PK Investments (Cornwall) Limited - Accounts to registrar (filleted) - small 18.2

PK Investments (Cornwall) Limited - Accounts to registrar (filleted) - small 18.2

PK INVESTMENTS (CORNWALL) LIMITED - Company Information

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IRIS Accounts Production v21.1.0.652 07104187 director 1.1.20 31.12.20 31.12.20 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure071041872019-12-31071041872020-12-31071041872020-01-012020-12-31071041872018-12-31071041872019-01-012019-12-31071041872019-12-3107104187ns16:EnglandWales2020-01-012020-12-3107104187ns15:PoundSterling2020-01-012020-12-3107104187ns11:Director12020-01-012020-12-3107104187ns11:PrivateLimitedCompanyLtd2020-01-012020-12-3107104187ns11:SmallEntities2020-01-012020-12-3107104187ns11:AuditExempt-NoAccountantsReport2020-01-012020-12-3107104187ns11:SmallCompaniesRegimeForDirectorsReport2020-01-012020-12-3107104187ns11:SmallCompaniesRegimeForAccounts2020-01-012020-12-3107104187ns11:AbridgedAccounts2020-01-012020-12-3107104187ns11:CompanySecretary12020-01-012020-12-3107104187ns11:RegisteredOffice2020-01-012020-12-3107104187ns6:CurrentFinancialInstruments2020-12-3107104187ns6:CurrentFinancialInstruments2019-12-3107104187ns6:ShareCapital2020-12-3107104187ns6:ShareCapital2019-12-3107104187ns6:RevaluationReserve2020-12-3107104187ns6:RevaluationReserve2019-12-3107104187ns6:RetainedEarningsAccumulatedLosses2020-12-3107104187ns6:RetainedEarningsAccumulatedLosses2019-12-3107104187ns6:PlantMachinery2020-01-012020-12-3107104187ns6:RevaluationReserve2019-12-31
REGISTERED NUMBER: 07104187 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2020

for

PK Investments (Cornwall) Limited
PK Investments (Cornwall) Limited (Registered number: 07104187)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PK Investments (Cornwall) Limited


Company Information
for the Year Ended 31 December 2020







DIRECTOR: P Kelly





SECRETARY: T Kelly





REGISTERED OFFICE: Unit 4
Bodmin Business Park
Launceston Road
Bodmin
Cornwall





REGISTERED NUMBER: 07104187 (England and Wales)
Page 1
PK Investments (Cornwall) Limited (Registered number: 07104187)


Abridged Balance Sheet
31 December 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 870,000 870,000
870,000 870,000

CURRENT ASSETS
Debtors - 648
Cash at bank 189,216 156,178
189,216 156,826
CREDITORS
Amounts falling due within one year 505,601 521,617
NET CURRENT LIABILITIES (316,385 ) (364,791 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
553,615
505,209

PROVISIONS FOR LIABILITIES 13,044 9,151
NET ASSETS 540,571 496,058

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 6 66,127 66,127
Retained earnings 474,443 429,930
SHAREHOLDERS' FUNDS 540,571 496,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

Page 2 continued...
PK Investments (Cornwall) Limited (Registered number: 07104187)


Abridged Balance Sheet - continued
31 December 2020


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 May 2021 and were signed by:





P Kelly - Director


The notes form part of these financial statements

Page 3
PK Investments (Cornwall) Limited (Registered number: 07104187)


Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

PK Investments (Cornwall) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Income from investment property is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Investment properties are freehold properties held to earn rental income and/or for capital appreciation.

Investment property is stated in the balance sheet at open market value. Changes in market value are recognised in revaluation reserve and shown in the statement of total recognised gains and losses, unless a deficit in valuation on an individual property is expected to be permanent in which case it is charged to the profit and loss account of the period.

Depreciation is not provided on investment properties. This is contrary to the requirements of the Companies Act 2006 but is necessary in order for the accounts to give a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Page 4 continued...
PK Investments (Cornwall) Limited (Registered number: 07104187)


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2020
and 31 December 2020 10,759
DEPRECIATION
At 1 January 2020
and 31 December 2020 10,759
NET BOOK VALUE
At 31 December 2020 -
At 31 December 2019 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2020
and 31 December 2020 870,000
NET BOOK VALUE
At 31 December 2020 870,000
At 31 December 2019 870,000

Investment property has been valued professionally as at 31 December 2019 by Vickery Holman at open market value.

Valuation at 31 December 2020 is represented by:

£   
Cost 803,874
Increase to valuation in 2014 30,069
Increase to valuation in 2016 32,100
Reduction to valuation in 2017 (16,043 )
Increase to valuation in 2019 20,000
Valuation 870,000

6. RESERVES
Fair
value
reserve
£   
At 1 January 2020
and 31 December 2020 66,127

Page 5 continued...
PK Investments (Cornwall) Limited (Registered number: 07104187)


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

7. RELATED PARTY DISCLOSURES

Kelly's of Bodmin Ltd

During the year the company traded with Kelly's of Bodmin Ltd (associated company). The company invoiced rents totalling £40,000 (2019: £40,000) and reimbursed for services incurred totalling £7,936 (2019: £9,090) on normal commercial terms.

At 31 December 2020 the company owed Kelly's of Bodmin Ltd £Nil (2018: £9,090), included in other creditors. The balance due from Kelly's of Bodmin Ltd was £Nil (2019: £Nil), included in trade debtors. All balances represent normal commercial terms.

Transactions with director

Drawings from the account amounted to £12,000 (2019: £62,000). As a result, at 31 December 2020 a balance of £473,419 (2019: £485,419) remained as owing by the company to P Kelly, included in other creditors. The maximum liability owed during the year was £485,419 (2019: £547,419). The loan is interest free, unsecured and has no fixed repayment date.

Controlling party

P Kelly is the ultimate controlling party, by virtue of his 100% ownership of the company's shares.

Page 6