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Unaudited Financial Statements for the Year Ended 30 September 2020 |
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KMP (SOUTHAMPTON) LTD |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2020 |
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for |
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KMP (SOUTHAMPTON) LTD |
KMP (SOUTHAMPTON) LTD (REGISTERED NUMBER: 05641412) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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KMP (SOUTHAMPTON) LTD |
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Company Information |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
KMP (SOUTHAMPTON) LTD (REGISTERED NUMBER: 05641412) |
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Balance Sheet |
30 SEPTEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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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. |
KMP (SOUTHAMPTON) LTD (REGISTERED NUMBER: 05641412) |
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Balance Sheet - continued |
30 SEPTEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were authorised for issue by the Board of Directors and authorised for issue on
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KMP (SOUTHAMPTON) LTD (REGISTERED NUMBER: 05641412) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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1. | STATUTORY INFORMATION |
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KMP (Southampton) Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
As at 30th September 2020, the company's current liabilities exceeded current assets by £1,399,952. However, the directors of the company consider that the going concern basis is appropriate in view of the assurance of continuing financial support which the company has received from its shareholders.The financial statements do not reflect the adjustments that would be required if the company was not a going concern. |
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COVID-19 |
Since the financial year end, there are uncertainties relating to COVID19 pandemic .However, no provisions have been made in the financial statements to reflect the future impact on the business as a result of these uncertainties. |
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Turnover |
Turnover represents rentals receivable in respect of the property and is attributable to the company's principal activity. Rents are invoiced quarterly. Rental income is recognised for the period to which it relates. |
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Tangible fixed assets |
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Plant and machinery | - |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
KMP (SOUTHAMPTON) LTD (REGISTERED NUMBER: 05641412) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 October 2019 |
and 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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In the opinion of the directors the fair value of the investment property is not significantly different from the book value. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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VAT | 2,757 | 4,950 |
Due to related companies | 1,446,614 | 1,407,199 |
Accrued expenses |
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KMP (SOUTHAMPTON) LTD (REGISTERED NUMBER: 05641412) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | 1 | 99 | 99 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 October 2019 |
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Profit for the year |
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At 30 September 2020 |
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9. | RELATED PARTY DISCLOSURES |
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During the year loan interest of £39,415 (2019: £24,202) was charged to the company by KMP Propfin Ltd, a related party company. At the balance sheet date, company owed £1,446,614 (2019: £1,407,199) to KMP Propfin Ltd. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are Mr Mahesh Patel, Mr Mukesh Patel and Mrs Parul Patel. |