Kash Group Properties Ltd - Accounts to registrar (filleted) - small 18.2

KASH GROUP PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

10

DIRECTORS:

K N Jaffar

S Jaffar

SECRETARY:

K N Jaffar

REGISTERED OFFICE:

Kashgroup House

897 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 3XJ

REGISTERED NUMBER:

05414762 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

4

7,414,558

7,420,370

Investments

5

201

201

Investment property

6

18,910,371

17,574,067

26,325,130

24,994,638

CURRENT ASSETS

Debtors

7

557,734

573,870

Cash at bank

186,321

120,283

744,055

694,153

CREDITORS

Amounts falling due within one year

8

6,005,229

6,274,359

NET CURRENT LIABILITIES

(5,261,174

)

(5,580,206

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,063,956

19,414,432

CREDITORS

Amounts falling due after more than one year

9

(9,730,362

)

(8,625,774

)

PROVISIONS FOR LIABILITIES

(1,594,271

)

(1,595,009

)

NET ASSETS

9,739,323

9,193,649

CAPITAL AND RESERVES

Called up share capital

11

201

201

Revaluation reserve

12

2,817,609

2,817,609

Non-distributable reserves

12

5,657,437

5,657,454

Retained earnings

1,264,076

718,385

SHAREHOLDERS' FUNDS

9,739,323

9,193,649

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 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2021 and were signed on its behalf by:

K N Jaffar - Director

1.	STATUTORY INFORMATION

Kash Group Properties 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about Kash Group Properties Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents rents receivable from tenants of investment properties, stated net of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

Straight line over 10 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.3% on cost

Freehold property has been revalued to it's fair value and therefore no depreciation has been provided.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1st January 2020

7,326,650

110,758

3,500

6,200

7,447,108

Additions

-

6,731

-

2,500

9,231

At 31st December 2020

7,326,650

117,489

3,500

8,700

7,456,339

DEPRECIATION

At 1st January 2020

-

26,037

-

701

26,738

Charge for year

-

11,558

875

2,610

15,043

At 31st December 2020

-

37,595

875

3,311

41,781

NET BOOK VALUE

At 31st December 2020

7,326,650

79,894

2,625

5,389

7,414,558

At 31st December 2019

7,326,650

84,721

3,500

5,499

7,420,370

Cost or valuation at 31st December 2020 is represented by:

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2017

2,111,661

-

-

-

2,111,661

Valuation in 2018

1,300,787

-

-

-

1,300,787

Cost

3,914,202

117,489

3,500

8,700

4,043,891

7,326,650

117,489

3,500

8,700

7,456,339

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

31/12/20

31/12/19

£

£

Cost

3,914,202

3,914,202

Freehold land and buildings were valued on an open market basis on 31st December 2020 by Mr K Jaffar .

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2020

and 31st December 2020

201

NET BOOK VALUE

At 31st December 2020

201

At 31st December 2019

201

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Wixams Stores Ltd

Registered office: Kashgroup House, 897 Silbury Boulevard, Milton Keynes, Buckinghamshire MK9 3XJ

Nature of business: Operation of retail store

%

Class of shares:

holding

Ordinary

100.00

31/12/20

31/12/19

£

£

Aggregate capital and reserves

482,861

298,216

Profit for the year/period

184,745

207,118

Cranfield Stores Limited

Registered office: Kashgroup House, 897 Silbury Boulevard, Milton Keynes, Buckinghamshire MK9 3XJ

Nature of business: Operation of retail store

%

Class of shares:

holding

Ordinary

100.00

31/12/20

31/12/19

£

£

Aggregate capital and reserves

553,581

427,593

Profit for the year/period

125,988

126,481

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2020

17,574,067

Additions

1,336,304

At 31st December 2020

18,910,371

NET BOOK VALUE

At 31st December 2020

18,910,371

At 31st December 2019

17,574,067

Fair value at 31st December 2020 is represented by:

£

Valuation in 2010

639,157

Valuation in 2015

3,730,155

Valuation in 2016

433,190

Valuation in 2017

738,317

Valuation in 2019

1,100,836

Cost

12,268,716

18,910,371

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

31/12/20

31/12/19

£

£

Cost

12,268,716

10,932,412

Investment properties were valued on an open market basis on 31st December 2020 by Mr K N Jaffar, the director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Trade debtors

100,445

94,172

Doubtful debt provision

(15,000

)

(15,000

)

Amounts owed by participating interests

454,377

-

Other debtors

3,100

2,000

VAT

-

467,108

Prepayments

14,812

25,590

557,734

573,870

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Bank loans and overdrafts

684,230

1,046,561

Trade creditors

122,719

65,431

Amounts owed to group undertakings

178,617

111,547

Amounts owed to participating interests

2,033,534

1,974,305

Corporation tax

271,792

138,067

Social security and other taxes

477

979

VAT

30,335

-

Other creditors

68,833

61,035

Net wages outstanding

8,028

9,557

Directors' current accounts

2,555,428

2,819,795

Accruals and deferred income

51,236

47,082

6,005,229

6,274,359

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/20

31/12/19

£

£

Bank loans due 1-2 years

684,230

594,561

Bank loans due 2-5 years

2,052,691

1,783,682

Bank loans due > 5 years

6,993,441

6,247,531

9,730,362

8,625,774

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due > 5 years

6,993,441

6,247,531

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/20

31/12/19

£

£

Bank loans

10,414,592

9,672,335

Bank facilities are secured by first legal charges over the company's investment properties, together with fixed & floating charges over all assets of the company.

Additional security exists by an unlimited guarantee from K & S Stores Limited, a personal guarantee of £327,000 granted by Mr K N Jaffar and charges over insurance policies on the life of Mr K N Jaffar.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/20

31/12/19

value:

£

£

200

ORDINARY

£1

201

201

12.

RESERVES

Revaluation

Non-distributable

reserve

reserves

Totals

£

£

£

At 1st January 2020

2,817,609

5,657,454

8,475,063

Revaluation transfers

-

(17

)

(17

)

At 31st December 2020

2,817,609

5,657,437

8,475,046

13.	RELATED PARTY DISCLOSURES

Mr K N Jaffar, the director, has interests and directorships in other companies which at the balance sheet date , K & S Buildings Limited owes a loan as follows:

2020

2019

£

£

Kashgroup Limited

2,033,534

1,974,305

The above loan is repayable on demand. Interest has been charged at an annual rate of 3%.

14.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the financial year by the director, Mr K N Jaffar.

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 Statement of Comprehensive Income 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 Kash Group Properties Ltd for the year ended 31st December 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Kash Group Properties 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 Kash Group Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Kash Group Properties 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 Kash Group Properties Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kash Group Properties 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 Kash Group Properties Ltd. You consider that Kash Group Properties 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 Kash Group Properties 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.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

29th September 2021