LK&K Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08769528

Unaudited Financial Statements for the Year Ended 31 March 2023

for

LK&K Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T S Ubhi

REGISTERED OFFICE:

Pearl Assurance House

Friar Lane

Nottingham

NG1 6BT

REGISTERED NUMBER:

08769528

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Investment property

4

800,000

2,431,279

CURRENT ASSETS

Debtors

5

868,347

-

CREDITORS

Amounts falling due within one year

6

(678,702

)

(1,444,796

)

NET CURRENT ASSETS/(LIABILITIES)

189,645

(1,444,796

)

TOTAL ASSETS LESS CURRENT LIABILITIES

989,645

986,483

CREDITORS

Amounts falling due after more than one year

7

(41,613

)

(40,587

)

PROVISIONS FOR LIABILITIES

(73,855

)

(262,073

)

NET ASSETS

874,177

683,823

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

263,570

814,168

Retained earnings

610,606

(130,346

)

874,177

683,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 13 December 2023 and were signed by:

T S Ubhi - Director

1.	STATUTORY INFORMATION

LK&K 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.

The previous accounting period was extended from 30 November 2021 to 31 March 2022 to align to the year ends of all of the companies within the group. The comparatives are for a sixteen month period and are therefore not entirely comparable to the current twelve month period.

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.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

2,431,279

Disposals

(1,666,666

)

Revaluations

35,387

At 31 March 2023

800,000

NET BOOK VALUE

At 31 March 2023

800,000

At 31 March 2022

2,431,279

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

800,000

Investment property is shown at fair value which is reviewed annually. The fair value of £800,000, as valued by the director, is considered to be appropriate based on the current market rent and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Amounts owed by group undertakings

868,347

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

219,293

10,147

Trade creditors

7,200

-

Amounts owed to group undertakings

-

986,079

Other creditors

452,209

448,570

678,702

1,444,796

Other creditors include accruals of £2,400 (2022 - £2,400).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

41,613

40,587

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

208,889

-

The Nexa bank loan is secured by fixed and floating charges over the property and undertaking of the company.