Kindred Agency Limited Filleted accounts for Companies House (small and micro)

KINDRED AGENCY LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-01-01 Sage Accounts Production Advanced 2018 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 07387574 2018-01-01 2018-12-31 07387574 2018-12-31 07387574 2017-12-31 07387574 2017-01-01 2017-12-31 07387574 2017-12-31 07387574 core:FurnitureFittings 2018-01-01 2018-12-31 07387574 bus:OrdinaryShareClass1 2018-01-01 2018-12-31 07387574 bus:OrdinaryShareClass2 2018-01-01 2018-12-31 07387574 bus:OrdinaryShareClass3 2018-01-01 2018-12-31 07387574 bus:Director1 2018-01-01 2018-12-31 07387574 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 07387574 core:FurnitureFittings 2017-12-31 07387574 core:LandBuildings core:ShortLeaseholdAssets 2018-12-31 07387574 core:FurnitureFittings 2018-12-31 07387574 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31 07387574 core:WithinOneYear 2018-12-31 07387574 core:WithinOneYear 2017-12-31 07387574 core:ShareCapital 2018-12-31 07387574 core:ShareCapital 2017-12-31 07387574 core:RetainedEarningsAccumulatedLosses 2018-12-31 07387574 core:RetainedEarningsAccumulatedLosses 2017-12-31 07387574 core:MoreThanFiveYears 2017-12-31 07387574 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 07387574 core:FurnitureFittings 2017-12-31 07387574 bus:Director1 2018-12-31 07387574 bus:Director1 2016-12-31 07387574 bus:Director1 2017-01-01 2017-12-31 07387574 bus:SmallEntities 2018-01-01 2018-12-31 07387574 bus:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 07387574 bus:FullAccounts 2018-01-01 2018-12-31 07387574 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 07387574 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 07387574 bus:OrdinaryShareClass1 2018-12-31 07387574 bus:OrdinaryShareClass1 2017-12-31 07387574 bus:OrdinaryShareClass2 2018-12-31 07387574 bus:OrdinaryShareClass2 2017-12-31 07387574 bus:OrdinaryShareClass3 2018-12-31 07387574 bus:OrdinaryShareClass3 2017-12-31 07387574 bus:AllOrdinaryShares 2018-12-31 07387574 bus:AllOrdinaryShares 2017-12-31 07387574 core:FurnitureFittingsToolsEquipment 2017-12-31 07387574 core:ComputerEquipment 2017-12-31 07387574 core:ComputerEquipment 2018-01-01 2018-12-31 07387574 core:FurnitureFittingsToolsEquipment 2018-12-31 07387574 core:ComputerEquipment 2018-12-31

COMPANY REGISTRATION NUMBER: 07387574

Kindred Agency Limited

Filleted Unaudited Financial Statements

31 December 2018

Kindred Agency Limited

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	32,928	90,269

Current assets

Debtors	6	932,123	1,856,132
Cash at bank and in hand		295,442	1,163,250
		------------	------------
		1,227,565	3,019,382

Creditors: amounts falling due within one year	7	1,106,988	2,085,238
		------------	------------
Net current assets		120,577	934,144
		---------	------------
Total assets less current liabilities		153,505	1,024,413
		---------	------------
Net assets		153,505	1,024,413
		---------	------------

Capital and reserves

Called up share capital	9	96	96
Profit and loss account		153,409	1,024,317
		---------	------------
Shareholders funds		153,505	1,024,413
		---------	------------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 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 .

Kindred Agency Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 22 January 2019 , and are signed on behalf of the board by:

N Mustoe

Director

Company registration number: 07387574

Kindred Agency Limited

Notes to the Financial Statements

Year ended 31 December 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 4th Floor, Dean Bradley House, 52 Horseferry Road, London, SW1P 2AF.

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.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	Over the lease term
Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line
Computer equipment	-	33 % straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 54 (2017: 65 ).

5. Tangible assets

	Short leasehold property	Fixtures and fittings	Equipment	Computer Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2018	324,047	21,502	3,234	108,859	457,642
Additions	–	–	–	25,424	25,424
	---------	--------	-------	---------	---------
At 31 December 2018	324,047	21,502	3,234	134,283	483,066
	---------	--------	-------	---------	---------
Depreciation
At 1 January 2018	266,170	15,045	3,233	82,925	367,373
Charge for the year	57,877	4,611	–	20,277	82,765
	---------	--------	-------	---------	---------
At 31 December 2018	324,047	19,656	3,233	103,202	450,138
	---------	--------	-------	---------	---------
Carrying amount
At 31 December 2018	–	1,846	1	31,081	32,928
	---------	--------	-------	---------	---------
At 31 December 2017	57,877	6,457	1	25,934	90,269
	---------	--------	-------	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	653,396	1,603,169
Other debtors	278,727	252,963
	---------	------------
	932,123	1,856,132
	---------	------------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	182,470	247,172
Corporation tax	–	209,776
Social security and other taxes	305,667	412,177
Other creditors	618,851	1,216,113
	------------	------------
	1,106,988	2,085,238
	------------	------------

8. Share-based payments

Equity-settled share-based payments

Kindred Agency Limited has a share option scheme for all employees (including directors). There are no performance conditions. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the company before the options vest.

The number of share options outstanding at the end of the year was 1,375 (2017: 1,375).

No adjustment has been made in the accounts for the share based payments because they are immaterial.

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
A Ordinary shares of £ 0.01 each	5,350	53.50	5,350	53.50
B Ordinary shares of £ 0.01 each	3,618	36.18	3,618	36.18
C Ordinary shares of £ 0.01 each	655	6.55	655	6.55
	-------	-------	-------	-------
	9,623	96.23	9,623	96.23
	-------	-------	-------	-------

A ordinary and B ordinary shares The shares entitle the shareholders to vote and attend meetings. They also have the right to receive dividends and distributions. On repayment of capital or winding up, the A ordinary shares and B ordinary shares rank first for an amount per share equal to the par value of each A ordinary share and B ordinary share and, after any payment in respect of the deferred shares, any remaining balance shall belong to and be distributed amongst the holders of A ordinary shares and B ordinary shares in proportion to their holding. C ordinary shares The shares entitle the shareholders to vote and attend meetings. However they have no rights to receive dividends and distributions. On repayment of capital or winding up, the C ordinary shares have no rights to a return of capital.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 5 years	–	1,143,883
	----	------------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
N Mustoe	–	50,000	–	50,000
	----	--------	----	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
N Mustoe	25,000	284,103	( 309,103)	–
	--------	---------	---------	----

12. Related party transactions

Included in other debtors is a loan to Mr Mustoe of £50,000, it carries interest at the official rate and there are no fixed terms of repayment.