KSJ Investment Properties Limited 31/03/2022 iXBRL

KSJ Investment Properties Limited 31/03/2022 iXBRL

KSJ INVESTMENT PROPERTIES LIMITED - Company Information

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Company Registration Number: 08531544
KSJ INVESTMENT PROPERTIES LIMITED
Unaudited Filleted Financial Statements
31 March 2022
KSJ INVESTMENT PROPERTIES LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
KSJ INVESTMENT PROPERTIES LIMITED
Balance Sheet
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 2,991,985 2,872,897
Current assets
Debtors 6 3,584 6,298
Cash at bank and in hand 232,699 282,739
_________ _________
236,283 289,037
Creditors: amounts falling due
within one year 7 ( 621,745) ( 602,859)
_________ _________
Net current liabilities ( 385,462) ( 313,822)
_________ _________
Total assets less current liabilities 2,606,523 2,559,075
Creditors: amounts falling due
after more than one year 8 ( 534,764) ( 496,410)
Provisions for liabilities ( 16,884) ( 16,697)
_________ _________
Net assets 2,054,875 2,045,968
_________ _________
Capital and reserves
Called up share capital 9 10,000 10,000
Share premium account 1,732,255 1,732,255
Profit and loss account 312,620 303,713
_________ _________
Shareholders funds 2,054,875 2,045,968
_________ _________
For the year ending 31 March 2022 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2022 , and are signed on behalf of the board by:
.............................
Mr K.S. Ojla
Director
Company registration number: 08531544
KSJ INVESTMENT PROPERTIES LIMITED
Notes To The Financial Statements
Year Ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Unit 2, Jubilee Trading Estate, East Tyndall Street, Cardiff, CF24 8AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents property rents receivable in respect of the year, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Investment properties - not depreciated
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments which apply to the company are considered to be basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 3 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2021 2,850,897 50,317 2,901,214
Additions 122,388 - 122,388
_________ _________ _________
At 31 March 2022 2,973,285 50,317 3,023,602
_________ _________ _________
Depreciation
At 1 April 2021 - 28,317 28,317
Charge for the year - 3,300 3,300
_________ _________ _________
At 31 March 2022 - 31,617 31,617
_________ _________ _________
Carrying amount
At 31 March 2022 2,973,285 18,700 2,991,985
_________ _________ _________
At 31 March 2021 2,850,897 22,000 2,872,897
_________ _________ _________
Investment property
Units 6 and 7 Jubilee Trading Estate, Cardiff, were professionally valued by Scanlans Consultant Surveyors LLP in February 2017, and the resulting valuations incorporated into the company's financial statements. In the opinion of the directors, there has been no significant movement in the market value of those properties since that time. Other, more recently acquired, properties are stated at their respective cost, which, in the directors' opinion, approximates to their current maket values.The cost to the company of its investment properties totals £3,256,652.
6. Debtors
2022 2021
£ £
Trade debtors 562 3,199
Prepayments and accrued income 3,022 3,099
_________ _________
3,584 6,298
_________ _________
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 3,494 19,314
Accruals and deferred income 40,573 40,879
Corporation tax 23,329 34,756
Social security and other taxes 605 -
Director loan accounts 206,499 130,503
Other creditors 347,245 377,407
_________ _________
621,745 602,859
_________ _________
Other creditors include £305,207 due to a connected company and a £38,333 private loan from a member of the family of the company's directors.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Connected company loan 534,764 496,410
_________ _________
Included within creditors: amounts falling due after more than one year is an amount of £ 433,496 (2021 £ 464,491 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above connected company loan is repayable in half-yearly instalments over a total period of 20 years, and carries interest at a fixed rate of 10% per annum.
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 10,000 10,000 10,000 10,000
_________ _________ _________ _________
10. Related party transactions
Interest of £60,859 was charged to the company during the year on its loan from ARA Properties (Cardiff) Ltd, a company under common control. The balance on this loan at 31 March 2022 was £617,446.
11. Controlling party
The company is controlled by its directors, Mr K.S. and Mrs D.K. Ojla, who between them hold 99.88% of the shares currently in issue.