Kelsar Limited - Accounts to registrar (filleted) - small 18.2

Kelsar Limited - Accounts to registrar (filleted) - small 18.2

KELSAR LIMITED - Company Information

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REGISTERED NUMBER: 08003287 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2020

FOR

KELSAR LIMITED
KELSAR LIMITED (REGISTERED NUMBER: 08003287)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KELSAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2020







DIRECTOR: A M Kelly





REGISTERED OFFICE: Synergy Packaging
Shelton Road
Corby
Northamptonshire
NN17 5XH





REGISTERED NUMBER: 08003287 (England and Wales)





ACCOUNTANTS: Bewers Turner & Co LLP
Chartered Accountants
Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH
Page 1
KELSAR LIMITED (REGISTERED NUMBER: 08003287)

BALANCE SHEET
30TH SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,285,000 1,190,000

CURRENT ASSETS
Debtors 5 638 -
Cash at bank 24,374 22,146
25,012 22,146
CREDITORS
Amounts falling due within one year 6 212,184 237,746
NET CURRENT LIABILITIES (187,172 ) (215,600 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,097,828
974,400

CREDITORS
Amounts falling due after more than one
year
7
(403,078
)
(441,230
)

PROVISIONS FOR LIABILITIES (51,346 ) (33,296 )
NET ASSETS 643,404 499,874

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 295,809 218,859
Retained earnings 347,495 280,915
SHAREHOLDERS' FUNDS 643,404 499,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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

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KELSAR LIMITED (REGISTERED NUMBER: 08003287)

BALANCE SHEET - continued
30TH SEPTEMBER 2020


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

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 18th June 2021 and were signed by:





A M Kelly - Director


The notes form part of these financial statements

Page 3
KELSAR LIMITED (REGISTERED NUMBER: 08003287)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


1. STATUTORY INFORMATION

Kelsar 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost basis.

For operational reasons the previous reporting period was extended, therefore comparative amounts (including related notes) may not be entirely comparable.

The financial statements have been prepared on a going concern basis not withstanding that at 30th September 2020 the company had net current liabilities of £187,172. The director believes this basis to be appropriate and has agreed to provide funds as necessary to meet the day to day running costs of the business for the foreseeable future.

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

Investment property
Investment property is shown at the director's estimate of fair value.

Financial instruments
The company is party to only basic financial instruments such as cash, trade creditors and loans. Instruments such as trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate.

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.


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KELSAR LIMITED (REGISTERED NUMBER: 08003287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2019 1,190,000
Revaluations 95,000
At 30th September 2020 1,285,000
NET BOOK VALUE
At 30th September 2020 1,285,000
At 30th September 2019 1,190,000

Fair value at 30th September 2020 is represented by:
£   
Valuation in 2017 252,155
Valuation in 2020 95,000
Cost 937,845
1,285,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 68 -
Other debtors 570 -
638 -

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KELSAR LIMITED (REGISTERED NUMBER: 08003287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 14,424 34,023
Trade creditors - 1,136
Taxation and social security 17,770 21,787
Other creditors 179,990 180,800
212,184 237,746

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Bank loans 403,078 441,230

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalment 342,423 379,589
342,423 379,589

8. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 417,502 -

There is a fixed and floating charge over all the property or undertaking of the company in favour of Lloyds Bank Plc.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
100 Ordinary £1 100 100

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KELSAR LIMITED (REGISTERED NUMBER: 08003287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


10. RESERVES
Fair
value
reserve
£   
At 1st October 2019 218,859
Reserve transfer 95,000
Deferred tax movement (18,050 )

At 30th September 2020 295,809

11. RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which the entity has a participating interest and directors were all concluded under normal market conditions.

Page 7