Kingsway (Rochdale) Limited Filleted accounts for Companies House (small and micro)

KINGSWAY (ROCHDALE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09188360

KINGSWAY (ROCHDALE) LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2018

KINGSWAY (ROCHDALE) LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

30 June 2018

	2018		2017
Note	£	£	£

FIXED ASSETS

Tangible assets	4		1,622,558	1,622,558

CURRENT ASSETS

Debtors	7,009	13,758
Cash at bank and in hand	26,984	696
	--------	--------
	33,993	14,454

CREDITORS: amounts falling due within one year	875,740		817,729
	---------		---------
NET CURRENT LIABILITIES		841,747	803,275
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		780,811	819,283

PROVISIONS

Taxation including deferred tax	127,715	131,383
	---------	---------
NET ASSETS	653,096	687,900
	---------	---------

CAPITAL AND RESERVES

Called up share capital	10	10
Profit and loss account	653,086	687,890
	---------	---------
SHAREHOLDERS FUNDS	653,096	687,900
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

KINGSWAY (ROCHDALE) LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

30 June 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 27 March 2019 , and are signed on behalf of the board by:

Mr M P Hewitt

Director

Company registration number: 09188360

KINGSWAY (ROCHDALE) LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 - 16 Prudential Buildings, 61 St Petersgate, Stockport, SK1 1DH, Cheshire.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents rentals receivable during the period , exclusive of Value Added Tax.

Corporation tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	£
Cost
At 1 July 2017 and 30 June 2018	1,622,558
	------------
Depreciation
At 1 July 2017 and 30 June 2018	–
	------------
Carrying amount
At 30 June 2018	1,622,558
	------------
At 30 June 2017	1,622,558
	------------

Tangible assets held at valuation

The freehold property has been valued on an open market basis by the directors at 30 June 2018 . The historical cost of this property was £ 877,539 .

5. Related party transactions

Included in creditors falling due within one year is an amount of £ 831,826 (2017: £ 797,671 ) owed to Assembly Property Holdings Limited . No interest has been charged to the company in respect of this loan which is repayable on demand.

6. Controlling party

In the opinion of the directors the ultimate parent company is Assembly Property Holdings Limited , a company registered in England and Wales.