K-Town Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09800827 (England and Wales)

K-TOWN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Broomby

Mrs A J Broomby

REGISTERED OFFICE:

Stramongate House

53 Stramongate

Kendal

Cumbria

LA9 4BH

REGISTERED NUMBER:

09800827 (England and Wales)

ACCOUNTANTS:

Rushtons

Chartered Accountants

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

FIXED ASSETS

Tangible assets

4

846,373

856,621

CURRENT ASSETS

Cash at bank

1,027

7,506

CREDITORS

Amounts falling due within one year

34,350

27,859

NET CURRENT LIABILITIES

(33,323

)

(20,353

)

TOTAL ASSETS LESS CURRENT LIABILITIES

813,050

836,268

CREDITORS

Amounts falling due after more than one year

(819,966

)

(854,001

)

PROVISIONS FOR LIABILITIES

(10,118

)

-

NET LIABILITIES

(17,034

)

(17,733

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(18,034

)

(18,733

)

SHAREHOLDERS' FUNDS

(17,034

)

(17,733

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 May 2023 and were signed on its behalf by:

A Broomby - Director

1.	STATUTORY INFORMATION

K-Town Properties 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, the validity of which may be inappropriate as at 30 September 2022, the company's total liabilities exceeded its total assets by £17,034. The financial statements do not include any adjustment that may result from the company ceasing to trade. The directors have lent £843,966 to the company and have indicated that they do not require these funds to be repaid at present.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

20% on cost

Computer equipment

-

33% on cost

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 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

964,991

Additions

10,450

At 30 September 2022

975,441

DEPRECIATION

At 1 October 2021

108,370

Charge for year

20,698

At 30 September 2022

129,068

NET BOOK VALUE

At 30 September 2022

846,373

At 30 September 2021

856,621

5.	ULTIMATE CONTROLLING PARTY

The company is considered to be controlled by the directors Mr A Broomby and Mrs A J Broomby.