KRNS Properties Ltd - Accounts to registrar (filleted) - small 18.2

KRNS Properties Ltd - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 06781096 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

KRNS PROPERTIES LTD

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KRNS PROPERTIES LTD

COMPANY INFORMATION
for the year ended 31 December 2018







DIRECTORS: K C Suri
S Suri
R Suri
S Suri
N Suri





SECRETARY: K C Suri





REGISTERED OFFICE: Sital House
3-6 Cattle Market
Loughborough
Leicestershire
LE11 3DL





REGISTERED NUMBER: 06781096 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

BALANCE SHEET
31 December 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 117,011 136,153
Investment property 5 28,671,045 25,922,451
28,788,056 26,058,604

CURRENT ASSETS
Debtors 6 1,889,231 3,907,650
Cash at bank 39,071 35,666
1,928,302 3,943,316
CREDITORS
Amounts falling due within one year 7 8,099,365 4,953,094
NET CURRENT LIABILITIES (6,171,063 ) (1,009,778 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,616,993

25,048,826

CREDITORS
Amounts falling due after more than one
year

8

(15,144,978

)

(19,216,223

)

PROVISIONS FOR LIABILITIES (85,007 ) (83,212 )
NET ASSETS 7,387,008 5,749,391

CAPITAL AND RESERVES
Called up share capital 20 20
Share premium 14,985 14,985
Revaluation reserve 465,370 465,370
Retained earnings 6,906,633 5,269,016
7,387,008 5,749,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

BALANCE SHEET - continued
31 December 2018


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 1 August 2019 and were signed on its behalf by:





K C Suri - Director


KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2018


1. STATUTORY INFORMATION

KRNS Properties Ltd is a limited company, limited by shares, incorporated in England and Wales. It's registered
office address is Sital House, 3 - 6 Cattle Market, Loughbrough, LE11 3DL and it's registered number is
06781096.

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.

Turnover
Turnover represents amounts receivable net of VAT. Rent receivable is invoiced a quarter in advance and
appropriate accounting timing adjustments are made to defer the income as necessary. Car parking income is
recognised on a daily basis.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases:

Office equipment10% on cost
Fixtures, fittings & equipment10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds
and the carrying value of the asset, and is credited or charged to profit or loss .

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised
at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured
at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss
account.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.


KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2018


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised
as other comprehensive income or to an item recognised directly in equity is also recognised in other
comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by
the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have
been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost
using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and
other short-term highly liquid investments that mature in no more than three months from the date of acquisition
and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,
where the debt instrument is measured at the present value of the future payments discounted at a market rate
of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less
any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 12 ) .

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2018


4. TANGIBLE FIXED ASSETS
Fixtures
Office fittings
equipment & equipment Totals
£    £    £   
COST
At 1 January 2018
and 31 December 2018 12,448 178,970 191,418
DEPRECIATION
At 1 January 2018 4,860 50,405 55,265
Charge for year 1,245 17,897 19,142
At 31 December 2018 6,105 68,302 74,407
NET BOOK VALUE
At 31 December 2018 6,343 110,668 117,011
At 31 December 2017 7,588 128,565 136,153

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2018 25,922,451
Additions 2,748,594
At 31 December 2018 28,671,045
NET BOOK VALUE
At 31 December 2018 28,671,045
At 31 December 2017 25,922,451

At the year end, the investment property acquired was on an open market basis for existing use. The remainder
of the investment properties have not been revalued in the year. In the opinion of the directors the current value
of the investment properties reflects their open market value.

On a historical cost basis these would have been included at an original cost of £28,205,678 (2017 -
£25,457,084).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 266,056 220,518
Other debtors 1,164,702 3,199,637
Prepayments and accrued income 458,473 487,495
1,889,231 3,907,650

KRNS PROPERTIES LTD (REGISTERED NUMBER: 06781096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2018


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Bank loans and overdrafts 1,135,000 1,135,000
Trade creditors 75,799 224,473
Corporation tax 401,237 384,909
Social security and other taxes 6,407 3,657
VAT 263,323 253,292
Other creditors 5,553,999 2,332,746
Accruals and deferred income 663,600 619,017
8,099,365 4,953,094

The bank loans and overdraft are secured on the investments properties.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2018 2017
£    £   
Bank loans 14,295,007 15,430,007
Directors' loan accounts 849,971 3,786,216
15,144,978 19,216,223

The bank loans are secured on the investments properties.

Amounts included above which fall due after five years are as follows:

Payable by instalments9,755,00710,890,007