KIRKDALE_DEVELOPMENTS_LIM - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Kirkdale Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Third Floor, Evelyn Suite, Quantum House, 22 - 24 Red Lion Court, London, EC4A 3EB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The year end balance sheet shows a net deficit. The directors have considered the implications of the Insolvency Act 1986 and regard the balance sheet position as temporary only. The directors and shareholders have indicated their willingness to support the company and confirming that they will not seek repayment of their shareholder loans until the company is in a position to do so to ensure that the company can meet its liabilities as they fall due, and therefore consider it appropriate to prepare the accounts on a going concern basis.true

Turnover represents amounts receivable in relation to rental income.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

There were 0 employees employed in the company.

Included in other creditors are amounts owed to directors and shareholders totalling £824,180 (2018: £824,180). Other than a residual amount of £404k due to SJM Morris, the balance being unsecured, interest free and repayable on demand. The directors have provided letters of support confirming that they will not seek repayment until the company is in a position to do so. With regard to the £404k due to SJM Morris the directors confirm that this amount will be prioritised over any amounts to be returned to the directors/shareholders.

Contained within other creditors at the year end were balances due to entities under common control, being interest free loans, repayable on demand, due to:

-Revmedia Limited £18,000 (2018:£18,000)

-Carlisle Property Trading Ltd £8,500 (2018: £8,500)

-Campuslifestyle (Houses) Ltd £175,500 (2018: 175,500)

During the year service charges of £5,428 (2018: £5,178) were paid to Kirkdale Manor Management Company Limited, a company of which Mr S Morris is a director.

At the year end the following balances, which are interest free, repayable on demand and with no fixed repayment date are due to be paid to the respective directors and shareholders as follows:

-S J M Morris £747,374 (2018: £747,374)

-C E Collino £45,615 (2018: £45,615)

-J C O Pilling £31,191 (2018: £31,191).