KTS Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09262365 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

KTS PROPERTIES LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T Sharif

S D Sharif

REGISTERED OFFICE:

Unit F4 Bluegate Park

Hubert Road Brent

Brentwood

Essex

CM14 4JE

REGISTERED NUMBER:

09262365 (England and Wales)

ACCOUNTANTS:

Chase Morley Associates

Chartered Certified Accountants

17 Brookdene Drive

Northwood

Middlesex

HA6 3NS

FIXED ASSETS

Investment property

4

6,100,000

9,149,397

CURRENT ASSETS

Debtors

221,239

201,352

Cash at bank

280,151

70,667

501,390

272,019

CREDITORS

Amounts falling due within one year

107,817

2,549,638

NET CURRENT ASSETS/(LIABILITIES)

393,573

(2,277,619

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,493,573

6,871,778

CREDITORS

Amounts falling due after more than one year

5,906,690

3,206,227

NET ASSETS

586,883

3,665,551

CAPITAL AND RESERVES

Called up share capital

11

11

Share premium

4,499,990

4,499,990

Retained earnings

(3,913,118

)

(834,450

)

SHAREHOLDERS' FUNDS

586,883

3,665,551

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Income Statement and an abridged Statement of Financial Position for the year ended 31st December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 25th September 2023 and were signed on its behalf by:

T Sharif - Director

S D Sharif - Director

1.	STATUTORY INFORMATION

KTS 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

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

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.

Deferred tax

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2022

9,149,397

Additions

88,885

Impairments

(3,138,282

)

At 31st December 2022

6,100,000

NET BOOK VALUE

At 31st December 2022

6,100,000

At 31st December 2021

9,149,397

The investment property was professionally valued by Glenny LLP on 25 May 2022.

Fair value at 31st December 2022 is represented by:

£

Valuation in 2017

(900,000

)

Valuation in 2022

(3,138,282

)

Cost

10,138,282

6,100,000

5.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

-

2,332,110

Bank Loan is secured by first legal charge dated 19 May 2016 over freehold property known as 127-139 Commercial Road, London, E1 1PX.

Bank loan is secured by first legal charge dated 19 May 2016 over freehold property known as 141-143 Commercial Road, London, E1 1PX.

All loans were redeemed in March 2022 and the above charges satisfied.

6.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of KTS Estates Limited, a company registered in England & Wales.

The ultimate controlling parties are the Executors of K F Sharif, T Sharif and S D Sharif by virtue of their 87.90% share of the issue share capital of KTS Estates Limited.

At the balance sheet date the company owed £5,906,690 (2021:£3,266,226) to various associated companies controlled by the directors.