KTS Properties Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 09262365 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

KTS PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T Sharif

S D Sharif

REGISTERED OFFICE:

137-139 Commercial Road

London

E1 1PX

REGISTERED NUMBER:

09262365 (England and Wales)

ACCOUNTANTS:

Chase Morley Associates

Chartered Certified Accountants

17 Brookdene Drive

Northwood

Middlesex

HA6 3NS

FIXED ASSETS

Investment property

3

9,900,000

-

CURRENT ASSETS

Debtors

4

110,207

1

Cash at bank

22,447

-

132,654

1

CREDITORS

Amounts falling due within one year

5

(139,126

)

-

NET CURRENT (LIABILITIES)/ASSETS

(6,472

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

9,893,528

1

CREDITORS

Amounts falling due after more than one year

6

(5,374,271

)

-

NET ASSETS

4,519,257

1

CAPITAL AND RESERVES

Called up share capital

8

11

1

Share premium

9

4,499,990

-

Retained earnings

9

19,256

-

SHAREHOLDERS' FUNDS

4,519,257

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16th October 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

The investment property was professionally valued by Glenny LLP on 17 May 2016 being the date of transfer of property

on demerger of the group.

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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

9,900,000

At 31st December 2016

9,900,000

NET BOOK VALUE

At 31st December 2016

9,900,000

The investment property was transferred at valuation from a company controlled by the directors as part of a reorganisation

which was completed on 19 May 2016.

The valuation was professionally carried out by Glenny LLP on 17 May 2016.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

94,456

-

Other debtors

15,751

1

110,207

1

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

6,388

-

Amounts owed to associates

47,016

-

Taxation and social security

4,814

-

Other creditors

80,908

-

139,126

-

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

2,833,646

-

Other creditors

2,540,625

-

5,374,271

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

2,833,646

-

Other loans

2,540,625

-

5,374,271

-

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.

Other loans are secured by a floating charge dated 21 August 2017 over freehold property known as 127-143 Commercial

Road, London E1 1PX and the entire shareholding of KTS Properties Limited.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,100

Ordinary

0.01

11

1

1,000 Ordinary shares of 0.01 each were allotted as fully paid at a premium of £4499.99 per share during the year.

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

Profit for the year

19,256

19,256

Non cash consideration

-

4,499,990

4,499,990

At 31st December 2016

19,256

4,499,990

4,519,246

10.	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 £2,540,625 to KTS London Limited, a subsidiary of KTS Group Limited

controlled by the directors.