KDKS Properties Limited - Period Ending 2019-11-30

KDKS Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

KDKS Properties Limited

Company Information

Directors

Mrs K Seaborne Mr D Seaborne Mr K Seaborne

Company secretary

Mrs S Seaborne

Registered office

Exonia Widemouth Bay Bude Cornwall EX23 0DE

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

KDKS Properties Limited

Balance Sheet

30 November 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	3,300	3,964
Investment property	5	400,000	400,000
		403,300	403,964
Current assets
Debtors	6	122,311	122,292
Cash at bank and in hand		49,185	29,088
		171,496	151,380
Creditors: Amounts falling due within one year	7	(265,595)	(266,368)
Net current liabilities		(94,099)	(114,988)
Total assets less current liabilities		309,201	288,976
Provisions for liabilities		(41,492)	(34,618)
Net assets		267,709	254,358
Capital and reserves
Called up share capital		300	300
Profit and loss account		267,409	254,058
Total equity		267,709	254,358

KDKS Properties Limited

Balance Sheet

30 November 2019

For the financial year ending 30 November 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 August 2020 and signed on its behalf by:
 

......................................... Mr K Seaborne Director

Company Registration Number: 07853647

KDKS Properties Limited

Notes to the Financial Statements

Year Ended 30 November 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Exonia
Widemouth Bay
Bude
Cornwall
EX23 0DE

These financial statements were authorised for issue by the Board on 19 August 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company’s financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance as a result of this transition.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued support of the company's directors, which is expected to continue.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue based on its value of the service provided to date.

KDKS Properties Limited

Notes to the Financial Statements

Year Ended 30 November 2019

Tax

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	15% reducing balance
Office equipment	25% straight line

Investment property

Investment properties are included at the directors' estimation of their open market value at each balance sheet date. Valuations are determined by a combination of techniques including reference to recent sales of properties, and known yields for similar properties within the same location.

Fair value movements on the investment properties are recognised in the profit and loss account.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

KDKS Properties Limited

Notes to the Financial Statements

Year Ended 30 November 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

KDKS Properties Limited

Notes to the Financial Statements

Year Ended 30 November 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2018	390	9,995	10,385
At 30 November 2019	390	9,995	10,385
Depreciation
At 1 December 2018	196	6,225	6,421
Charge for the year	98	566	664
At 30 November 2019	294	6,791	7,085
Carrying amount
At 30 November 2019	96	3,204	3,300
At 30 November 2018	194	3,770	3,964

5	Investment properties

	2019 £
At 1 December	400,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2019 £	2018 £
Trade debtors	380	592
Other debtors	121,931	121,700
	122,311	122,292

KDKS Properties Limited

Notes to the Financial Statements

Year Ended 30 November 2019

7

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Other creditors	262,895	260,955
Accrued expenses	2,700	5,413
	265,595	266,368

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	300	300	300	300

9

Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £211,022 (2018 - £211,022). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment properties.