Kerville Associates Limited Filleted accounts for Companies House (small and micro)

KERVILLE ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05184195

Kerville Associates Limited

Filleted Unaudited Financial Statements

31 August 2020

Kerville Associates Limited

Financial Statements

Year ended 31 August 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Kerville Associates Limited

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	4		10,095,720		10,121,530

Current assets

Debtors	5	72,274	206,453
Cash at bank and in hand		248,836	51,355
		----------	----------
		321,110	257,808

Creditors: amounts falling due within one year	6	160,546		331,684
		----------		----------
Net current assets/(liabilities)			160,564		( 73,876)
			--------------		--------------
Total assets less current liabilities			10,256,284		10,047,654

Provisions	1,412,631	1,417,121
	--------------	--------------
Net assets	8,843,653	8,630,533
	--------------	--------------

Capital and reserves

Called up share capital	7	99	99
Profit and loss account		8,843,554	8,630,434
		------------	------------
Shareholders funds		8,843,653	8,630,533
		------------	------------

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 31 August 2020 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 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 .

Kerville Associates Limited

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 2 February 2021 , and are signed on behalf of the board by:

Mr P O'Donnell

Director

Company registration number: 05184195

Kerville Associates Limited

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH, England.

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.

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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 equipment	-	25% straight line
Fixtures and fittings	-	10% straight line

Investment property

Investment property is initially recorded at cost, which includes the purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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 are largely independent of the cash inflows from other assets or groups of assets.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Plant and machinery	Fixtures and fittings	Investment property	Total
	£	£	£	£
Cost
At 1 September 2019 and 31 August 2020	98,887	10,874	10,058,243	10,168,004
	--------	--------	--------------	--------------
Depreciation
At 1 September 2019	45,387	1,087	–	46,474
Charge for the year	24,722	1,088	–	25,810
	--------	--------	--------------	--------------
At 31 August 2020	70,109	2,175	–	72,284
	--------	--------	--------------	--------------
Carrying amount
At 31 August 2020	28,778	8,699	10,058,243	10,095,720
	--------	--------	--------------	--------------
At 31 August 2019	53,500	9,787	10,058,243	10,121,530
	--------	--------	--------------	--------------

The investment property is included at a fair value of £10,058,243 and has a historical cost of £1,903,424. The property is valued by the directors at fair value at the reporting date.

5. Debtors

	2020	2019
	£	£
Trade debtors	72,059	205,720
Prepayments and accrued income	215	733
	--------	----------
	72,274	206,453
	--------	----------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	73,488	81,421
Amounts owed to group undertakings	6,381	199,936
Accruals and deferred income	8,417	7,497
Corporation tax	55,031	25,046
Social security and other taxes	17,229	17,784
	----------	----------
	160,546	331,684
	----------	----------

7. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	99	99	99	99
	----	----	----	----

8. Related party transactions

Transactions with related parties undertaken, such as are required to be disclosed under FRS 102, were as follows: Bellfield Park Limited At the balance sheet date £6,381 (2019 - £199,936) was owed to Bellfield Park Limited in respect of a short-term interest free loan.

9. Controlling party

100% of the share capital is owned by Bellfield Park Limited, a company incorporated in England & Wales, registered address: Printing House, 66 Lower Road, Harrow, HA2 0DH. The directors consider this to be the ultimate parent company.