Kimo Property Investments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08821546 (England and Wales)

KIMO PROPERTY

INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

G L James

Mrs S L James

A L James

B E Pritchard

REGISTERED OFFICE:

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

REGISTERED NUMBER:

08821546 (England and Wales)

ACCOUNTANTS:

MHA

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

1

1

Investment property

5

982,000

982,000

982,001

982,001

CURRENT ASSETS

Debtors

6

221,895

219,457

Cash at bank

106,722

56,947

328,617

276,404

CREDITORS

Amounts falling due within one year

7

22,731

17,139

NET CURRENT ASSETS

305,886

259,265

TOTAL ASSETS LESS CURRENT LIABILITIES

1,287,887

1,241,266

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

8

996,166

996,166

Retained earnings

8

291,521

244,900

SHAREHOLDERS' FUNDS

1,287,887

1,241,266

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 26 January 2023 and were signed on its behalf by:

G L James - Director

1.	STATUTORY INFORMATION

Kimo Property Investments 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 presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to nearest £.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the director has made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets

Assets 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 income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover

Turnover represents rental and insurance income, which fall within the company's ordinary activities.

Revenue recognition

Revenue relating to rental and insurance income is recognised evenly over the period to which it relates.

Tangible fixed assets

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

20% per annum on a straight line basis

Investment property

Investment properties are stated at market value. Fluctuations in the valuation of investment properties are recognised in profit or loss. Deferred tax has been provided on the uplift in value from cost and adjusted annually for the movement at the balance sheet date.

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 statement of financial position date.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

The company has made a profit during the financial year and has both net current assets and net assets at the statement of financial position date. The current economic climate remains uncertain. However the directors consider that the company has sufficient resources to sustain the company for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

1,410

DEPRECIATION

At 1 April 2021

and 31 March 2022

1,409

NET BOOK VALUE

At 31 March 2022

1

At 31 March 2021

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

982,000

NET BOOK VALUE

At 31 March 2022

982,000

At 31 March 2021

982,000

Investment property was valued by the directors at 31 March 2022 on an open market basis. Due to current market conditions, the directors consider that there has been no change in value during this financial year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

221,895

219,457

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

4,094

3,854

Taxation and social security

15,687

10,335

Other creditors

2,950

2,950

22,731

17,139

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2021

244,900

996,166

1,241,066

Profit for the year

66,621

-

66,621

Dividends

(20,000

)

-

(20,000

)

At 31 March 2022

291,521

996,166

1,287,687