETS

Stocks

142,463

-

Debtors

5

4,137

6,292

Cash at bank

59,206

23,573

205,806

29,865

CREDITORS

Amounts falling due within one year

6

690,597

670,657

NET CURRENT LIABILITIES

(484,791

)

(640,792

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,727,709

1,866,708

CREDITORS

Amounts falling due after more than one year

7

(624,576

)

(785,753

)

PROVISIONS FOR LIABILITIES

(110,390

)

(138,940

)

NET ASSETS

992,743

942,015

CAPITAL AND RESERVES

Called up share capital

9

20

20

Revaluation reserve

10

706,653

766,985

Retained earnings

286,070

175,010

SHAREHOLDERS' FUNDS

992,743

942,015

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2021 and were signed on its behalf by:

S Matts - Director

1.	STATUTORY INFORMATION

Kase Developments 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.

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.

Stocks

The raw materials are valued at the lower of cost and net realisable value. Cost is determined on a first out basis. Net realisable value represents estimated selling price.

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 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 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 2 (2019 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2019

2,507,500

Disposals

(295,000

)

At 31 October 2020

2,212,500

NET BOOK VALUE

At 31 October 2020

2,212,500

At 31 October 2019

2,507,500

Fair value at 31 October 2020 is represented by:

£

Valuation in 2013

81,763

Valuation in 2016

306,662

Valuation in 2018

517,500

Valuation in 2020

(88,882

)

Cost

1,395,457

2,212,500

If Investment properties had not been revalued they would have been included at the following historical cost:

31.10.20

31.10.19

£

£

Cost

1,395,457

1,601,575

Investment properties were valued on an open market basis basis on 3 June 2019 by Sheperd & white .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

795

2,950

Other debtors

3,342

3,342

4,137

6,292

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

55,470

55,469

Trade creditors

219

347

Corporation tax

22,232

5,463

Social security and other taxes

-

842

Directors' current accounts

582,056

577,905

Accruals and deferred income

30,620

30,631

690,597

670,657

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans - 1-2 years

55,469

55,469

Bank loans - 2-5 years

166,407

166,407

Bank loans more 5 yr by instal

402,700

563,877

624,576

785,753

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

402,700

563,877

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.10.19

£

£

Bank loans

680,046

841,222

Bank loans are secured by a legal charge over all investment properties, the benefits of any insurance claims and all rents receivable from any lease granted of the properties. The directors have also given a personal guarantee of £120,000.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.20

31.10.19

value:

£

£

20

Ordinary

£1

20

20

10.

RESERVES

Revaluation

reserve

£

At 1 November 2019

766,985

Property revaluation

(60,332

)

At 31 October 2020

706,653