Kelvinhill Estates Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06763078 (England and Wales)

KELVINHILL ESTATES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Mr S Itzinger

REGISTERED OFFICE:

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED NUMBER:

06763078 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

2,302,500

2,302,500

CURRENT ASSETS

Debtors

6

1,404,133

1,285,189

Cash at bank

99,001

150,942

1,503,134

1,436,131

CREDITORS

Amounts falling due within one year

7

240,613

183,528

NET CURRENT ASSETS

1,262,521

1,252,603

TOTAL ASSETS LESS CURRENT LIABILITIES

3,565,021

3,555,103

CREDITORS

Amounts falling due after more than one year

8

(1,972,365

)

(1,979,331

)

PROVISIONS FOR LIABILITIES

10

(253,492

)

(192,654

)

NET ASSETS

1,339,164

1,383,118

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

11

1,057,274

1,118,112

Retained earnings

281,889

265,005

SHAREHOLDERS' FUNDS

1,339,164

1,383,118

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2023 and were signed by:

Mr S Itzinger - Director

1.	STATUTORY INFORMATION

Kelvinhill Estates 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

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 that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

2,302,500

NET BOOK VALUE

At 31 December 2022

2,302,500

At 31 December 2021

2,302,500

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who has the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 December 2022 is £991,734.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

1,404,133

1,285,189

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

7,400

7,400

Trade creditors

402

402

Taxation and social security

13,108

13,876

Other creditors

219,703

161,850

240,613

183,528

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,972,365

1,979,331

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 years by non-instalments

1,954,482

1,954,048

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,979,765

1,986,731

The bank loan is secured by a legal charge over the company's investment property.

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

253,492

192,654

Deferred

tax

£

Balance at 1 January 2022

192,654

Provided during year

60,838

Balance at 31 December 2022

253,492

Deferred tax arises from the revaluation of investment properties.

11.

RESERVES

Fair

value

reserve

£

At 1 January 2022

1,118,112

Transfer deferred tax from retained earnings

(60,838

)

At 31 December 2022

1,057,274

12.	RELATED PARTY DISCLOSURES

Other debtors represent amounts due from related companies under common control.

Other creditors include amounts aggregating £368 (2021: £368) due to a related company under common control.