Knaresborough Real Estate Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09040163 (England and Wales)

Knaresborough Real Estate Limited

Unaudited Financial Statements for the Year Ended 31 December 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Hodkin

S N Parkin

REGISTERED OFFICE:

C/o Clipper Logistics Group

Gelderd Road

Leeds

LS12 6LT

REGISTERED NUMBER:

09040163 (England and Wales)

FIXED ASSETS

Investment property

4

2,600,491

2,600,491

CURRENT ASSETS

Debtors

5

26,200

36,232

Cash at bank and in hand

50,952

46,838

77,152

83,070

CREDITORS

Amounts falling due within one year

6

(380,349

)

(417,114

)

NET CURRENT LIABILITIES

(303,197

)

(334,044

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,297,294

2,266,447

CREDITORS

Amounts falling due after more than one year

7

(1,249,839

)

(1,475,321

)

NET ASSETS

1,047,455

791,126

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,047,454

791,125

SHAREHOLDERS' FUNDS

1,047,455

791,126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 October 2019 and were signed on its behalf by:

D A Hodkin - Director

1.	STATUTORY INFORMATION

Knaresborough Real Estate Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be

found on the Company Information page.

The presentation currency of the financial statements is the Euro (€).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents rental income from fixed assets

investments, excluding value added tax.

Investment property

All investment properties are initially recorded at cost.

Depreciation

No depreciation is provided for in respect of investment properties in accordance with the

Financial Reporting Standard 102. Such properties are held for their investment potential

and not for consumption within the business. This is a departure from the Companies Act

2006 which requires all properties to be depreciated, as the directors consider that to

depreciate them would not enable the financial statements to give a true and fair view. The

investment properties are carried at fair value through profit and loss.

Foreign currencies

The company's functional and presentational currency is Euro, as all of its income is charged

and received in Euro, and the majority of its operating costs are charged in Euro. Each

asset, liability, revenue and cost arising from a transaction denominated in a foreign

currency is translated into EUR at the exchange rate in operation on the date on which the

transaction occurred.

At the balance sheet date, monetary assets and liabilities denominated in a foreign currency

are translated using the closing exchange rate.

All exchange gains or losses on settled transactions and unsettled monetary items are

reported as part of the profit or loss for the period from ordinary activities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INVESTMENT PROPERTY

Total

€

FAIR VALUE

At 1 January 2018

and 31 December 2018

2,600,491

NET BOOK VALUE

At 31 December 2018

2,600,491

At 31 December 2017

2,600,491

The investment property was purchased from a third party in an arm's length transaction

during the year ended 31 May 2015.

Having made enquiries into the property market in the area, the directors believe that there

has been no impairment in value of the property, and as such, cost is an appropriate

representation of the fair value of the property as at 31 December 2018.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

€

€

Other debtors

26,200

36,232

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

€

€

Bank loans and overdrafts

255,000

240,000

Trade creditors

2,594

817

Taxation and social security

108,755

168,297

Other creditors

14,000

8,000

380,349

417,114

The bank loan is a 5 year facility repayable in quarterly instalments of €60,000 until 30 May

2019, then quarterly instalments of €65,000 until 28 February 2021, and then and quarterly

instalments of €70,000 until 28 February 2022. A final payment of €230,000 is due on 23

May 2022. Interest is charged at 3.25% above LIBOR.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/18

31/12/17

€

€

Bank loans

835,000

1,090,000

Loan from S N Parkin

414,839

385,321

1,249,839

1,475,321

The bank loan is a 5 year facility repayable in quarterly instalments of €60,000 until 30 May

2019, then quarterly instalments of €65,000 until 28 February 2021, and then and quarterly

instalments of €70,000 until 28 February 2022. A final payment of €230,000 is due on 23

May 2022. Interest is charged at 3.25% above LIBOR.

The loan from S N Parkin is repayable after more than one year. The loan bears interest at

3% per annum, due annually and payable at the end of each calendar year.

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/18

31/12/17

€

€

Bank loans

1,090,000

1,330,000

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The loan from S N Parkin is repayable after more than one year. The loan bears interest at

3% per annum, due annually and payable at the end of each calendar year.

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY