Company registration number 11257014 (England and Wales)
KERRY TAYLOR PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
KERRY TAYLOR PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KERRY TAYLOR PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
919,850
919,850
Current assets
Debtors
4
695
89
Cash at bank and in hand
75,110
59,321
75,805
59,410
Creditors: amounts falling due within one year
5
(1,377,002)
(1,381,453)
Net current liabilities
(1,301,197)
(1,322,043)
Net liabilities
(381,347)
(402,193)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(381,348)
(402,194)
Total equity
(381,347)
(402,193)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 May 2022
Ms K Taylor
Director
Company Registration No. 11257014
KERRY TAYLOR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Kerry Taylor Properties Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
249-253 Long Lane, Bermondsey, London, SE1 4PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant on continued support from Kerry Taylor Auctions Limited, a company controlled by the director-shareholder in the form of a loan which is repayable on demand. The loan will not be called upon until the company has the funds available to repay them.
1.3
Turnover
Turnover
represents amounts receivable, shown where applicable net of VAT, for rent in respect of investment properties let.
The turnover of the company in primarily derived from rental income received from both commercial and residential properties. Turnover is recognised when the rental income is due.
1.4
Investment properties
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KERRY TAYLOR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
919,850
The fair value of the investment property has been arrived at on the basis of a valuation carried out in February 2021, by an independent firm of property consultants, who were not connected with the company. The valuation was made on an open market value basis with reference to recent market evidence of capital values and considering current market rental yields. The directors consider this to be an appropriate valuation at the balance sheet date.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
25
Other debtors
670
89
695
89
KERRY TAYLOR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
810
Corporation tax
5,200
931
Other creditors
1,371,802
1,379,712
1,377,002
1,381,453