Kensington & Chelsea Lettings Ltd
Kensington & Chelsea Lettings Ltd
Registered number: 10924487
Unaudited ABRIDGED Financial Statements
For The Year Ended
31 August 2020
McManus Williams Limited
Kensington & Chelsea Lettings Ltd
Unaudited Financial Statements
For The Year Ended
31 August 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—4 |
Kensington & Chelsea Lettings Ltd
Abridged Balance Sheet
As at
31 August 2020
Abridged Balance Sheet
Registered number:
10924487
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | (469,200) | (469,200) | |||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 103,667 | 96,405 | |||
Page 1
Kensington & Chelsea Lettings Ltd
Abridged Balance Sheet (continued)
As at
31 August 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
-
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 August 2020 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
|
Director
|
Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Kensington & Chelsea Lettings Ltd
Notes to the Abridged Financial Statements
For The Year Ended
31 August 2020
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover represents rents receivable during the period.
1.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| Office and administration |
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Page 3
Kensington & Chelsea Lettings Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 August 2020
3.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at
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| Additions |
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| As at
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| Net Book Value | |
| As at
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| As at
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4.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 469,200 | 469,200 |
6.
Reserves
Within reserves are £99,993 of non-distributable profits, relating to the revaluation of the investment property net of the associated deferred tax provision.
7.
Related Party Transactions
During the period funds were transferred to Bluebridge Design and Build Limited, a company owned and controlled by the directors. No interest was charged and these funds were repatriated shortly after the balance sheet date.
8.
General Information
Kensington & Chelsea Lettings Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
10924487
. The registered office is The Old Barn, 22 Luccombe Hill, Redland, Bristol, BS6 6SN.
Page 4