ACCOUNTS - Final Accounts preparation

KENWARD ENTERPRISES LIMITED - Company Information

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Registered number: 10017029

Kenward Enterprises Limited

Unaudited

Directors' Report and Financial Statements

For the Year Ended 31 March 2019

Kenward Enterprises Limited

Company Information

Directors	Mr J-P Darque (resigned 17 September 2019)
	Mr D Philpott (resigned 19 March 2019)
	Ms P Williams
	Mr P Andrews (appointed 17 September 2019)


Registered number	10017029


Registered office	Kenward House
	Kenward Road
	Yalding
	Maidstone
	Kent
	ME186AH


Accountants	Kreston Reeves LLP
	Chartered Accountants
	Montague Place
	Quayside
	Chatham Maritime
	Chatham
	Kent
	ME4 4QU

Kenward Enterprises Limited

Contents

	Page
Directors' Report	1
Accountant's Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Notes to the Financial Statements	5 - 8

Kenward Enterprises Limited

Directors' Report

For the Year Ended 31 March 2019

The Directors present their report and the financial statements for the year ended 31 March 2019.

Directors

The Directors who served during the year were:

Mr J-P Darque (resigned 17 September 2019)

Mr D Philpott (resigned 19 March 2019)

Ms P Williams

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 10 December 2019 and signed on its behalf.

Ms P Williams

Director

Page 1

Kenward Enterprises Limited

Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Kenward Enterprises Limited for the Year Ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kenward Enterprises Limited for the year ended 31 March 2019 which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Kenward Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kenward Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Kenward Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kenward Enterprises Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kenward Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kenward Enterprises Limited. You consider that Kenward Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Kenward Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU

10 December 2019

Page 2

Kenward Enterprises Limited

Statement of Comprehensive Income

For the Year Ended 31 March 2019

	2019	2018
	£	£


Turnover	78,194	80,493
Cost of sales	(21,754)	(17,388)
Gross profit	56,440	63,105
Administrative expenses	(98,244)	(86,795)
Loss for the financial year	(41,804)	(23,690)

There were no recognised gains and losses for 2019 or 2018 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2019 (2018:£NIL).

The notes on pages 5 to 8 form part of these financial statements.

Page 3

Kenward Enterprises Limited

Registered number: 10017029

Balance Sheet

As at 31 March 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		31,808		40,043
			31,808		40,043
Current assets
Stocks	5	1,395		4,850
Debtors: amounts falling due within one year	6	8,305		11,351
Cash at bank and in hand	7	32,813		16,260
		42,513		32,461
Creditors: amounts falling due within one year	8	(162,247)		(118,626)
Net current liabilities			(119,734)		(86,165)

Net liabilities			(87,926)		(46,122)

Capital and reserves
Called up share capital	5,000	5,000
Profit and loss account	(92,926)	(51,122)
	(87,926)	(46,122)

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2019.

Ms P Williams

Director

The notes on pages 5 to 8 form part of these financial statements.

Page 4

Kenward Enterprises Limited

Notes to the Financial Statements

For the Year Ended 31 March 2019

1.	General information

Kenward Enterprises Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Kenward House, Kenward Road, Yalding, Maidstone, Kent, ME18 6AH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Kenward Trust as at 31 March 2019 and these financial statements may be obtained from Companies House or the Charity Commission.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

Kenward Enterprises Limited

Notes to the Financial Statements

For the Year Ended 31 March 2019

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	10%	- 20%
				Office equipment	-	20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 4 (2018 - 4).

Page 6

Kenward Enterprises Limited

Notes to the Financial Statements

For the Year Ended 31 March 2019

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2018	52,200	4,000	56,200
At 31 March 2019	52,200	4,000	56,200
Depreciation
At 1 April 2018	14,557	1,600	16,157
Charge for the year on owned assets	7,435	800	8,235
At 31 March 2019	21,992	2,400	24,392
Net book value
At 31 March 2019	30,208	1,600	31,808
At 31 March 2018	37,643	2,400	40,043

5.	Stocks
		2019	2018
		£	£

	Finished goods and goods for resale	1,395	4,850

Debtors

					2019	2018
					£	£


Trade debtors	4,084	3,348
Other debtors	3,375	3,670
Prepayments and accrued income	846	4,333
	8,305	11,351

7.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank and in hand	32,813	16,260

Page 7

Kenward Enterprises Limited

Notes to the Financial Statements

For the Year Ended 31 March 2019

8.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	5,316	1,306
Amounts owed to group undertakings	146,822	116,704
Other taxation and social security	4,761	-
Accruals and deferred income	5,348	616
	162,247	118,626

9.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	40,272	7,018

	Financial liabilities
	Other financial liabilities measured at fair value through profit or loss	157,486	118,626

	Financial assets measured at amortised cost comprise trade and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and accruals.

10.	Controlling party

The company's controlling party is Kenward Trust, a company limited by guarantee (No. 07931728) and a registered charity (No. 1146481). Kenward Trust owns 100% of the issued share capital of Kenward Enterprises Limited.

Page 8