Kingscrown Finance Limited Filleted accounts for Companies House (small and micro)

KINGSCROWN FINANCE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09346757

KINGSCROWN FINANCE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 January 2019

KINGSCROWN FINANCE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 January 2019

	2019		2018
Note	£	£	£

CURRENT ASSETS

Debtors	13,251,211	7,968,653
Cash at bank and in hand	36,805	3,689
	-------------	------------
	13,288,016	7,972,342

CREDITORS: amounts falling due within one year	10,580,924		6,517,746
	-------------		------------
NET CURRENT ASSETS		2,707,092	1,454,596
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		2,707,092	1,454,596
		------------	------------
NET ASSETS		2,707,092	1,454,596
		------------	------------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	2,706,992	1,454,496
	------------	------------
SHAREHOLDERS FUNDS	2,707,092	1,454,596
	------------	------------

These 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 31 January 2019 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 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 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 31 January 2019 in accordance with Section 444(2A) of the Companies Act 2006.

KINGSCROWN FINANCE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 6 August 2019 , and are signed on behalf of the board by:

Mr B S Pollock

Director

Company registration number: 09346757

KINGSCROWN FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suites 7 - 10 Prudential Buildings, 61 St Petersgate, Stockport, Cheshire, SK1 1DH.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Related party transactions

At 31 January 2019 the company owed Mr B S Pollock and Mrs P Pollock £ 4,211,172 (2018 - £5,490,716). No interest has been charged to the company in respect of this loan, which is repayable on demand and classified in creditors due within one year. The company was under the control of the directors Mr B S Pollock and Mrs P Pollock throughout the current period.