KMW Properties Limited - Limited company - abbreviated

REGISTERED NUMBER: 03176322 (England and Wales)

KMW Properties Limited

Abbreviated Unaudited Accounts for the Year Ended 30 June 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P A Edwards

Mrs F K A Edwards

J L Muggleton

Mrs S Muggleton

SECRETARY:

J L Muggleton

REGISTERED OFFICE:

Keynsham Manor West

Manor Road

Saltford

Bristol

BS18 3AF

REGISTERED NUMBER:

03176322 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

HSBC Bank plc

30 High Street

Weston-super-Mare

North Somerset

BS23 1JE

FIXED ASSETS

Tangible assets

2

5,651,638

8,830,521

CURRENT ASSETS

Stocks

2,111,267

420,297

Debtors

463,325

653,821

Cash at bank

1,128,165

5,090

3,702,757

1,079,208

CREDITORS

Amounts falling due within one year

3

2,571,932

3,241,625

NET CURRENT ASSETS/(LIABILITIES)

1,130,825

(2,162,417

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,782,463

6,668,104

CREDITORS

Amounts falling due after more than one
year

3

3,926,000

4,562,922

NET ASSETS

2,856,463

2,105,182

CAPITAL AND RESERVES

Called up share capital

4

100

Revaluation reserve

716,666

1,298,627

Profit and loss account

2,139,697

806,455

SHAREHOLDERS' FUNDS

2,856,463

2,105,182

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 February 2015 and were signed on its behalf
by:

P A Edwards - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards and estimation

techniques.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Companies Act 2006 and applicable standards within the UK, as modified by the valuation of properties held for

investments. Compliance with Statement of Standard Accounting Practice Number 19 (SSAP 19) - Accounting

for Investment Properties requires departure from the requirement of the Companies Act 2006 relating to

depreciation as explained below.

Financial reporting standard number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost and 33% on reducing balance

In accordance with Statement of Standard Accounting Practice Number 19, no depreciation is provided on

investment properties. This departure from the requirements of the Companies Act 2006, for all properties to be

depreciated is, in the opinion of the directors, necessary for the financial statements to give a true and fair view in

accordance with applicable accounting standards, as properties are included at their open market value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 July 2013

8,848,462

Additions

134,995

Disposals

(11,723

)

Elimination of revaluation

on transfer of asset to stock

(581,961

)

Transfer to stock in trade

at cost

(2,723,051

)

At 30 June 2014

5,666,722

DEPRECIATION

At 1 July 2013

17,941

Charge for year

1,331

Eliminated on disposal

(4,188

)

At 30 June 2014

15,084

NET BOOK VALUE

At 30 June 2014

5,651,638

At 30 June 2013

8,830,521

3.

CREDITORS

Creditors include an amount of £ 4,576,000 (30.6.13 - £ 6,373,875 ) for which security has been given.

They also include the following debts falling due in more than five years:

30.6.14

30.6.13

£

Repayable by instalments

-

3,404,639

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

50

Ordinary

£1

50

A Ordinary

£1

50

100

The shares rank pari passu in all respects.

KMW Properties Limited - Limited company - abbreviated - 11.6

KMW Properties Limited - Limited company - abbreviated - 11.6