Kemble Airfield Estates Limited Filleted accounts for Companies House (small and micro)

KEMBLE AIRFIELD ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03736814

Kemble Airfield Estates Limited

Filleted Unaudited Financial Statements

31 December 2019

Kemble Airfield Estates Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	19,008,056	19,051,520
Investments	6	28,002	28,002
		-------------	-------------
		19,036,058	19,079,522

Current assets

Debtors	7	1,289,753	1,404,912
Cash at bank and in hand		518,310	478,939
		------------	------------
		1,808,063	1,883,851

Creditors: amounts falling due within one year	8	1,759,169		1,945,604
		------------		------------
Net current assets/(liabilities)			48,894	( 61,753)
			-------------	-------------
Total assets less current liabilities			19,084,952	19,017,769

Creditors: amounts falling due after more than one year	9		5,616,869	5,917,040

Provisions

Taxation including deferred tax	129,676	134,470
	-------------	-------------
Net assets	13,338,407	12,966,259
	-------------	-------------

Kemble Airfield Estates Limited

Statement of Financial Position (continued)

31 December 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Revaluation reserve	10,168,146	10,168,146
Profit and loss account	3,170,259	2,798,111
	-------------	-------------
Shareholder funds	13,338,407	12,966,259
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 22 September 2020 , and are signed on behalf of the board by:

Miss S H Harvey

Director

Company registration number: 03736814

Kemble Airfield Estates Limited

Notes to the Financial Statements

Year ended 31st December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McGills, Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	15% reducing balance

No depreciation has been charged in respect of Freehold Land and Buildings. The company has a policy of regular revaluations. In the opinion of the directors the Freehold Property currently has a value in excess of the Balance Sheet carrying amount.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Freehold property	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1st January 2019	18,785,737	1,054,500	71,936	19,912,173
Additions	–	–	9,050	9,050
	-------------	------------	--------	-------------
At 31st December 2019	18,785,737	1,054,500	80,986	19,921,223
	-------------	------------	--------	-------------
Depreciation
At 1st January 2019	–	830,784	29,869	860,653
Charge for the year	–	44,743	7,771	52,514
	-------------	------------	--------	-------------
At 31st December 2019	–	875,527	37,640	913,167
	-------------	------------	--------	-------------
Carrying amount
At 31st December 2019	18,785,737	178,973	43,346	19,008,056
	-------------	------------	--------	-------------
At 31st December 2018	18,785,737	223,716	42,067	19,051,520
	-------------	------------	--------	-------------

Tangible assets held at valuation

The freehold property is valued at open market value. The valuation has been made by Miss Suzannah Harvey, Director. The Historical cost of the land and buildings is £8,617,592.

6. Investments

	Other investments other than loans
	£
Cost
At 1st January 2019 and 31st December 2019	28,002
	--------
Impairment
At 1st January 2019 and 31st December 2019	–
	--------

Carrying amount
At 31st December 2019	28,002
	--------
At 31st December 2018	28,002
	--------

The company owns 100% of the issued share capital of Kemble Air Services Limited, which is registered in England and Wales under Company Number 4182147. The figures below relate to the periods ended 31 December 2019 and 31 December 2018. An inter company bank guarantee also exists between Kemble Airfield Services Ltd and Kemble Airfield Estates Limited .

Aggregate capital and reserves

	2019	2018
	£	£
Kemble Air Services Limited	(756,851)	(808,470)

Profit and (loss) for the year

	2019	2018
	£	£
Kemble Air Services Limited	51,619	(89,936)

7. Debtors

	2019	2018
	£	£
Trade debtors	130,210	221,871
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,101,647	1,101,375
Other debtors	57,896	81,666
	------------	------------
	1,289,753	1,404,912
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	449,198	433,622
Trade creditors	71,671	116,026
Amounts owed to group undertakings and undertakings in which the company has a participating interest	39,658	40,000
Corporation tax	94,272	55,077
Social security and other taxes	70,430	32,702
Other creditors	1,033,940	1,268,177
	------------	------------
	1,759,169	1,945,604
	------------	------------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	5,616,869	5,917,040
	------------	------------

There is a First Legal Charge over the freehold and leasehold property of the company known as Kemble Airfield commercial let properties and at F Site, in favour of Lloyds Bank PLC, in the form of a legal debenture dated 19 January 2015.

There is also an unlimited cross guarantee by and between Kemble Airfield Estates Limited and Kemble Airfield Services.

10. Contingencies

The company has given a cross guarantee in respect of the bank borrowings of Kemble Air Services Limited.

11. Related party transactions

The company was under the control of Mr R Harvey throughout the current and previous year. Mr R Harvey is the majority shareholder.