PK Investments (Cornwall) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07104187 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

PK Investments (Cornwall) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Kelly

SECRETARY:

T Kelly

REGISTERED OFFICE:

Unit 4

Bodmin Business Park

Launceston Road

Bodmin

Cornwall

REGISTERED NUMBER:

07104187 (England and Wales)

FIXED ASSETS

Tangible assets

4

-

1,074

Investment property

5

870,000

850,000

870,000

851,074

CURRENT ASSETS

Debtors

648

275

Cash at bank

156,178

174,818

156,826

175,093

CREDITORS

Amounts falling due within one year

521,617

574,283

NET CURRENT LIABILITIES

(364,791

)

(399,190

)

TOTAL ASSETS LESS CURRENT LIABILITIES

505,209

451,884

PROVISIONS FOR LIABILITIES

9,151

9,248

NET ASSETS

496,058

442,636

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

6

66,127

46,127

Retained earnings

429,930

396,508

SHAREHOLDERS' FUNDS

496,058

442,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 25 May 2020 and were signed by:

P Kelly - Director

1.	STATUTORY INFORMATION

PK Investments (Cornwall) 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.

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 as modified by the revaluation of certain assets.

Turnover

Income from investment property is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment properties are freehold properties held to earn rental income and/or for capital appreciation.

Investment property is stated in the balance sheet at open market value. Changes in market value are recognised

in revaluation reserve and shown in the statement of total recognised gains and losses, unless a deficit in

valuation on an individual property is expected to be permanent in which case it is charged to the profit and loss

account of the period.

Depreciation is not provided on investment properties. This is contrary to the requirements of the Companies Act

2006 but is necessary in order for the accounts to give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2019

and 31 December 2019

10,759

DEPRECIATION

At 1 January 2019

9,685

Charge for year

1,074

At 31 December 2019

10,759

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

1,074

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

850,000

Revaluation surplus

20,000

At 31 December 2019

870,000

NET BOOK VALUE

At 31 December 2019

870,000

At 31 December 2018

850,000

Investment property has been valued professionally as at 31 December 2019 by Vickery Holman at open market

value.

Valuation at 31 December 2019 is represented by:

£

Cost

803,874

Increase to valuation in 2014

30,069

Increase to valuation in 2016

32,100

Reduction to valuation in 2017

(16,043

)

Increase to valuation in 2019

20,000

Valuation

870,000

6.

RESERVES

Fair

value

reserve

£

At 1 January 2019

46,127

Fair value reserve

20,000

At 31 December 2019

66,127

7.	RELATED PARTY DISCLOSURES

Kelly's of Bodmin Ltd

During the year the company traded with Kelly's of Bodmin Ltd (associated company). The company invoiced

rents totalling £40,000 (2018: £40,000) and reimbursed for services incurred totalling £9,090 (2018: £2,366) on

normal commercial terms.

At 31 December 2019 the company owed Kelly's of Bodmin Ltd £9,090 (2018: £Nil), included in other

creditors. The balance due from Kelly's of Bodmin Ltd was £Nil (2018: £Nil), included in trade debtors. All

balances represent normal commercial terms.

Transactions with director

Drawings from the account amounted to £62,000 (2018: £12,000). As a result, at 31 December 2019 a balance

of £485,419 (2018: £547,419) remained as owing by the company to P Kelly, included in other creditors. The

maximum liability owed during the year was £547,419 (2018: £559,419). The loan is interest free, unsecured and

has no fixed repayment date.

Controlling party

P Kelly is the ultimate controlling party, by virtue of his 100% ownership of the company's shares.